The digital currency hit an all time high with a price of $US28,000 as investors scramble to avoid inflation — where the purchasing power of money is decreased — which has been brought on by the impact ofCurrently, interest rates in the US are close to zero resulting in a severely weakened US dollar.
He said there has been a big increase in demand from a retail perspective including PayPal allowing people to buy and hold cryptocurrency in their accounts, but hedge funds and corporate companies are also seeing it as a way to shield against currency risk. “Given there is huge amounts of money printing going on, particularly in America — they have just ratified a bill to print another $US9 billion dollars — and that is going to cause inflation, so people are looking at ways to offset that. The best way to offset that is something scarce and rare and there are only 21 billion bitcoin and there will only ever be 21 billion worth of bitcoin.”American investment management firm, Blackrock, predicted cryptocurrency could replace gold.
While some put the surge in demand down to FOMO, Mr Schebesta said people are realising that bitcoin is a rare commodity that can be used as treasury tool to hedge against currency risk around the world.
Buy Bitcoin or have fun staying poor!
Not “cryptocurrency”, but “bitcoin”
21M, not 21B, bitcoin!
You really have no idea how a gold backed currency works, do you. Trump folded the Fed into the Treasury Dept for a reason. The end the Fed.
Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash soon to be accepted on Paypal. Gamechanger!
Early days! getoff0