(WKOW) — The cryptocurrency Bitcoin sets a new, all-time high of $19,920.53.
Its year-to-date rise is 170%.
Bitcoin is a decentralized digital currency, meaning there’s no central bank.
The rise largely happened because the pandemic has investors concerned with government currency.
“The pandemic has really pushed everybody into a digital existence,” said Steve Noll, a Madison College professor.
Some financial analysts think the value could jump to $50,000 sometime next year, but it’s a gamble.
“The future of bitcoin, it’s hard to say,” said Noll. “That’s the thing about cryptocurrency. It’s kind of like playing the stock market. You don’t know if it’s going to go up or down.”
As bitcoin is getting bigger, more companies are accepting it as legitimate. More countries are starting to recognize it, and there’s growing pressure for the U.S. to do the same.