The price of the cryptocurrency bitcoin touched its highest level since January 2018.
On Thursday (5/11/2020) local time, the price of bitcoin managed to reach 14,900 US dollars.
This strengthening was mainly supported by investor concerns over the uncertainty over the outcome of the US presidential election.
Since the presidential election, the world's largest cryptocurrency has gained more than 10 percent. In fact, Bitcoin had strengthened by 5.4 percent to 14,930 US dollars.
"Bitcoin is a winner in today's macroeconomic conditions," said Co-founder of Morgan Creek Digital Assets, Anthony Pompliano, quoted by Reuters, Friday (6/11/2020). In addition to concerns over the presidential election, the strengthening of Bitcoin is also driven by the hope of continuing to release central bank stimulus, which is projected to be able to boost the value of digital assets.
The Central Bank of England has added a budget of 150 billion pounds, or the equivalent of 195.2 billion US dollars, to buy digital assets.
Then, a similar signal was also conveyed by the US Central Bank, The Federal Reserve, which stated that it would take various steps to save the economy from Covid-19.
In recent weeks, bitcoin continues to experience strength, after one of the digital payment platforms, PayPal, announced plans to use digital coins as a payment option in the platform.
The announcement was welcomed by investors, who hoped that bitcoin and its competitors could become a legitimate payment option.