On Thursday, Bitcoin soared to an all-time high as the incredible momentum of the cryptocurrency in 2020 progressed into the end of the year. On Thursday, the world’s most famous cryptocurrency jumped to a 24-hour high of $23,770.85, representing a rise of 20 percent over the past day. The climb comes just one day after the first bitcoin topped $20,000, and brings the year-t0-date gains of the token above 200 percent.
The acceptance of cryptocurrencies by institutional investors and financial services firms has been cited by Bitcoin advocates as a big boost for the token this year. Earlier this year, finance leaders such as Paul Tudor Jones and Mike Novogratz celebrated the cryptocurrency and predicted greater gains to come. After PayPal revealed it will enable consumers to purchase, sell, and keep cryptocurrencies, the token’s rally accelerated in October. There are signs that this time around, besides trend-following quant funds, longer-term investors such as asset managers and family offices are taking more of a part. The scarcity of Bitcoin combined with the Federal Reserve’s ‘rampant money printing’ means that the digital token could ultimately rise to around $400,000, Scott Minerd, Guggenheim Investments’ chief investment officer, said on Bloomberg TV on Wednesday.