The Biggest Cryptocurrency on the planet, bitcoin, has once again shocked the financial world as it hits five figures per coin.
Analysts have attributed this sudden increase in the price of bitcoin to the once in four years event in the history of the digital gold, bitcoin halving.
As at Friday, bitcoin increased by 2.7% to a high of $10,070 USD in Asia trading. It’s the first time the cryptocurrency would hit five figures, since Feb 24.
Bitcoin halving set to happen next week is known to regulate inflation and also boost the value of the cryptocurrency.
Vijay Ayyar, Singapore-based head of business development at crypto exchange Luno said:
“Markets have been bullish since the March lows and this is across asset classes, including crypto.
Money-printing by the Fed and other central banks globally have given a lot of confidence to investors that the economy will be supported no matter what.”
Jehan Chu, a managing partner with blockchain investment commented on the investments made by one of the famous crypto investors, the founder and chief executive of Tudor Investment Corp- the modern-day hedge fund industry, Paul Tudor Jones.
He said, “Bitcoin will likely see sub-$10,000 levels post-halving, but the surge in institutional interest from investors like Paul Tudor Jones is undeniable validation for Bitcoin,”
Investors interested in expending their money on the cryptocurrency are therefore advised to make that decision now that they can earn a huge amount of profit from that investment.