There’s never been a better time to be a BitcoinBitcoin holder this year.

The price of Bitcoin has hit a fresh 2020 high of $13,700. This after a dip earlier this week, and a seemingly nervous stock market, tested the strength of those hands. Yesterday, for example, the Dow Jones sunk by 2.3%, but Bitcoin held steady at around $13,000 after briefly dropping to $12,785.

Today, the cryptocrypto asset is up 6%. At the moment, Bitcoin is trading for a yearly high of just over $13,700 per data from Messari. The last time Bitcoin investors saw a BTC price that high was June 27, 2019, and before that, January 2018.

Bitcoin broke its yearly highs. Image: Tradingview
Bitcoin broke its yearly highs: Image: TradingView

These short-term gains further embolden the bullish long-term outlook of traders. Bitcoin has been on a bull run since the market crashed in the middle of March. The outlook remains mostly the same since then—with increasingly higher peaks.

Various moves by big players in finance and tech, including Square, PayPal, MicroStrategy, and JP Morgan, have given Bitcoin investors reason for optimism.

PayPal is a popular worldwide online payments system. Image: Shutterstock

PayPal to Launch Crypto Buying and Selling Features

Digital payments behemoth PayPal will soon allow its customers to buy, hold and sell Bitcoin and several other cryptocurrencies directly via their accounts, the company announced today. At launch, PayPal will allow purchases of Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Although users will be able to pay with cryptocurrencies at around 26 million merchants in early 2021, the resellers will still receive the funds in the form of fiat currencies such as the US Dollar, the company noted. “The s...

NewsBusiness
3 min read
Liam Frost

Earlier this month, Square announced a $50 million investment in Bitcoin. And just last week, PayPal announced its platform would enable the buying and selling of Bitcoin, Litecoin, Ethereum and Bitcoin Cash. The CEO of Microstrategy, which recently converted near 23% worth of its treasury into Bitcoin ($425 million of its total net worth of $1.79 billion), said BTC was a million times better than gold. Not to be left out, JP Morgan said in a letter that Bitcoin had the potential to triple its price.

To some, it might feel like 2017 all over again—only this time, there’s no talk of bubbles or hype-driven parabolic growth. And that could be a good sign for the market.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.