Bitcoin has defied the odds again and pushed to new all-time highs.
The 2017 bull run ended near $20,000. Many said the scheme was up and Bitcoin was headed to zero.
But the conditions are ripe for an alternate store of value. The Fed continues to print money at a record pace. Stocks appear overbought. It’s even been said that we’re in a bubble. People are seeking safer havens to store their wealth.
Bitcoin is a digital currency outside of any government control. The supply is limited to 21 million bitcoins. About 18.5 million are currently in circulation.
The price spike to $20,800 occurred exactly three years to the day of its 2017 peak. It’s also happened just hours before the Fed is expected to announce it will continue pumping $120 billion per month into the financial systems.
Several small-cap stocks are rising dramatically in price as the world’s best-known cryptocurrency rallies. These include:
Bit Digital, Inc. (NASDAQ: BTBT)
Nxt-ID, Inc. (NASDAQ: NXTD)
Code Chain New Continent Limited (NASDAQ: CCNC)
Marathon Patent Group, Inc. (NASDAQ: MARA)
Riot Blockchain, Inc. (NASDAQ: RIOT)
To believers in bitcoin, the price spike comes as no surprise. CNN declared bitcoin to be the “investment of the decade.” Investors who bought when it was first available in 2010 and held until the end of 2019 returned 90,000%.
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