Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Bitcoin Flirts With 3-Year High as Bulls Eye $20K Run

Cryptocurrency NewsNov 12, 2020 19:41
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Yasin Ebrahim

Investing.com – Bitcoin rallied to a nearly three-year high Thursday, as the popular crypto continued to ride earlier-week optimism following signs of institutional demand that many see as key to ensuring the latest run has staying power.

Bitcoin rose 1.76% to $16,096, a level not seen since the previous rally in 2017 that saw the crypto hit $20,000.

Advocates of bitcoin have long waited for institutional players to enter the crypto fray, believing that larger pools of capital were needed to legitimize the bitcoin as an asset class.

The move higher followed a surge earlier this week after legendary investor Stanley Druckenmiller said he was a bitcoin investor and talked up the popular crypto as a store of value.

"Bitcoin could be an asset class that has a lot of attraction as a store of value to both millennials and the new West Coast money — and, as you know, they got a lot of it,” said the billionaire," Druckenmiller said in an interview on CNBC. "It’s been around for 13 years and with each passing day it picks up more of its stabilization as a brand."

Real Vision CEO Raoul Pal said the endorsement of bitcoin from Druckenmiller should pave the way for other big hitters on Wall Street to jump on the crypto bandwagon and recently touted new-all time highs for bitcoin could come by next year for the latest.

Still, there are many big-swinging Wall Street fund managers who remain on the sidelines and have railed against the idea of bitcoin as a store of value.

Bridgewater Associates founder and CIO Ray Dalio highlighted several highlights to the adoption of bitcoin including the threat of regulation, and he also downplayed the demand for bitcoin as an alternative to owning gold.

"I don't think digital currencies will succeed in the way people hope they would for those reasons … I wouldn't prefer bitcoin to gold," he said. "Gold will be the vehicle that central banks and countries use as an alternative to cash."

The move higher in bitcoin has coincided with a jump in its market cap to $298.13 billion, up from $241.38 billion late-October, a sign that demand continues to strengthen.

Bitcoin Flirts With 3-Year High as Bulls Eye $20K Run
 

Related Articles

EOS Falls 10.01% In Selloff
EOS Falls 10.01% In Selloff By Investing.com - Jun 20, 2021

Investing.com - EOS was trading at $4.1786 by 12:32 (11:32 GMT) on the Investing.com Index on Sunday, down 10.01% on the day. It was the largest one-day percentage loss since June...

XRP Falls 10.18% In Selloff
XRP Falls 10.18% In Selloff By Investing.com - Jun 20, 2021

Investing.com - XRP was trading at $0.71452 by 12:24 (11:24 GMT) on the Investing.com Index on Sunday, down 10.18% on the day. It was the largest one-day percentage loss since May...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email