Surging investor interest puts Bitcoin at new all-time peak

FILE PHOTO: Representations of virtual currency Bitcoin are placed on U.S. Dollar banknotes in this illustration taken May 26, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

LONDON (Reuters) – Bitcoin set a fresh all-time high on Thursday, after rising 6.5% to $22,765 by 0833 GMT, just a day after smashing the $20,000 milestone for the first time.

The world’s highest profile crypto-currency has gained more than 175% this year, buoyed by demand from larger investors attracted to its potential for quick gains and perceived inflation-hedging qualities.

Smaller coin ethereum which often moves in tandem with bitcoin, was trading 1.75% higher.

The recent bitcoin rally has been driven in part by increasing expectations it will soon become a mainstream payment method, after shedding a poor public image for opacity among yield-hungry investors and risk-averse consumers.

Yang Li, Chief Growth Officer at digital foreign exchange platform Ziglu said modern personal money apps were at the forefront of ensuring easy, safe, fast access to cryptocurrency.

“Wider adoption will grow the value of bitcoin even more, this is just the start,” Li said.

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