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Bitcoin price exceeds $30000, more investors bet that it will become a mainstream payment method

via:CnBeta     time:2021/1/3 4:08:27     readed:86

Bitcoin continued its record rise on Saturday, breaking through $30000 for the first time at the beginning of this year. More and more traders and investors are betting that bitcoin will become a mainstream payment method.Earlier on Saturday, the world's most popular cryptocurrency was priced at $31824, and almost all other markets were closed by the first weekend of 2021. The stock ended up about 8 per cent at $31743.

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In 2020, bitcoin will increase by more than 300%, while the latest round has increased by more than 50% since it broke through $20000 two weeks ago.

Blockchain has only been around for about 10 years. By 2020, the demand for blockchain from large investors in the United States will grow, because they believe that blockchain has the ability to hedge inflation and the potential for quick profits, and it is expected that it will become a mainstream payment method.

Investors said the limited supply of bitcoin helped drive the rally in recent days. Bitcoin is produced by so-called "mining" computers, which verify transaction blocks by competing to solve mathematical problems.

Some also see it as a safe haven during the new coronavirus pandemic, similar to gold.

It is traded on many exchanges, the largest of which is coinbase, which itself is preparing to go public and is the first such platform to go public on Wall Street.

Multiple competitors use cryptocurrencies similar to blockchain or electronic ledger technology. Ethereum, the second-largest cryptocurrency, rose 465% in 2020 and 5.3% on Saturday.

But it turns out that bitcoin is also an unstable investment.

A rebound in 2017 almost broke the $20000 mark. But it has also fallen to extreme lows, having previously fallen below $3300 an ounce.

Bailey, governor of the Bank of England, warned in October about the use of this payment method.

"To be honest, it's hard to see that bitcoin has what we usually call intrinsic value," he said. "It may have the external value that people want it to have."

Bailey added that he was "very nervous" about people using bitcoin to pay, noting that investors should be aware that the price of bitcoin is extremely volatile.

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