At the beginning of 2020, the prospects for Bitcoin (BTCUSD), and by extension cryptocurrency markets, did not look too bright. Both were fitfully attempting to shake off a prolonged price slump and a rise in crypto crime. Market liquidity remained low, and institutional investors were still shying away from cryptocurrencies.
Then the pandemic happened. Multiple rounds of unchecked stimulus spending by central banks shook Bitcoin from its price stupor and strengthened its economic proposition as a store of value. Its price coasted past the $20,000 record, set nearly three years ago during a booming economy, in early December and has skyrocketed by more than 200% since the beginning of this year.
Meanwhile, cryptocurrency markets have jumped to $760 billion, a hair’s breadth away from their $800 billion valuations in 2017, moving up significantly up from their $185 billion market cap at the start of this year. Read more…..
Chart of the Day
Today’s super-rich are putting record sums into tackling the world’s most pressing problems. But how altruistic is this golden age of charitable giving?