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Thursday, May 6, 2021

Bitcoin Reached An All-Time High, But Investors Are Sceptical Yet

Bitcoin began the year with a solid rocky performance. But then, for the most couple of weeks, it has been rising, setting records, and surpassing milestones. The performance has several analysts baffled and staring. Yet, at the same time, the reaction is a bit polarized. It is not just the analysts; traders have also been dwindling. Stock markets have been growing as well, especially following Presidents Day. But several have said that this run is not a long run. 

Bitcoin hit a record high when it surpassed 51k dollars yesterday. At the time of writing, the price was 51,288 dollars. But the price also depends on the type of metrics one uses. This was the first time in its decade-long popularity the oldest cryptocurrency in the world has surpassed the rate. Obviously, several of its traders and some analysts started celebrating on the social networking application, Twitter. But critics also joined in on the fun or to ruin expectations as well. Some high-profile investors also tweeted that they would not buy bitcoin even when the prices are skyrocketing. 

Bitcoin’s Record High Divides Investors

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Gabriel Makhlouf, a member of the council that governs the European Central Bank, spoke on Bitcoin’s performance. He said that investing in BTC was as good as being a part of the tulip craze in the Netherlands in the 17th Century. It had resulted in many people going bankrupt personally. It also was the cause of a nationwide collapse. He said that he personally was not interested in it. But he admitted that he knew people who thought of it as a good idea. Gabriel is also one of the members of the central bank in Ireland. 

As per a survey by Gartner Finance, about 5% of all its institutional investors were up for purchasing Bitcoin this year. The rest of all execs were concerned and had no complete trust.

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