Bitcoin Starts 2021 With Record Peak

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BITCOIN has launched into the New Year with record peaks, hitting a record value of $30,000 (24721.89 Euro) on Saturday, January 2nd.

The latest record peak for the exciting cryptocurrency comes just weeks after Bitcoin passed $20,000 in value, leading many analysts to believe its value will continue to soar.

Many cryptocurrency experts believe that Bitcoin’s value will continue to grow as the dollar declines, with many mainstream companies including PayPal making a huge investment in the cryptocurrency as the world’s economy braces for the shattering impact of the Covid-19 pandemic.

However, potential investors have been warned that as well as soaring peaks Bitcoin is prone to devastating crashes. At its lowest point, one “coin” was worth a mere $3300.

Bank of England Governor Andrew Bailey, one of the UK’s leading financial experts, warned potential investors over its use as a payment method in October.

“I have to be honest, it is hard to see that Bitcoin has what we tend to call intrinsic value,” he said. “It may have extrinsic value in the sense that people want it.”

Mr Bailey added that he was “very nervous” about people using Bitcoin for payments, pointing out that users should realise its value is extremely susceptible to peaks and crashes.


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Oisin Sweeney

Oisin is an Irish writer based in Seville, the sunny capital of Andalucia. After starting his working life as a bookseller, he moved into journalism and cut his teeth as a reporter at one of Ireland's biggest news websites. Since joining Euro Weekly News in November, he has enjoyed covering the latest stories from Seville, Spain and further afield - with special interests in crime, cybersecurity, and European politics. Anyone who can pronounce his name first try gets a free cerveza...

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