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Bitcoin Climbs To All-Time High Price At Over $20,000 Per Coin

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Bitcoin has climbed to an all-time high passing the $20,000 mark per coin for the first time ever.

For a few years after its inception, the price of one bitcoin remained just a few dollars. That climbed to a peak of $19,783 in 2017 when the buzz around cryptocurrencies was reaching a fever pitch.

It has fluctuated since, dropping to around $7,000 in April 2020. It seems to have spurred on a comeback with one coin currently valued at $20,356.

In case you’ve been living under a rock over the past few years, Bitcoin is the cryptocurrency that took the world by storm with eager investors queuing up to get involved.

Bitcoin is a digital currency created in January 2009 following the housing market crash. It is decentralised without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.

A theory behind the increase is rising inflation and the potential for even more stimulus continues to pushing people to Bitcoin.

Meanwhile, increased use of online payment platforms, like Paypal, give an indication that people have far easier access to cryptocurrencies.

Malta has tried to be a trailblazer in the field – setting up robust legislation to bring both cryptocurrency and blockchain (on which cryptocurrencies operate) companies to the island. It has failed to kick off so far, but the news might entice a renewed focus in the field.

Bitcoin has been criticised for its use in illegal transactions, the large amount of electricity used by miners, price volatility, and thefts from exchanges. Some economists, including several Nobel laureates, have characterised it as a speculative bubble. However, it still hasn’t stopped people from jumping on the bandwagon.

Tag a bitcoin expert!

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Julian is the former editor of Lovin Malta and has a particular interest in politics, the environment, social issues, and human interest stories.

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