Bitcoin Broke Record Again By Crossing The $40,000 Mark

For the first time ever, Bitcoin jumped crossed the $40,000 mark, doubling its previous record-breaking value of $20,000 back in December, according to ratings on CoinDesk. The exact amount was $40,324.01 at about 1:14 PM (EST time), but it then dropped back to $38,000 around an hour later.

This shocking increase came just days after a previous record-breaking growth of the cryptocurrency to over $34,800 on Sunday, which was the 12th anniversary of Bitcoin’s creation.

In mid-December last year, the cryptocurrency surpassed its previous record of $20,000, showing its increasing popularity with institutional supports and investors, who believe Bitcoin will replace gold as the standard of value.

According to analysts at JP Morgan investment bank, the cryptocurrency might go as high as $146,000 if it becomes a truly viable alternative to gold. They added that the cryptocurrency started to become an option for investors with an interest in hedging against inflation but didn’t like the depreciating value of the US dollar.

As of now, there are over 18 million bitcoins existing, which are created by miners that offer computational power to generate blockchain. The maximum number of coins for the blockchain system is 21 million. Skeptics of the cryptocurrency have warned about the crypto boom, saying that it doesn’t have inherent value. However, Chief Marketing Analyst from AvaTrade Naeem Aslam said the growth of Bitcoin is proving critics wrong, saying:

“A major price level has been hit and bitcoin has proved that this is not the asset class you want to mess around with. It has proved itself to all disbelievers today.”

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