The price of Bitcoin has been growing rapidly in the last month of 2020. However, with Bitcoin breaking the mark of $32,000, the rally continues into 2021. As Yahoo Finance reports, Bitcoin’s price has grown by 296% from the beginning of 2020, as it started the year at a $7,200 mark and reached about $30,000.
According to the source, on January 2, 2021, Bitcoin hit $30,000 and later on the same day $32,000, the new all-time high. The source attributes the increased interest in the cryptocurrency as related to recent purchases by organizations and institutions.
Several large businesses already invested in the abovementioned cryptocurrency this year. For instance, a Canadian public company Cypherpunk increased its crypto assets to 276,479 BTC. In the same month, an American insurance provider MassMutual has purchased BTC worth $100 million. Such large investments did not go unnoticed, and it seems that smaller investors are also showing their interest in Bitcoin.
The way Bitcoin works is explained in the paper by a person or a group of people under the alias Satoshi Nakamoto which introduced the cryptocurrency to the world back in 2008. This paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” can be found on the coin’s website bitcoin.org.