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Bitcoin logo in Berlin-Kreuzberg
Photo: Jens Kalaene / dpa
Many swan songs for the digital currency Bitcoin have already been tuned - and yet the price soars again and again to remarkable heights.
While the share prices of the major German corporations represented in the Dax stock market index are currently coming under pressure again due to the corona pandemic, the price gains of Bitcoin continue.
The cryptocurrency is now worth as much again as it was more than two years ago.
On Wednesday, the oldest and best-known digital currency rose to its highest level since January 2018. A high of 13,864 US dollars was reached on the Bitstamp trading platform in the middle of the week.
Bitcoin gained almost 30 percent in value in October alone.
Other digital currencies such as ether have also benefited from the recent price increase.
PayPal fuels Bitcoin boom
The latest price jump was triggered by the payment service provider PayPal's announcement about a week ago that it would allow its customers to use crypto currencies such as Bitcoin.
Investors hope the move to commercialize digital currencies will give a boost.
The news follows other well-received news like the establishment of a Bitcoin fund by major investment firm Fidelity this summer.
The topic of cryptocurrencies is also getting a boost from the fact that more and more central banks are thinking about their own digital currencies.
However, the effect of such efforts on existing digital currencies is not clear.
It is true that these are given a boost in awareness through considerations such as the European Central Bank (ECB) to create a digital euro.
However, central banks are critical of existing crypto currencies such as Bitcoin or Ether.
Despite the seemingly lucrative recent development: Many experts warn against viewing Bitcoin as a solid investment.
In the past, phases of strong price gains alternated with drastic losses.
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beb / dpa
