Bitcoin hits $30,000 for first time

The cryptocurrency Bitcoin soared to its highest-ever level as the asset continues a weekslong rally.

Bitcoin was trading at more than $33,000 at one point on Saturday, and over the course of the year, increased 300% in value as more people flocked to invest in the blockchain currency. A lot of that growth occurred recently, with Bitcoin increasing by 50% since hitting $20,000 about two weeks ago.

Sergey Nazarov, cofounder of blockchain project Chainlink, said that some investors have seen cryptocurrencies such as Bitcoin as similar to investing in gold, especially in light of the global coronavirus pandemic.

“It’s very likely that the asset will eventually pass $100,000 per coin,” Nazarov told Reuters on Saturday. “People have been steadily losing faith in their government currencies for years, and the monetary policies resulting from the economic impact of the coronavirus have only accelerated this decline.”

Other cryptocurrencies have also seen growth in 2020, with Ethereum, the second-largest one (after Bitcoin), increasing by a whopping 456%.

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