(RepublicanReport.com) – The world of cryptocurrencies has traditionally been shrouded in mystery. Though everyone’s heard a story of investors who became rich overnight by buying up Bitcoin or Ripple, not many people really understand what cryptos are or how they work.
However, that may be changing. On Tuesday, November 17, Pantera Capital CEO Dan Morehead appeared on the “What Bitcoin Did” podcast to discuss the biggest cryptocurrency. He revealed clients of online payment giants Square and PayPal are now buying most of the bitcoin coming online.
The increased ease of access has boosted demand. This, in turn, has pushed up the price, with a single bitcoin trading for over $19,000 at the time of writing. This is the asset’s highest valuation since its historic peak in December 2017.
Bitcoin mania is back https://t.co/y6P5nzWPzl
— Bloomberg (@business) November 24, 2020
Advocates of cryptocurrencies have proposed they could provide a “safe-haven asset” option that might, in time, replace gold. Considering their tendency toward unpredictable price fluctuation, that day is still probably still years away. However, it’s an area investors and business people should keep a close eye on moving forward.
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