Bitcoin, the most known cryptocurrency in the world, soared over $17,000 on Tuesday to a peak of three years as an alternative to other investments backed by an increasing number of investors.
The pandemic urges investors to study bitcoin and other cryptocurrencies including Ethereum, Litecoin and XRP, all of which have risen in value in the last months, analysts reported.
The supply of Bitcoin is limited to 21 m. Proponents believes its scarcity is intrinsic and defends it from the central bank or government interventions that stimulate inflation. Some investors are concerned that inflation is likely to spiral next year after new Covid-19 vaccines are rushing to improve their economies by governments.
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