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Article: Bitcoin rises above US$20,000 for first time after sustained rally

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5 / 10

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Bitcoin reached a new milestone, trading above $20,000 for the first time and setting a record high of $20,398.50 before a slight pullback. Its value has surged dramatically since March, partly driven by PayPal's announcement to enable cryptocurrency use for its users.

The article also notes that central banks are responding to the rise of cryptocurrencies and declining cash use by developing their own digital currencies. Examples include the central banks of China, Sweden, and the U.S. Federal Reserve, which are testing digital applications in part due to initiatives like Facebook's proposed Libra currency.

Main topics: Bitcoin's price milestone and rally; influence of corporate adoption (PayPal); central bank digital currency initiatives in response to cryptocurrencies.

Original URL

https://www.scmp.com/business/commodities/article/3114244/bitcoin-rises-above-us20000-first-time-after-sustained-rally?utm_source=rss_feed

Source Feed

Innovation - South China Morning Post

Published Date

2020-12-16 15:11

Fetched Date

2026-03-04 14:33

Processed Date

2026-03-04 15:07

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Present

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Bitcoin rises above US$20,000 for first time after sustained rally
- Just 12 years old, bitcoin reached a record-high of US$20,398.50 before pulling back to US$20,145 on Wednesday
- It has seen a meteoric rise since March, spurred by online payments giant PayPal saying it would enable account holders to use cryptocurrency
1-MIN READ1-MIN
Leading virtual currency bitcoin on Wednesday traded above US$20,000 for the first time following a sustained run higher in recent weeks.
Just 12 years old, bitcoin reached a record-high US$20,398.50 before pulling back to US$20,145, which was still an intraday gain of nearly 4 per cent.
It has seen a meteoric rise since March, when it stood at US$5,000, spurred by online payments giant PayPal saying it would enable account holders to use cryptocurrency.
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A number of central banks have meanwhile responded to the rise of cryptocurrencies and the dwindling global use of cash by announcing plans for bank-backed digital units.
Several central banks including those of China and Sweden – but also the US Federal Reserve – are also testing digital applications in response to Facebook’s recent moves to produce its own digital unit, Libra.
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