Bitcoin hits all-time high, surging past $20,000: deVere Crypto exchange
December 16, 2020 (Investorideas.com Newswire) Bitcoin reached an "all-time price high" by surging past $20,000 on Wednesday afternoon on the deVere Crypto exchange, it is revealed.
Just after 1 pm GMT, the price of the world's largest cryptocurrency by market capitalisation was $20,637.18 according to the app owned by deVere Group, one of the world's largest independent financial advisory and fintech organizations.
Two weeks ago, it was widely reported that Bitcoin nearly hit the all-time high of $19,850 in December 2017.
Of the milestone, Nigel Green, founder and CEO of deVere says: "We've been saying for a few months now that Bitcoin is likely to surpass its previous all-time high before the end of this year – and it now has.
"Since the cryptocurrency's March lows of $3,600, it is up 440%, making it one of the best-performing assets of the year.
"Many investors and crypto advocates will be extremely glad that they kept their Bitcoin and didn't sell."
He continues: "Unlike previous surges, this time around, a major price driver seems to be fuelled by the flow of institutional investors, who are steadily increasing their exposure to Bitcoin and other cryptocurrencies.
"They're being attracted by the good returns that the digital asset class is currently offering but, more importantly, by the huge future potential it offers.
"As some of the world's biggest institutions – amongst them multinational payment companies and Wall Street giants - pile ever more into crypto, bringing with them their enormous expertise and capital, this in turn, swells consumer interest."
Another important reason, says the deVere CEO, for a spike in the Bitcoin price is because it is a hedge against longer-term inflation concerns which have come to the fore due to stimulus packages – more of which are promised by major governments and central banks around the world.
He adds: "These emergency measures, like the massive money-printing agenda, reduce the value of traditional currencies like the dollar and raise the inflation threat. Bitcoin, like gold, acts as a shield."
As Bitcoin hit all-time highs last month, Mr Green said that other inherent characteristics of cryptocurrencies are piquing interest too.
"These include that they're borderless, making them perfectly suited to a globalized world of commerce, trade, and people; that they are digital, making them an ideal match to the increasing digitalization of our world; and that demographics are on the side of cryptocurrencies as younger people are more likely to embrace them than older generations," he noted.
The deVere Group CEO concludes: "After a year of historic highs and lows in financial markets, it will, after all, be a Merry Christmas for Bitcoin holders.
"And, in the current environment, it looks like 2021 could be another momentous year for them too."
t: +44 207 1220 925
deVere Group is one of the world's largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.
This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com