Bitcoin Reaches New All-time High: $60,000

The price of Bitcoin reached a new all-time high, breaking the barrier of $60,000 within weeks after its steep decline after breaking the record of $50,000. On February 21, it had experienced a setback to $43,000 amidst uncertainty in traditional markets but also due to a normal liquidation of positions.

This rise means a thousand percent increase over the last year, a year marked by steep decline in the world economy due to the COVID-19 pandemic.

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Information portals from the world of cryptocurrencies report that Bitcoin has progressively resurfaced from a decline in March 2020 by more than 50%. It closed 2020 with strong institutional demand. This signifies the beginning of an exponential increase in its price, which allowed it to move between all-time highs constantly, a trend that has continued strongly in 2021.

In addition to investment funds and companies such as Paypal, or the American car manufacturer Tesla which made a multimillion dollar investment in the cryptocurrency, many individuals buy fractions of bitcoin, taking advantage of the many platforms that have been developed in recent years.

According to newspaper analyses on the economy, the new record comes two days after US President Joe Biden enacted a massive $1.9 trillion stimulus program that includes aid checks of $1,400 to people in vulnerable economic situation in that country. And many experts now see how that money can be supported by real growth.

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The current rise to $60,000 takes the net worth of bitcoin to $1.12 trillion, a figure that approaches the total market value of one of the largest companies in the world, Alphabet (Google), which is valued at $1.385 trillion.

Bitcoin: no more banks

Bitcoin, as an alternative to the financial status quo, makes it easy for people to save, as well as send and receive any amount of money instantly from and to anywhere in the world, at any time. There is no need of banks with definite schedules, and there are no national or international borders. Nor are there any upper limits imposed. Bitcoin users always have complete control over their money.

For this reason many financial corporations attack the cryptocurrency market, and are backed by their mainstream media companions in those campaigns against this new digital currency market. But under current circumstances and the unstoppable advance of cryptocurrencies, many of those corporations are buckling to the trend and are seriously evaluating participating in the new crypto economy.

Cryptoactive Venezuela

In Venezuela, the platform for the exchange of currencies and crypto assets, the Patria system, was created to allow various transactions of resources available in the different wallets of the system. It now allows exchange options from Petro, the Venezuelan cryptocurrency, to Bitcoin or Litecoin.

 

Featured image: Bitcoin breaking all records. In 2020 many experts pointed at a closing price for 2021 around $200,000. File photo.

(RedRadioVE) by Daniela Jiménez, with Orinoco Tribune content

Translation: Orinoco Tribune

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