The crypto currency Bitcoin ended 2020 at record highs, surpassing the USD 29,000 level to close at USD 29,442.30 on the Year end. The most popular Bitcoin had the best monthly rally since 2019 in December.
Bitcoin has almost quadrupled in value in 2020 amid the global coronavirus pandemic. The wider Bloomberg Galaxy Crypto Index tracking the largest digital currencies is up about 280% as rival coins such as Ether have also rallied. In Indian rupee, the value is currently over Rs 21.53 lakh.
Analysts say that the momentum in 2020 was mainly due to institutional adoption in the last few months of 2020. Companies like Guggenheim, Fidelity, Blackrock, stated that Bitcoin has the potential to replace gold as a store of value, triggering interest among risk-taking investors and speculators alike.
nevertheless, some wealth managers caution retail investors and ask them to strictly avoid investing in bitcoin since they believe the prices have been highly volatile, completely driven by speculative forces with no clear underlying basis on what price should they be traded.
Reliance Infra announces completion of sale of its Delhi-Agra (DA) toll road
