Bitcoin Hits $28,000 And Shows No Signs of Stopping

You probably have heard about it. Bitcoin has reached the $28,000 mark just before 2020—one of the most difficult years in modern history—has ended. Techfin leaders and experts are forecasting that it won’t slow down anytime. The cryptocurrency is bound to reach $30,000 by 2021!

While 2020 is not exactly a great year for many, the events were rather in favor of the first cryptocurrency ever made. As the pandemic battered on and affected the world’s economy and pushed the Federal Reserve to keep interest rates at zero, investors shifted their focus on Bitcoin and digital assets which in turn helped it rapidly rise in value once more.

Add to the fact that the number of Bitcoins is finite, then the cryptocurrency’s value will only be increasing in the near future. Investors and businesses are stockpiling on Bitcoin assets in anticipation of more gains in the future. Leading fintech services like PayPal also embraced Bitcoin as a valid currency of exchange.

However, all these progress does not come with a caution. Anthony Scaramucci, Skybridge Capital’s founder who also has a stake in Bitcoin, warns people that the cryptocurrency is still highly volatile and it is not for investors who don’t have the stomach for it.

Scaramucci believes that cryptocurrencies like Bitcoin will be due for a correction sooner or later. And these corrections are usually violent. For Scaramucci, Bitcoin’s value could tumble down to 20% to 50%. But before that happens, the crypto has yet to reach its peak. For now, there’s no telling how high the value could go up. For the investor with a high-risk appetite, now is still a good time to go for crypto.