Bitcoin crushes doubters as 224% rally proves it's here to stay

The cryptocurrency rallied 224 per cent this year, bringing to mind the wild advances of 2017 as it soared to record highs

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Since Bitcoin’s market capitalization reached $1 billion in March 2013, there have been two cycles of spikes to record highs, followed by drawdowns of more than 80%.

Eddie van der Walt | Bloomberg

3 min read Last Updated : Dec 25 2020 | 9:22 AM IST

Bitcoin just won’t go away. The original cryptocurrency again had commentators eating their words in 2020 — yours truly included. It’s now time to accept it’s here to stay.

Like Monty Python’s Black Knight, Bitcoin believers treat near-fatal volatility as mere flesh wounds. Drops of 80 per cent are welcomed as fortuitous buying opportunities. But far from being a weakness, this is evidence of the asset class’ longevity. The cryptocurrency rallied 224 per cent this year, bringing to mind the wild advances of 2017 as it soared to record highs.

While the supply side of the schedule is algorithmically defined, I was

Topics : Bitcoin cryptocurrency Markets

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