On Friday, Bitcoin soars BTC = BTSP rose to a nearly three-year high as investors continued to take the virtual currency on the grounds that it could break its historic high of nearly $ 20,000.
Bitcoin rose to $ 18,766.79, its highest point since December 2017, and the most recent increase was 4.9% to $ 18,696. So far this week it’s up 17%, its biggest weekly gain since June 2019, and so far this year it’s up more than 160%.
Bitcoin Soars to Cause Currency Devaluation
Alex Mashinsky, CEO of Celsius Network, a cryptocurrency lending platform, said, “Bitcoin today reached a position where institutional investors, banks and family finance institutions are right to consider intervening to ward off currency devaluation.
He added that Bitcoin’s rise in 2017 was spearheaded by retail investors who took early on.
He added, “With big companies like LINE Corp and PayPal participating in this operation, we can assume they are more stable than the 2017 bubble. This is no longer a gold rush.”
The Bitcoin market now has a fully functional derivatives market and custody services from mature financial institutions. Large companies like Fidelity Investments and Japan’s Nomura Holdings Inc 8604 have started protecting Bitcoin and other cryptocurrencies for institutional investors.
Other major cryptocurrencies, including Ethereum ETH = BTSP and XRP XRP = BTSP, typically rise 7.2% to $ 505.2 and 3% to 31 cents, respectively, alongside Bitcoin.