Jan 2, 2021 - Economy

Bitcoin tops $30,000 for first time

Jacob Knutson

A person holding a physical imitation of a Bitcoinin Istanbul in December 2020. — A physical imitation of a Bitcoin in Istanbul in December 2020. Photo: Ozan Kose/AFP via Getty Images

Bitcoin, the world's largest cryptocurrency, continued to rally into the new year by surpassing $30,000 for the first time on Saturday, according to Bloomberg.

Why it matters: The new milestone comes just after the currency breached $20,000 for the first time in December — a massive rebound from its severe crash in March at the start of the coronavirus pandemic.

Flashback: The value of a Bitcoin broke $15,000 in November after the Justice Department seized about $1 billion worth of the cryptocurrency from an online criminal marketplace.

What they're saying: Bitcoin could reach $50,000 as soon as the first half of 2021, according to Antoni Trenchev, managing partner and co-founder of Nexo, which claims to be the world’s biggest crypto lender.

Scott Minerd, chief investment officer of Guggenheim Investments, told Bloomberg in a Dec. 16 interview that Bitcoin could reach $400,000.

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Bitcoin tops $30,000 for first time

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