Key Ideas

• The price of bitcoin has increased significantly, rising 10% to a new high of $27,800.
• This occurs at a time when some believe that digital currency could serve as a protection against a global banking crisis.
• Even further, co-founder and former CEO of BitMEX Arthur Hayes predicted that Bitcoin might eventually reach $1 million.

With a 10% increase to a new high of $27,800, bitcoin has continued its impressive rise. This comes as some see digital currency as a possible safeguard against a global banking crisis.

By increasing by 10% to hit a new high of $27,800, Bitcoin has continued its impressive rise. This is at a time when some believe that digital currency could protect investors from a global banking crisis.

The price of Bitcoin has increased by 10% in a single day, by 36.10% over the last week, and by 65.68% over the entire year, according to TradingView data.

The co-founder and CEO of Binance, “CZ,” pointed out that in the previous week, there had been little criticism of Bitcoin’s usefulness as a store of value, indicating that the cryptocurrency is doing well.

While Messari Co-Founder and CEO Ryan Selkis thinks the price could reach $100,000 in the coming year, Gemini Co-Founder and CEO Tyler Winklevoss even suggested that BTC could reach $30,000 by the end of the weekend.

Even further, co-founder and former CEO of BitMEX Arthur Hayes predicted that BTC might eventually reach $1 million. However, some market analysts have expressed skepticism toward Hayes’ prediction.

A number of factors, including rising institutional adoption, rising investor interest from retail investors, and rising worries about inflation and global economic instability, have contributed to bitcoin’s recent surge. It has also benefited from ProShares’ recent launch of a Bitcoin ETF, which has seen unprecedented investor demand.

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Despite its recent gains, Bitcoin is still a risky investment due to its turbulent past. Some market analysts have expressed concern that the current cryptocurrency rally may be a bubble and that prices will soon crash. Many Bitcoin backers are still optimistic about the long-term prospects of the digital currency, citing its potential as a decentralized alternative to conventional fiat currencies.