Bitcoin just jumped through $18,000 this morning and is now getting closer to its all-time high at around $20,000 three years ago. It was up around 6% just over the last 24 hours.
Analysts say that the underlying factor of this rally is the hedge ideas that have captured Wall Street’s attention in response to unprecedented Covid stimulus measures by the government. It will keep interest rates low and lead to inflation. Investors believe that Bitcoin will resist that kind of devaluation of the US dollar. Interest from big-name investors like Paul Tudor Jones and Stanley Druckenmiller support this notion.
Bitcoin’s bullish price action also comes as various major companies jump in in the cryptocurrency space, such as PayPal that soon provides a feature to buy, sell, and hold the cryptocurrency assets. Paypal’s rival, Square, also revealed it had bought $50 million worth of bitcoin to its corporate treasury.