Bitcoin surges past $20,000 for the first time in its history.
Bitcoin has reached a new all time high, hitting over $£20,300 at a time when more and more hedge funds across the globe are starting to invest in the cryptocurrency.
Since plunging to a low of $3,845 on March 12, Bitcoin has seen an impressive to $20,000, a gain of over 400%, making it the best performing asset of the year.
Whilst Bitcoin has already surpassed its all time high some in the industry are expecting Bitcoin to rise substantially over the coming years.
Tyler Winklevoss, co-founder and CEO of crypto exchange Gemini expects the price of Bitcoin to reach $500,000 or more within the next decade. He explained:
“Our thesis is that Bitcoin is gold 2.0 and it will disrupt gold. If it does that, it has to have a market cap of $9 trillion. So we think Bitcoin could price one day at $500,000 a bitcoin.”
What is Bitcoin?
First Decentralized Digital Currency
Bitcoin 101 – Phases of Money
Bitcoin halving, (sometimes ‘halvening’) refers to the halving of the reward for mining new blocks, with miners receiving 50% fewer bitcoins for verifying transactions. Bitcoin halvings are scheduled to occur once every 210,000 blocks, roughly every four years, until the maximum supply of 21 million bitcoins has been generated by the network. The last Bitcoin halving was in May 2020.