By Sabina Muradova
On Feb 22, 2021
Bitcoin smashed through $58,000 to hit a new record high on Sunday as the cryptocurrency’s massive rally continues. The world’s biggest cryptocurrency set a record price of $58,330 on Feb 21, 2021, before settling back to $56,229, down 0.57% over the last 24 hours.
Popular cryptocurrency is on the rise. Bitcoin continues to be the digital currency with the highest market volume, with a 1.04 trillion dollar market cap. Less than two months into 2021, BTC has marked a better-than 300% gain over the previous 12 months. Some attribute this rise to investor demand as a hedge against inflation spikes that could follow government spending in the US and all around the world to support pandemic devastated economies. So, profiting from the international crisis, Bitcoin adds value to its value.
Max Keizer, a Bitcoin bull and longtime market analyst, has announced a price prediction for the leading cryptocurrency. He said that hyperinflation for fiat currencies would send crypto-assets parabolic.
“The reason why Bitcoin is skyrocketing is because there’s hyperinflation in America. And the US dollar is in a hyperinflationary collapse against Bitcoin. And the solution, as we’ve been describing by these policymakers, will always be to print more money.”
In response to the Fed’s monetary solution of printing more money, Keiser claimed that Bitcoin was on a “one-way trip higher.”
The leading cryptocurrency is running fast as Tesla has invested more than $ 1.5 billion, and MicroStrategy raised over $ 1 billion through bonds to buy more. Keiser predicted that, following Musk’s lead, other CEOs in the S&P 500 would also invest in Bitcoin as a hedge against the fiat currency.
Disclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.
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