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IRRESISTABLE INVESTMENT

NBC says IRRESISTABLE INVESTMENT and different from the 2017 bubble

>The value of one bitcoin hit $20,000 on Wednesday, after a two-month climb that saw the cryptocurrency’s value double, marking the first — some say second — time in history it has reached the all-time high.

>Bitcoin trades on different exchanges, which creates confusion as to whether this is the first or second time it has reached $20,000. But while crypto enthusiasts may differ on the all-time high, they agree that the digital token's record run shows bitcoin has legitimacy.

“The fundamentals are the same as in 2017, but the opportunities for making bitcoin more expressive are far greater than the last big bull run that got it to $20,000,” said Matt Luongo, CEO of Thesis, a crypto venture builder that focuses on products that “bring utility” to bitcoin, such as Fold, a Visa credit card that lets holders earn rewards in bitcoin.

>The last time bitcoin mania was at its peak was in December 2017 when the cryptocurrency hit $20,000. In the following months, bitcoin had wild swings, with the value dropping as low as $5,500. Janet Yellen, who was chair of the Federal Reserve at the time and who is now President-elect Joe Biden's pick for treasury secretary — warned then that the cryptocurrency was a “highly speculative asset” and not a “stable store of value.”

>This time, experts say a better market understanding of bitcoin, more mainstream adoption and a desire to use cryptocurrency as an inflation hedge make this bull run different than the 2017 bubble.