Bitcoin Reaches $ 17K After Nearly 3 Years

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Bitcoin, which has been on the rise in the past years, has reached the 17 thousand dollar threshold again after 3 years. The cryptocurrency has managed to gain more than 4 percent in the last 24 hours.

Bitcoin and cryptocurrencies were highly valued and popular a few years ago. Bitcoin surpassed another important threshold today, reaching $ 17,000. Bitcoin had not reached this level in about 3 years.

According to the news on CNBC, the value of Bitcoin has increased by more than 4% in the last 24 hours. The crypto currency, which was traded at $ 17,30, reached its highest value since January 7, 2018.

Bitcoin has gained 137% since the beginning of the year

Industry experts state that this rise of Bitcoin, which has gained 137% since the beginning of the year, is triggered by the wave of government incentives related to COVID-19 and the interest of large investors such as Paul Tudor Jones and Stanley Druckenmiller in this field.

Charles Hayter, CEO of CyrptoCompare, says the gap between the crypto world and traditional financial institutions has closed dramatically. Crypto investors say Bitcoin is of a similar quality to “safe haven” assets like gold. Investors flock to such safe havens, especially during economic turbulence. Bitcoin investors also state that the financial and monetary incentives received against the epidemic have reduced the value of strong currencies such as the US dollar.

Behind this rapid rise in Bitcoin is the entry of various large companies into the cryptocurrency space. For example, Fidelity Investments has prepared a special digital asset unit to make it easier for its customers to exchange cryptocurrencies. In addition, PayPal enabled its users to buy, hold and sell virtual currencies.

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