Digital currency Bitcoin extended its value in smashing rally on Saturday, in the beginning of the year with a surge over $30,000.

This is the first time with ever more traders and investors betting that the bitcoin is on its way to become a mainstream payment method.

The most popular cryptocurrency was traded more than $33,099 on Saturday, Bitcoin advanced more than 300% in 2020 and gained about 50% value in two weeks since crossing $20,000.

1 bitcoin currently is equal to $33961.90 in the market, the blockchain has been utilized for about a decade and its demand grow from larger U.S investors and is expected to soon become a mainstream payment method, according to the Reuters.

Reuters reports, some saw bitcoins as safe-haven play during the COVID-19 Pandemic.

Sergey Nazarov, cofounder of Chainlink told Reuters, that “It’s very likely that the asset will eventually pass $100,000 per coin,”.

He added, “People have been steadily losing faith in their government currencies for years, and the monetary policies resulting from the economic impact of the coronavirus have only accelerated this decline.”

According to Investopedia, a cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.

Author


  • Mohammad Haroon Alim holds a BBA degree from Kardan University. He works as a sub-editor for Khaama Press.