Soaring Bitcoin Prices

The price of bitcoin, the leader of cryptocurrency, is rising again, showing an unusual trend. Bitcoin price, which once reached $20,000, plummeted to $3,146 at the end of 2018 with a bubble controversy, and recently rose to $13,000 (about 14.7 million won).

According to Bloomberg News on the 28th (local time), after the news that the simple payment service PayPal supports transactions with cryptocurrencies such as bitcoin, the price of bitcoin began to skyrocket. Maintaining the dollar level.

“Bitcoin advocates are predicting that this will change this time as the cryptocurrency rises back to the last seen level since the cryptocurrency market bubble burst in 2018,” Bloomberg News reported. In particular, it is paying attention to the fact that the pattern has changed from the past that showed the speculation fever.

advocates are citing the successive market entry of large investors on the grounds that the situation is different from 2018, when the speculation frenzy of various cryptocurrencies including bitcoin blew. Coin Metrics co-founder Nick Carter explained, “This price increase has a greater impact on the involvement of financial companies and institutions with large investments, unlike in the past when retail investors were raging.”

Another official in the virtual asset investment industry also said, “Unlike the past, the liquidity triggered by the stock market plunge due to the instability of the US presidential election and the low interest rate, and the expectations of large companies’ virtual asset service, are affecting the bitcoin purchase. It is also a feature that investors are showing interest.

Above all, PayPal had a big impact. PayPal announced in its official announcement on the 21st, “From the beginning of next year, PayPal users will be able to purchase goods with cryptocurrency at 26 million affiliated stores in its network.” There are 4 types of cryptocurrencies handled: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

PayPal added that “US users will be able to buy, sell, or store cryptocurrencies through their PayPal online wallet within a few weeks.” To this end, PayPal has obtained a conditional cryptocurrency handling license from the New York Supervisory Authority.

Dan Schulman, Chief Executive Officer of PayPal, said, “We hope that PayPal’s new service will encourage the use of cryptocurrencies around the world and help prepare a new network of cryptocurrencies for central banks and businesses to develop.” We are working with and worrying about what role it can play in cryptocurrency

I’m doing it.”

On the other hand, some still show a negative view of the bitcoin craze that is blowing again. In an interview with Bloomberg TV, Mike Novogratz, founder and CEO of Galaxy Investment Partners, said, “This token is only’digital gold’ and is still far from everyday use.” It doesn’t seem like it is.”

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