Bitcoin crossed the $ 60,000 mark (€ 50 195) for the first time in its history Saturday with analysts linking cryptocurrency’s rapid rise to a level to bypass the U.S. stimulus plan.
According to specialist site CoinMarketCap, the cryptocurrency rose above $ 60,000 on Saturday and continued to move around that threshold in the afternoon.
Bitcoin just passed the $ 50,000 (€ 41,829) threshold last month and has tripled in value over the past three months.
It was worth around $ 20,000 (€ 16,731) in mid-December.
Neil Wilson of Markets.com said Bitcoin rose among the $ 1.9 trillion (€ 1.58 trillion) stimulus plan passed by the Biden administration on Thursday.
Americans should receive $ 1,400 (€ 1,171) checks and transfers per person this weekend.
“The American incentive studies will allow small investors to invest part of their money in Bitcoin,” said Naeem Aslam, an analyst at AvaTrade, who says he expects the trend to continue “because buying Bitcoins is just much easier now. “
The exponential growth of cryptocurrency worries some market watchers, however, who say it could fuel a sharp correction or a bubble burst.
But others believe the situation is quite different from 2017, when prices climbed with more momentum even before falling in early 2018.
In addition to investment funds and companies like the American automaker Tesla, which invested $ 1.5 billion (€ 1.25 billion) in cryptocurrency, many individuals are buying chunks of bitcoin.