Published , by Donovan Erskine
Published , by Donovan Erskine
Bitcoin continuously shocked traders and financial analysts as it’s risen further and further in value. Many within the cryptocurrency community are reaping the rewards, while those that passed on Bitcoin several years ago are kicking themselves. Now, with Bitcoin surging once again, the digital currency has crossed $40,000 in value. This means that cryptocurrency altogether is now valued at over $1 trillion.
CNBC reported on Bitcoin (BTC) zooming past the $40,000 mark earlier today. Bitcoin has come a long way from being worth less than a dollar, and it could potentially grow much more. When speaking to CNBC, Social Capital’s Chamath Palihapitiya said that Bitcoin’s value is “probably going to $100,000, then $150,000, then $200,000,” within the next several years.
While this news is huge for Bitcoin and its owners, it also has a profound impact on the vast world of cryptocurrency as a whole. Bitcoin’s surge in value has pushed cryptocurrency over $1 trillion. There’s a wide variety of cryptocurrencies out there, but Bitcoin is leading the charge with its market value north of $700 billion.
There are a couple of key factors to look at as causes of Bitcoin’s continued success, which Palihapitiya spoke to during the interview. “The reason is because, every time you see all of this stuff happening, it reminds you that our leaders are not as trustworthy and reliable as they used to be,” he said. “So, just in case, we really do need to have some insurance we can keep under our pillow that gives us some access to an uncorrelated hedge.”
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