Bitcoin price soars four times in 2020. Key things to know2 min read . Updated: 31 Dec 2020, 11:27 AM IST
- Wealth managers caution retail investors and ask them to strictly avoid investing in bitcoin
- They believe the prices have been highly volatile, completely driven by speculative forces
Bitcoin has surged past $29,000 to reach yet another record level on the last day of 2020, showing no signs of slowing down its torrid December rally. Bitcoin has almost quadrupled in value this year amid the global coronavirus pandemic. Will this rally continue? Experts see great going for the largest cryptocurrency in the world in future mainly due to the recent institutional adoption. "Bitcoin would cross 50K USD, There is a lot of institutional adoption happening over the past few months. The first trigger for that was Paul Tudor Jones, who was one of the legendary traders out there and post that the firms like Guggenheim, Fidelity, Blackrock, stated that Bitcoin has the potential to replace gold as a store of value," says Gaurav Dahake, CEO, Bitbns.
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