Cryptocurrencies have made headlines in the UK and The Independent is reporting on it Bitcoin’s recent annual spikes are over $ 12,000.
A report dated Aug. 18 shows the traditional news site with more than 24 million subscribers covering Bitcoin’s uptrend amid the pandemic in cryptocurrency markets.
“The latest gains mean the price of Bitcoin has nearly tripled since March, despite a global economic slowdown caused by the coronavirus pandemic.” the article said.
“Other cryptocurrencies mirror the fate of Bitcoin. Ether (Ethereum) rose from just over $ 100 in March to its current price of $ 430.”
The Independent compared Bitcoin to gold as the safe haven investors turn to in “times of economic uncertainty”. The news agency also cited business intelligence firm MicroStrategy, which bought $ 250 million in BTC to use as its primary reserve asset.
Cryptocurrencies are becoming mainstream
The price of Bitcoin rose significantly in 2020 as central banks took many unconventional measures to lessen the economic impact of the pandemic. This has led some companies and numbers to rethink cryptocurrencies as a legitimate store of value.
In the UK, Mike Novogratz’s Galaxy Digital printed a full-page cryptocurrency ad in the Financial Times, the international business newspaper, on August 14, urging readers to “invest in bitcoin” during these “uncertain times”. Richard Heart’s controversial HEX token also contains advertisements inserted on London public transport, in newspapers and during football matches.
Grayscale Investments launched a 30-second ad on cable TV channels for business and finance starting Aug. 10, which received negative reactions from many viewers on social media.