Bitcoin reached an “all-time price high” by surging past $20,000 on Wednesday afternoon on the deVere Crypto exchange, it is revealed.
Just after 1 pm GMT, the price of the world’s largest cryptocurrency by market capitalisation was $20,637.18 according to the app owned by deVere Group, one of the world’s largest independent financial advisory and fintech organisations.
Two weeks ago, it was widely reported that Bitcoin nearly hit the all-time high of $19,850 in December 2017.
Of the milestone, Nigel Green, founder and CEO of deVere says: “We’ve been saying for a few months now that Bitcoin is likely to surpass its previous all-time high before the end of this year – and it now has.
“Since the cryptocurrency’s March lows of $3,600, it is up 440%, making it one of the best-performing assets of the year.
“Many investors and crypto advocates will be extremely glad that they kept their Bitcoin and didn’t sell.”
He continues: “Unlike previous surges, this time around, a major price driver seems to be fuelled by the flow of institutional investors, who are steadily increasing their exposure to Bitcoin and other cryptocurrencies.
“They’re being attracted by the good returns that the digital asset class is currently offering but, more importantly, by the huge future potential it offers.
“As some of the world’s biggest institutions – amongst them multinational payment companies and Wall Street giants - pile ever more into crypto, bringing with them their enormous expertise and capital, this in turn, swells consumer interest.”
Another important reason, says the deVere CEO, for a spike in the Bitcoin price is because it is a hedge against longer-term inflation concerns which have come to the fore due to stimulus packages – more of which are promised by major governments and central banks around the world.
He adds: “These emergency measures, like the massive money-printing agenda, reduce the value of traditional currencies like the dollar and raise the inflation threat. Bitcoin, like gold, acts as a shield.”
As Bitcoin hit all-time highs last month, Mr Green said that other inherent characteristics of cryptocurrencies are piquing interest too.
“These include that they’re borderless, making them perfectly suited to a globalised world of commerce, trade, and people; that they are digital, making them an ideal match to the increasing digitalization of our world; and that demographics are on the side of cryptocurrencies as younger people are more likely to embrace them than older generations,” he noted.
The deVere Group CEO concludes: “After a year of historic highs and lows in financial markets, it will, after all, be a Merry Christmas for Bitcoin holders.
“And, in the current environment, it looks like 2021 could be another momentous year for them too.”
deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.