Bitcoin Continues to Surge; Is $12K Coming Soon?

Is bitcoin on the verge of striking the $12,000 mark?

Bitcoin Is on a Serious Roll

It sure looks that way considering how high bitcoin has been moving over the past two weeks. Initially crossing the $10K mark and breaking that psychological barrier, the currency then rose past $11K, a step many people didn’t expect the digital coin to take. Now, at the time of writing, bitcoin is continuing its present ascension and is trading for $11,353, the highest it’s been in roughly one year.

The previous few months haven’t always been kind to the world’s number one cryptocurrency by market cap. For one thing, the asset dropped into the high $3,000 range in mid-March after the coronavirus pandemic really began to ravage global economies. From there, the asset eventually recovered, even jumping into the $9,000 range in early May.

It did manage to briefly strike the $10K line, though this didn’t last, and bitcoin continued to hover throughout the $9,000 range for the next two-and-a-half months. During that time, it again struck $10K, though this jump lasted mere hours, and many were concerned that bitcoin had potentially reached its peak and wouldn’t hit any higher points before the year was out.

They were wrong. The asset has added roughly $2,000 to its price over the past two weeks following news of additional stimulus money and banks being given the greenlight when it comes to offering crypto custody services to their customers.

Are New Taxes in BTC’s Future?

In addition, bitcoin has been moving in tandem with gold, hence bringing the term “digital gold” to prominence. The precious metal has hit a new high this week and is now on the verge of striking $2,000 per ounce. This can likely be attributed to people viewing such assets in a different light given the harsh conditions brought on by the onslaught of new COVID-19 cases. Nick Cowan, CEO of the Global Stock Exchange (GSE) Group, explained in a statement:

The COVID-19 pandemic has led to government intervention globally. In the medium term, this will no doubt result in tax rises and possible assets being charged. Therefore, there is interest in assets that offer transferability without being taxed i.e. art, cars, gold, wine, and BTC are all becoming of interest, a trend I expect to continue… I see BTC the same way as I see gold. It’s an alternative, but you can’t use it in shops. Digital fiat is the future.

While his words ring true for several bitcoin and crypto fans everywhere, bitcoin can never be considered legitimate or mainstream until it is accepted as a form of payment for goods and services in shops and retail outlets everywhere. While platforms like Bakkt have worked to make this happen, their efforts have proved fruitless, and bitcoin is still primarily used for speculative purposes.

 

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