Bitcoin Passes $30,000 For The First Time
Muhammad Irfan Published January 03, 2021 | 01:12 AM
Bitcoin, the leading virtual currency, saw its price pass $30,000 on Saturday for the first time in just its latest record high
Paris, (UrduPoint / Pakistan Point News - 2nd Jan, 2021 ):Bitcoin, the leading virtual currency, saw its price pass $30,000 on Saturday for the first time in just its latest record high.
The first decentralised cryptocurrency surpassed $30,823.30 at 1313 GMT, according to data compiled by the Bloomberg news agency, having broken $20,000 on December 16.
Analyst Timo Emden noted that "the appetite for risk", which is reflected in buying of bitcoin, "remains unshakeable".
"More historic highs could follow," the Germany-based analyst added.
Just 12 years old, bitcoin has seen a meteoric rise since March, when it stood at $5,000, spurred by online payments giant PayPal saying it would enable account holders to use cryptocurrency.
After PayPal's announcement in October, analysts at investment banking giant JPMorgan Chase compared the cryptocurrency to gold.
"Bitcoin could compete more intensely with gold as an 'alternative' currency over the coming years given that millennials will become over time a more important component of investors' universe," they said.
A number of central banks have meanwhile responded to the rise of cryptocurrencies and the dwindling global use of cash by announcing plans for bank-backed digital units.
Several central banks including those of China and Sweden -- but also the US Federal Reserve -- are also testing digital applications in response to Facebook's recent moves to produce its own digital unit, Libra.
Unregulated by any central bank, bitcoin emerged as an attractive option for investors with an appetite for the exotic -- although criminals have also picked up on its under-the-radar appeal.
Debate has meanwhile raged over the status of the digital asset, launched in late 2008, as to whether it should be seen as a form of money, an asset or a commodity.
After the unit surpassed $1,000 for the first time in 2013, it increasingly began to attract the attention of financial institutions and has experienced wild price swings.
Related Topics
Recent Stories
Constable suspended over bribe
Riaz Ahmad reelects President dist headmasters, principals association
PTI misused cipher for political gains, violated Official Secrets Act: Rana Ihsa ..
Idat case transferred to another court
PTI founder, Qureshi acquitted in long march vandalism cases
Youth drowns in swimming pool
Govt to make no compromise on national security : Barrister Aqeel
Governor takes notice of increasing street crimes, traffic issues
SSP gives appreciation certificates to cops for increasing conviction rate in cr ..
3 suspects arrests by Attock police
Russian teenager Andreeva into first Grand Slam quarter-final
Mehran, Kyungdong University signs training agreement
More Stories From Business
-
Ipsos distances itself from "Pakistan Cigarette Market Assessment 2024"
8 hours ago -
19th 'My Karachi Oasis of Harmony' exhibition to start from Aug 2
8 hours ago -
06 parties pre-qualify for PIACL divestment
9 hours ago -
Trade deficit contracted 15.25 per cent in 11 months
9 hours ago -
Muhammad Aurangzeb meets with CM Gilgit-Baltistan
9 hours ago -
Oil prices fall as OPEC+ plans to unwind cuts
9 hours ago
-
Finance Minister meets with the representatives from Korean Companies working in Pakistan
11 hours ago -
PSX witnessed bearish trend, losses 303 points
12 hours ago -
Bilateral cochlear implanted
12 hours ago -
Rupee sheds 4 paisa against Dollar
11 hours ago -
Pakistan, Afghanistan agree to implement mechanism TAD
12 hours ago -
Stock markets firm on renewed US rate cut hopes; gas price jumps
11 hours ago