Bitcoin surpassed the $28,000 mark as it shows no sign of stopping.
The digital currency has a market value over USD$ 500 billion. It’s worth more than Visa or Mastercard or Walmart.
Bitcoin passed the $20,000 mark or the first time just 11 days ago. Now inching towards $30,000.
Investors are pouring money into bitcoin and other cryptocurrencies during the Covid-19 pandemic as the Federal Reserve sent interest rates near zero severely weakening the US dollar.
That makes bitcoin, comparatively, an attractive currency. There’s a set limit to the number of bitcoins on the planet, and investors believe that once the supply runs out, the digital coin’s value can only increase.
Also aiding in bitcoin’s soaring valuation: Big, name-brand investors are stockpiling it, and huge consumer companies are embracing it.
As bitcoin surges to all-time highs, experts warn over people of the volatile crypto currency market.