Bitcoin hits record high after three-year peak

Cryptocurrency Bitcoin made a staggering come back after three years of a break after topping $180000 since December 2017. It’s four times more than the price in March, which had a value below $4000.

The cryptocurrency surged as much as 4.8% to $18,480 on Wednesday, leaving it less than 10% away from reaching its intraday peak of $19,511, according to data compiled by Bloomberg. Bitcoin has been seen as a shelter stack for some investors after being hit hard by the pandemic “The virus crisis is propagating the reassessment of bitcoin,” said Nikolaos Panigirtzoglou, an analyst at JPMorgan.

“There is a reassessment about its value here as an alternative currency, as an alternative to gold.” Bitcoin’s supply is capped at 21 million. Proponents say its scarcity provides an innate value and shields it from the central bank or government policies that stoke inflation. A small position in Bitcoin can be very sustainable as the world is rising from the Covid-19 pandemic.

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