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Bitcoin Hits $20,000 For First Time Ever

by : Saman Javed on : 16 Dec 2020 14:24
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Bitcoin has surpassed an all-time-high of $20,000 (£15,000) for the first time in its three year history.

The news was announced by cryptocurrency trading platform Binance in a series of tweets:

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The news comes shortly after the cryptocurrency reached $20,000 mark earlier today.

The last time the cryptocurrency approached the $20,000 mark was back in 2017, before it crashed and lost a quarter of it value in a single day.

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In late 2018, it fell to as low as $4,000 (£3,000). However, demand for the cryptocurrency has surged in recent months, as has its value.

Tyler and Cameron Winklevoss, two twin brothers who were among the first publicly identified bitcoin billionaires previously wrote that they believe Bitcoin could reach as high as $500,000 (£370,000).

In a blogpost to their website, they wrote that if ‘bitcoin continues on its path … the price of bitcoin could appreciate 45x from where it is today, which means we could see a price of $500,000 US dollars per bitcoin’.

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At the beginning of this month, Bitcoin hit $18,000 (£13,300) which was its highest value in three years, until now.

Then, on Monday afternoon, one bitcoin was valued at $19,850.11 (£14,880) according to CoinDesk, a bitcoin price index.

Over the course of 2020, the value of the cryptocurrency has risen by around 170%, as per The Guardian.

Pizza Hut Is Now Accepting Cryptocurrency As A Form Of Payment In VenezuelaPizza Hut Is Now Accepting Cryptocurrency As A Form Of Payment In VenezuelaPA
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Antoni Trenchev, a co-founder of crypto lender Nexo, told The Telegraph that this is the start of a new chapter for Bitcoin.

‘We have a new line in the sand and the focus shifts to the next round number of $30,000,’ he said, adding that it is ‘the start of a new chapter for Bitcoin. It’s a narrative the media and retail crowd can properly latch onto because they’ve been noticeably absent from this rally.’

Earlier this year, Wall Street analyst group Citibank suggested that Bitcoin could reach $300,000 (£222,000) by the end of 2021.

In Venezuela, Bitcoin is moving mainstream with Pizza Hut recently announcing that it will accept payment in cryptocurrency.

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As a result of economic sanctions imposed by the US, many people in the country have invested in the alternative capital.

One assets firm CryptoBuyer has now become a payment partner with Pizza Hut chains in the country.

Richard ElKhouri, Head of Pizza Hut Venezuela, told El Axioma that the move aimed to make the chain more inclusive.

‘Today the use of technology has become so vital for people who have devices in their daily lives,’ he said.

He added: ‘It is important that we accompany them, young people, contemporary adults or people with a knowledge of technology.’

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Topics: News, Bitcoin, cryptocurrency, Now