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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