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Bitcoin reaches an all-time high

Bitcoin has hit an all-time high.

The much-discussed cryptocurrency has seen a significant spike in interest from investors amid claims it is set to become a mainstream payment method.

Reflecting on the recent trends, Russ Mould, the investment director of UK investment platform AJ Bell, said: "Some will argue that there is more to come from both gold and bitcoin, especially if governments keep piling up debts and central banks do their best to fund that borrowing through the backdoor with quantitative easing, zero interest rates and bond yield manipulation, thanks to the scarcity value relative to cash.

"Others will argue neither gold nor bitcoin have intrinsic value, as they do not generate cash."

Bitcoin has actually quadrupled in value during 2020 and its started the new year in a strong fashion, too.

Paolo Ardoino, the CTO of Bitfinex, is predicting a bright future for the cryptocurrency, which has seen its value rise amid the coronavirus pandemic.

Paolo told the Guardian newspaper: "The number keeps going up as the market has seemingly never been more bullish. We see a very bright future ahead for all bitcoin holders."

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