Bitcoin valuation surged by $3,000 to touch $61,065 in three hours; over predication that BTC may rally to $4,00,000 in 2021
Bitcoin valuation surged by $3,000 to touch $61,065 in three hours; over predication that BTC may rally to $4,00,000 in 2021
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A day after Paypal’s co-founder Peter Thiel called Bitcoin a Chinese financial weapon, the valuation of Bitcoin (BTC) soared by over USD 3,000 per Bitcoin. According to CoinDesk, the 24-hour high of the cryptocurrency was USD 61,065.22.

At 11.27 am IST, Bitcoin was traded at USD 60,775.84 per piece according to CoinDesk.

This spike can be attributed to Bloomberg’s report that stated the price of bitcoin could climb as high as USD 4,00,000 this year. From that month's average price, Bitcoin increased a little over 50 times to the peak in 2017. “Bitcoin on similar ground as the roughly 55x gain in 2013 and 15x in 2017. To reach price extremes akin to those years in 2021, the crypto would approach $4,00,000, based on the regression since 2011 high," stated Bloomberg report.

Despite being pro-crypto currency, Tiel stated he wonders whether at this point Bitcoin should also be thought of in part as a Chinese financial weapon against the US. He said this while speaking at a virtual event held for the members of the Richard Nixon Foundation.

Thiel, former CEO of PayPal and a member of the Facebook board, added cryptocurrency hurts fiat money.

The all-time high of the popular cryptocurrency is $61,712. Bitcoin has been able to maintain its $1 trillion market capitalisation.

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