Bitcoin pricing has surpassed $20,000 for the first time

Bitcoin’s value has just broken past the $20,000 barrier, bringing the cryptocurrency to hits highest ever value. This represents a major psychological hurdle for the digital currency, laying the groundwork for further value increases in 2021. Even so, Bitcoin’s value remains as malleable as ever. 

Bitcoin has now fully recovered from its 2017 crash, and some analysts are predicting further gains in the cryptocurrencies value in 2021. Some analysts have predicted that Bitcoin’s value could climb to over $100,000 over the course of 2021; that said, the value of Bitcoin has already dropped below its new high of $20,777.50, as every new high for the cryptocurrency is always followed by some investors cashing out. 

Further increase in Bitcoin’s value will be fueled by increased use of the currency by mainstream payment companies. Paypal is already preparing to support Bitcoin, and Square already supports the currency. Institutional demand for the currency is also increasing. 

At this time, it is unknown how Bitcoin’s value will change in the long-term, with detractors predicting another collapse in the near-to-midterm future while others are predicting Bitcoin’s value to reach as high as $100,000 next year. 

As always, we will say that investing in cryptocurrencies is a risky venture. Cryptocurrencies have seen several rapid increases in value and painful crashes over the past few years. Generating a profit is not guaranteed, and exiting the market at the wrong time could result in hefty financial losses.