Connect with us

Hi, what are you looking for?

Bitcoin /FILE

Top Story

Bitcoin Passes $30,000 For The First Time

PARIS, France, Jan 3 – Bitcoin, the leading virtual currency, saw its price pass $30,000 on Saturday for the first time in just its latest record high.

The first decentralised cryptocurrency surpassed $30,823.30 at 1313 GMT, according to data compiled by the Bloomberg news agency, having broken $20,000 on December 16.

Analyst Timo Emden noted that “the appetite for risk”, which is reflected in buying of bitcoin, “remains unshakeable”.

“More historic highs could follow,” the Germany-based analyst added.

Just 12 years old, bitcoin has seen a meteoric rise since March, when it stood at $5,000, spurred by online payments giant PayPal saying it would enable account holders to use cryptocurrency.

After PayPal’s announcement in October, analysts at investment banking giant JPMorgan Chase compared the cryptocurrency to gold.

“Bitcoin could compete more intensely with gold as an ‘alternative’ currency over the coming years given that millennials will become over time a more important component of investors’ universe,” they said.

A number of central banks have meanwhile responded to the rise of cryptocurrencies and the dwindling global use of cash by announcing plans for bank-backed digital units.

Several central banks including those of China and Sweden — but also the US Federal Reserve — are also testing digital applications in response to Facebook’s recent moves to produce its own digital unit, Libra.

Advertisement. Scroll to continue reading.

Unregulated by any central bank, bitcoin emerged as an attractive option for investors with an appetite for the exotic — although criminals have also picked up on its under-the-radar appeal.

Debate has meanwhile raged over the status of the digital asset, launched in late 2008, as to whether it should be seen as a form of money, an asset or a commodity.

After the unit surpassed $1,000 for the first time in 2013, it increasingly began to attract the attention of financial institutions and has experienced wild price swings.



More on Capital Business


MUMBAI, India, Dec 5 – Kenya is committed to strengthening its bilateral ties with India. President William Ruto said Kenya and India share historical...


BRUSSELS, Dec. 5 (Xinhua) — The European Commission on Tuesday disclosed its endorsement of up to 1.2 billion euros (1.3 billion U.S. dollars) in...


DUBAI, UAE, Dec 5 – African and global institutions, together with the governments of Germany, France, and Japan and philanthropies, have pledged over $175...

Real Estate

NAIROBI, Kenya, Dec 5 – Tatu City has been identified as a model for environmental, social, and governance (ESG) by the United Nations Conference...


NAIROBI, Kenya, Dec 5 – The MasterCard Foundation Africa Growth Fund (the Fund) has expanded its investment portfolio with three new investment vehicles (IVs)....


SUVA, Dec. 5 (Xinhua) — The Fijian government plans to develop 266 acres of land to pilot an affordable and climate-resilient housing project in...


NAIROBI, Kenya, Dec 5 – The Central Bank of Kenya (CBK) has warned Kenyans that Momentum Credit Company Limited (MCL) is not a registered...


MOMBASA, Kenya, Dec 5 – The County Government of Mombasa, together with Bloomberg Philanthropies, an Initiative for Global Road Safety (BIGRS), has launched the...