Bitcoin records 800% gain
- 04 Jan 2021
Gulf Today Report
Bitcoin traded at $33,365 in Asia on Monday, as investors forecast it as the upcoming mainstream asset.
Since mid-March, bitcoin has surged to about 800%. Its supply is capped at 21 million, making investors see it as a shield against inflation as governments keep injecting stimulus into the economy.
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Speaking on the most recent gain of the cryptocurrency, Bank of Singapore analyst Moh Siong Sim said: "some of it is reflecting the fear of a weaker dollar."
"It seems like people are preferring bitcoin as an expression of concern over currency debasement, relative to gold,” he added.
Bitcoin is also on its way to becoming a mainstream payment method with PayPal accepting cryptocurrencies.