Bitcoin is still on the rise inching its way towards its all-time high of $20k, which was in December 2017. The total value of the available Bitcoins is $300 billion.
The cryptocurrency doubled in value this year and picked up his rally for several reasons, similar to gold. It benefited from a weaker dollar, and the market participants considered its good alternative to government-backed fiat currencies.
"This bull run is different than in 2017. We see adoption from major players; They're all betting big on bitcoin as a safeguard against inflation, uncertainty, and the turmoils of 2020", said Alex Adelman, CEO and co-founder of Lolli, which is a bitcoin rewards company.
Investors have opposite views on Bitcoin's recent price growth; some consider an upward trend for the price next year to reach $60,000, while others remain skeptical of Bitcoin if it can maintain this rally farther as it might have just reached a psychological barrier already.
"Be warned...as we've seen so many times in the past, Bitcoin can surprise," said George McDonaugh, managing director and co-founder of cryptocurrency and blockchain investment firm KR1.
Bitcoin price has always had its wild ups and downs; sometimes, it fluctuated wildly in mere minutes. Bitcoin prices crashed in March, along with almost everything else, when coronavirus pushed the U.S economy to its knees.
On Tuesday, Federal Reserve Chair Jerome Powell told participants at the Bay Area Council Business Hall of Fame Awards Ceremony that the economy will never be the same after COVID-19. According to Powell, accelerated technology is bound to change the way the global economy operates. His commentary was quite similar to the recent "Great Reset" agenda.
Powell once again insisted that more stimulus packages would be needed to safeguard the economy against potential disasters. He added that the stimulus package must reach small businesses and the significant number of unemployed Americans. "There hasn't been a bigger need for it in a long, long time here," Powell concluded.