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Bitcoin seen topping $50,000 as it vies with gold
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Last Updated: Jan 26, 2021, 01:23 PM IST
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Synopsis
Bitcoin quadrupled last year, eventually reaching an all-time high of almost $42,000 in early January before sliding back by about $10,000.
Reuters
By Eric Lam and Gregor Stuart Hunter
Bitcoin’s price could exceed $50,000 over the longer term as the digital asset vies with gold for investment flows, according to cryptocurrency exchange Luno and brokerage OSL.
“We’re talking about Bitcoin over the next three, five, 10 years slowly inching away at gold’s market capitalization,” Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore, said in an online question and answer session with Bloomberg Tuesday. If that happens, “you are way over $50,000,” he said.
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The virtual currency barrelled to new highs to rise more than 400 per cent over the past year, before promptly sliding some 20 per cent and then settling around $36,000 After dizzying gyrations, what s bitcoin really worth?
After the latest wild ride took the poster child of cryptocurrencies above $40,000 before a stomach-churning plunge, the million dollar question won t go away: how much is bitcoin actually worth?
The virtual currency barrelled to new highs to rise more than 400 per cent over the past year, before promptly sliding some 20 per cent and then settling around $36,000.
When it started life in 2009 as open-source software, bitcoin was essentially worth zero though within a year it had reached the heady heights of eight cents.