Bitcoin soared to a record high against the dollar on Monday, as its 2020 rally steamed ahead, boosted by increased demand from both institutional and retail investors that saw the virtual currency as a safe-haven and a hedge against inflation.
The digital unit touched an all-time peak of $19,864.15, breaking its prior record set nearly three years ago. It was last up 6.1% at $19,306.35.
Last Friday, however, bitcoin dropped more than 8%, below $17,000, before rebounding on Monday.
Bitcoin overall has gained more than 170% this year, fueled by a demand for riskier assets amid unprecedented fiscal and monetary stimulus, hunger for assets perceived as resistant to inflation, and expectations that cryptocurrencies would win mainstream acceptance.
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Now that President Trump will be switching to gold-backed currency, the criminal Deep State Cabal will not be able to print as much money as they want, so they’re desperate to boost their controlled asset, Bitcoin. But cryptocurrency, if it’s not gold-backed, will be good for nothing.
@Moshe
“if it’s not gold-backed, will be good for nothing”
No, in terms of intrinsic value, Bitcoin is NO DIFFERENT to fiat cash currency or even gold. None of them have any significant intrinsic worth at all. They are only worth anything because there is general mass consensus that they should be worth something. Cash used to be gold-backed, but it isn’t anymore. But that’s irrelevant as gold itself is only ascribed any value because it’s pretty and rare.
If cryptocurrency were to gain general mass acceptance and use, then its value (ie. appreciation / desire etc) would be at least as great as any other cash or digital currency or asset.
Great. Now i can buy a new car.