30 Dec 2020 in 16:35
Bitcoin continued to break new ground on Wednesday, soaring over $28,500.
Bitcoin rose over 5% against the dollar to hit a record high of $28,506.46 (BTC-USD) in early trade in London.
The all-time high means bitcoin has jumped by 46% since the start of December, Yahoo Finance UK reported.
For 2020, the cryptocurrency is up almost 300%, among increased interest from institutional investors, and worries over the inflationary impact of this year’s huge coronavirus-related stimulus packages.
“Bitcoin has increasingly seen demand from larger U.S. investors, in particular, attracted by its perceived inflation-hedging qualities and the potential for quick gains, as well as expectations it would become a mainstream payments method,” according to Reuters.