With the start of the new weak, Bitcoin has surged to a new high of 2020, around $12,470. Overcoming the strong resistance at $12,000, it is a great achievement for the top leading asset since the beginning of the year.
New High of 2020
Analysts and crypto fans are expecting from bulls to pump price towards $14,000 but it seems difficult for the short term. The price value witnessed today is the highest price since August 2019. As the bullish sentiments prevail in the crypto community, the leading digital asset is busy setting new all-time highs. In the year to date time frame, it is up more than 60%.
Gemini CEO Tyler Winklevoss expresses his excitement over Bitcoin’s move above $12k by saying,” Bitcoin rocketing through 12K on Monday morning is much more energizing [than] a large cold brew.”
Institutional investors are also pouring capital into Bitcoin. Prominent figures and firms which criticized it in the past are now recognizing the high potential of Bitcoin. For example, Michael Saylor, the CEO of MicroStrategy, recently said that the company will invest $250 million in Bitcoin. Similarly, after running a cryptocurrency ad campaign over national TV channels, crypto-assets investment firm Grayscale has witnessed an inflow of $217 million in Bitcoin and Ethereum trusts.
Bitcoin and Gold
Internet freedom fighter Kim Dotcom congratulated those people who purchased Bitcoin and gold on his advice in 2018. He said,” Did you buy Bitcoin and Gold like I said? Congratulations, you have made a lot of money.”
“Trust me. Buy crypto and gold. Your USD will become worthless. With US economic collapse all old money currencies will crash. Times will get tough. But you’ll be fine if you hedge some of your assets in preparation for the crash. The big crash is coming 100%,”
Both gold and Bitcoin have performed well in this time of financial uncertainty. A Twitter user said:
” Do you see a growing correlation in the future between these two?
Both have faired well in an uncertain economy. And gold always surges inversely to the U.S. dollar.”