Bitcoin soars to a new record above $34,000 over the weekend

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sam.brilleman
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Bitcoin has been flirting with the $30,000 mark for weeks, and finally passed that record-setting level Saturday. The virtual currency is now valued at above $33,000, an all-time high.

Bitcoin has tripled in value during 2020, growing steadily even as the stock market plunged in the early days of the pandemic. Investors have been drawn to it, as well as other cryptocurrencies, as the US dollar has weakened.

With the Federal Reserve expected to leave interest rates near zero for several more years, bitcoin may continue to win new fans.

Well-known names are adding to bitcoin's mainstream appeal. Rick Rieder, the chief investment officer of fixed income BlackRock, has said the digital currency could replace gold. Payment giant PayPal has embraced bitcoin, after showing reluctance to do so.

This isn't bitcoin's first price spike. It had a strong run in 2017 and hit a then-record high of more than $20,000. But its price plummeted to just over $3,000 by early 2019 as China continued its crackdown on cryptocurrency businesses. It then rebounded to $8,000 in May 2019. It soared past $20,000 in December, climbing rapidly in the past month.

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