Bitcoin Price Edges Close To $30k After Proving Warren Buffett Wrong

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Bitcoin which is the biggest traded cryptocurrency globally registered a historic high by hitting the $29,000 mark and attained a market share of $540 billion this week. Bitcoin has currently established itself as of high worth compared to Berkshire Hathaway, a multinational holding company owned by Warren Buffett.

As per the current cryptocurrency data, the price of Bitcoin is surging at $29k, and experts predict the price to hit $30k by this year’s end. Bitcoin value surprised many investors as the most viable global cryptocurrency by gaining over 300 percent within 2020.

The world well-known investor and economist Warren Buffett, with over $85 billion as net worth termed Bitcoin as rat poison earlier in 2018 and argued on the economic importance of cryptocurrencies.

According to an interview with CNBC in 2018, Buffett stated that in case investors are purchasing unproductive assets for instance bitcoin, what they will rely on, is if the other trader will offer a better deal because they are eager the trader will join the venture.

Buffett is the head of Berkshire Hathaway company which has a market share of $539 billion. As per the recent bitcoin price surge, the digital asset recorded a higher market share of $540 billion overrunning the Buffett company.

Bitcoin excellent performance in 2020

The cryptocurrency sector had an excellent year. Bitcoin performed well in terms of market price and large scale adoption internationally throughout 2020. Corporate investors such as Wall Street joined the cryptocurrency market with substantial investments and drove the high demand for digital assets Bitcoin Prime.

According to Finance Magnates, Massmutual, which is among the top US insurance companies made a $100 million investment in Bitcoin. Moreover, several other investment companies joined the cryptocurrency race to make fair use of the high expanding demand for cryptocurrencies.

Still, some investors raise a concern about Bitcoin which has constantly confirmed to be the biggest traded cryptocurrency globally and registered a record high in 2020 since February 2018.

Mainstream adoption of Bitcoin

Large scale adoption of bitcoin in our daily transactions is on a gradual pace as only a small proportion of the global population have adopted it. However, 2020 was a turning point for most people since bitcoin outperformed most currencies in midst of economic turmoil. 

Well-known Fintech firms made an investment worth $50 million in bitcoin to Paypal giving consent for various users to trade bitcoin.

Indeed 2020 was a thrilling experience for bitcoin holders and other enthusiast investors analyzing the cryptocurrency market. Bitcoin was trading less than $5,000 when the pandemic hit the US in early March. For bitcoin traders, it was a money-making venture while for those on the bench, it was an amusing market show. However, despite bitcoin fluctuating in price, the digital asset has maintained an uptrend throughout the year.

As we head to 2021, more mainstream adoption of bitcoin will likely be witnessed. For instance, some of the financial institutions in Europe or the US may establish a system that facilitates the buying and selling of cryptocurrencies or also store bitcoin on behalf of their users.