Bitcoin rose as much as 7% on Wednesday to set a new record high of $20,787 as the digital coin continues to catch the eye of Wall Street firms. Bitcoin has almost tripled this year and analysts project more upsides to a new level of about $30,000.
- Bitcoin’s surge above $20,000 is its second major milestone in recent weeks as the digital coin at the end of November reached a new high three years after setting a prior peak
- Bitcoin is surging amid a growing narrative that it could act as a store of wealth during inflationary pressures
- The recent rally follows a March crash when Bitcoin lost 25% during the early days of the pandemic
- More investors are gearing up for uptake of Bitcoin with Guggenheim Partners LLC recently saying it might invest up to 10% of its $5.3 billion Macro Opportunities Fund in a Bitcoin trust.
Bitcoin is currently gaining. BTCUSD is up 6.37%
