Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      Naspers shifts to an AI-first strategy – and it’s paying off

      23 June 2025

      TechCentral Nexus S0E3: Behind Takealot’s revenue surge

      23 June 2025

      Letter: South Africa risks missing AI wave while world surges ahead

      23 June 2025

      Prosus profit surges 47% as e-commerce bet pays off

      23 June 2025

      Apple shifts its AI strategy

      23 June 2025
    • World

      Watch | Starship rocket explodes in setback to Musk’s Mars mission

      19 June 2025

      Trump Mobile dials into politics, profit and patriarchy

      17 June 2025

      Samsung plots health data hub to link users and doctors in real time

      17 June 2025

      Beijing’s chip champions blacklisted by Taiwan

      16 June 2025

      China is behind in AI chips – but for how much longer?

      13 June 2025
    • In-depth

      Meta bets $72-billion on AI – and investors love it

      17 June 2025

      MultiChoice may unbundle SuperSport from DStv

      12 June 2025

      Grok promised bias-free chat. Then came the edits

      2 June 2025

      Digital fortress: We go inside JB5, Teraco’s giant new AI-ready data centre

      30 May 2025

      Sam Altman and Jony Ive’s big bet to out-Apple Apple

      22 May 2025
    • TCS

      TCS+ | AfriGIS’s Helen Hulett on how tech can help resolve South Africa’s water crisis

      18 June 2025

      TechCentral Nexus S0E2: South Africa’s digital battlefield

      16 June 2025

      TechCentral Nexus S0E1: Starlink, BEE and a new leader at Vodacom

      8 June 2025

      TCS+ | The future of mobile money, with MTN’s Kagiso Mothibi

      6 June 2025

      TCS+ | AI is more than hype: Workday execs unpack real human impact

      4 June 2025
    • Opinion

      South Africa pioneered drone laws a decade ago – now it must catch up

      17 June 2025

      AI and the future of ICT distribution

      16 June 2025

      Singapore soared – why can’t we? Lessons South Africa refuses to learn

      13 June 2025

      Beyond the box: why IT distribution depends on real partnerships

      2 June 2025

      South Africa’s next crisis? Being offline in an AI-driven world

      2 June 2025
    • Company Hubs
      • Africa Data Centres
      • AfriGIS
      • Altron Digital Business
      • Altron Document Solutions
      • Altron Group
      • Arctic Wolf
      • AvertITD
      • Braintree
      • CallMiner
      • CambriLearn
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • Domains.co.za
      • ESET
      • Euphoria Telecom
      • Incredible Business
      • iONLINE
      • Iris Network Systems
      • LSD Open
      • NEC XON
      • Network Platforms
      • Next DLP
      • Ovations
      • Paracon
      • Paratus
      • Q-KON
      • SevenC
      • SkyWire
      • Solid8 Technologies
      • Telit Cinterion
      • Tenable
      • Vertiv
      • Videri Digital
      • Wipro
      • Workday
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud services
      • Contact centres and CX
      • Cryptocurrencies
      • Education and skills
      • Electronics and hardware
      • Energy and sustainability
      • Enterprise software
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Lifestyle
      • Motoring
      • Public sector
      • Retail and e-commerce
      • Science
      • SMEs and start-ups
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » Cryptocurrencies » Bitcoin punches through $20 000 for the first time

    Bitcoin punches through $20 000 for the first time

    By Editor16 December 2020
    Twitter LinkedIn Facebook WhatsApp Email Telegram Copy Link
    News Alerts
    WhatsApp

    Bitcoin smashed through US$20 000 for the first time on Wednesday, its highest ever, amid increased institutional and corporate interest.

    The cryptocurrency hit an all-time peak of $20 800 and was last up 6.4% at $20 675. It has gained more than 170% this year, buoyed by demand from larger investors attracted to its potential for quick gains, purported resistance to inflation and expectations it will become a mainstream payment method.

    Smaller coins ethereum and XRP, which often move in tandem with bitcoin, gained 5.4% and 8.1%, respectively.

    It would not be surprising to see other coins follow in BTC’s footsteps and for this upward trajectory to be sustained into 2021

    “Many of our clients have been expecting bitcoin to surpass its all-time high of $20 000 given the recent news from major institutional players like SGX and MassMutual openly endorsing bitcoin,” said Scott Freeman, co-founder & partner at trading firm JST Capital.

    “While this is a major milestone for this nascent asset class, as retail, institutional and blue-chip investors alike allocate more capital to this space, it would not be surprising to see other coins follow in BTC’s footsteps and for this upward trajectory to be sustained into 2021.”

    Bitcoin’s blistering rally has seen a massive flow of coin to North America from East Asia, fuelled by hunger for bitcoin among bigger and compliance-wary US investors.

    Safe haven

    British fund manager Ruffer Investment Management, which managed £20.3-billion in assets at end-November, made a bet on bitcoin now worth around £550-million, a spokesman for the company said.

    The rally in bitcoin, which some investors have seen as a potential safe haven, has coincided with spot gold’s drop in recent months.

    Some investors such as hedge funds and family offices have in the past been deterred by the opaque nature of the crypto market. Tightening oversight of the American crypto industry has helped soothe some of those concerns.

    After touching a record high just under $20 000 in late November, bitcoin stalled and even went below $17 000, stoking fears that it would be a repeat of the asset’s collapse in 2018.

    Glassnode, which provides insight on blockchain data, said long-term holders of bitcoin had been selling the virtual currency after it reached the November record peak. It noted, however, that this was overall a long-term bullish signal rooted in previous price trends.  — Reported by Thyagaraju Adinarayan and Gertrude Chavez-Dreyfuss, (c) 2020 Reuters



    Bitcoin top
    Subscribe to TechCentral Subscribe to TechCentral
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email Copy Link
    Previous ArticleSamsung, IBM in deal to combine private 5G with ‘edge computing’
    Next Article How South African companies need to prepare for the digital future

    Related Posts

    Bitcoin smashes R2-million mark in record-breaking rally

    22 May 2025

    Trump tariffs are now slamming crypto

    7 April 2025

    How stablecoins could unlock trade in South Africa

    1 April 2025
    Company News

    IoT connectivity management in South Africa – expert insights

    23 June 2025

    Let’s reimagine Joburg using the power of tech, data and AI

    23 June 2025

    Netstar doubles down on global markets while backing SA growth

    23 June 2025
    Opinion

    South Africa pioneered drone laws a decade ago – now it must catch up

    17 June 2025

    AI and the future of ICT distribution

    16 June 2025

    Singapore soared – why can’t we? Lessons South Africa refuses to learn

    13 June 2025

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2025 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.