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Why has Bitcoin's value doubled in 2020

 

Bitcoin achieved a record rise during 2020, as it jumped to a new high by more than $ 28,500, and the cryptocurrency gained more than 5% to reach $ 27,835, which is an increase of 47% since the beginning of December, and is on its way to achieve the largest monthly gains Her since May 2019.

Bitcoin's value has nearly quadrupled this year as interest from institutional investors has grown, and this is due to the drop in the US dollar, as Bitcoin has become a more attractive investment amid concerns that the massive government stimulus packages caused by the coronavirus pandemic are fueling inflation.

The US currency is under pressure as investors move to more risky assets, and betting on a strong economic recovery next year with the introduction of Coronavirus vaccines, and Bitcoin has also been boosted by expectations that it will become the most popular payment method, and PayPal launched a cryptocurrency trading service through its platform.

Bitcoin is described as an alternative to gold, it is the traditional investment as a safe haven, and gold fell after it reached a record level of more than $ 2000 an ounce in August, and now settled at $ 1879 an ounce. Some analysts expect Bitcoin to compete with gold for dominance next year

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