Bitcoin hit a new all-time high, breaking 822,000 baht last weekend, buoyed by demand from institutional investors keen on its potential for quick profit.
The volatile virtual currency has gained more than 230% this year amid stock market turmoil.
Cryptocurrency exchange Binance reported bitcoin’s price has already hit strong resistance at US$25,000 and hit a new high of $25,945.
Factors supporting the rally are purchases by institutional investors such as Grayscale, Square, MicroStrategy, MassMutual, SkyBridge and others, which are holding bitcoin as a reserve asset during the pandemic, said Jirayut Srupsrisopa, co-founder and chief executive of Bitkub Capital Group Holdings Co.
The reason institutional investors are selecting bitcoin is it was created with a total cap of $21 million, meaning supply is limited while demand continues to increase. As a result,…
