Bitcoin Tops $40,000 as Investors Seek Hedge Against Inflation

Bitcoin has surged above the $40,000 (£29,500) mark for the first time in its history after doubling its value in less than a month.

The record comes just days after the cryptocurrency hit an all-time high of more than $34,800 on Sunday, which was also the 12th anniversary of the bitcoin network being created. Bitcoin first breached the $20,000 mark in mid-December.

The asset has become increasingly popular with mainstream institutional investor, and supporters argue that it is starting to supplant gold as a store of value.

Analysts at the US investment bank JP Morgan said this week that bitcoin could eventually hit $146,000 if it bolsters its reputation as an alternative to the precious metal. They said the cryptocurrency was also becoming an option for investors who were looking to hedge against inflation, but were turned off by the depreciating US dollar. Read more…..


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