Bitcoin Heads for US$29,000 as rally surpasses 300%

Bitcoin is homing in on US$ 29,000 as the world’s largest cryptocurrency pushes its mind- numbing rally in 2020 past 300 per cent. The digital asset surged above US$29,700 as of 3 p.m. Wednesday to a record. In December alone, Bitcoin has surged almost 50 per cent. Bitcoin has now quadrupled in value this year amid the coronavirus pandemic, while the wider Bloomberg Galaxy

Crypto Index tracking the largest digital currencies is up about 270 per cent as rival coins such as Ether have also rallied. The latest price surge continues to divide opinion between those who view cryptocurrencies as a hedge against dollar weakness and inflation risk, and others who question Bitcoin’s validity as an asset class given its speculative nature and boom-and-bust cycles.