Bitcoin rises to $ 60,000 for the first time

The digital currency once cost 6 cents ten years ago. Instead of dubious transactions, Bitcoin is now used primarily as an object of speculation.

Bitcoin tokens as an analog representation of the digital currency

Bitcoin has continued its record hunt with a new high. The oldest and most important digital motto passed the psychologically important mark of $ 60,000 for the first time on Saturday. On the Bitstamp trading platform, the digital currency cost a little more than $ 60,400 at its peak. Most recently, the price was below $ 59,900, but still well above the level on Friday evening.

With the profits from Saturday, Bitcoin built on the winning streak of the past few days, with which it ended a weaker phase from the end of February and the beginning of March. Apart from minor setbacks, the digital currency has been on a high since last autumn. At the end of September, Bitcoin only cost $ 10,000.

Since then it has been going up. A Bitcoin costs more than ten times as much today as it did a year ago. Since its introduction around ten years ago, the Bitcoin rate has increased a hundred thousandfold from 6 cents to $ 60,000. Other digital currencies such as Ethereum and Bitcoin Cash have also appreciated significantly.

Digital currencies are considered risky investments, as they can fluctuate considerably in price. Even so, Bitcoin’s market capitalization cracked the trillion mark in February. In contrast to the euro or dollar, there is no central bank behind the cyber currency. The rate is determined solely by supply and demand.

The term Bitcoin means something like digital coin. For marketing purposes, photos of coins with the Bitcoin symbol are often shown, with the letter B crossed by two vertical lines. This symbolism underlines the claim to want to play in a league with world currencies such as the dollar, which is also represented as an S with one or two vertical lines.

Because the payer can remain anonymous, international crime initially liked to fall back on Bitcoin. But its role has changed: it is now primarily in demand as an object of speculation. Some investors also see it as protection against inflation in view of the drastically growing money supply.