London Daily

Focus on the big picture.
Friday, May 30, 2025

Bitcoin surges above $15,000 and is closing in on record

Bitcoin surges above $15,000 and is closing in on record

Bitcoin soared more than 7% Thursday and was trading above $15,000 — its highest level in nearly three years — as mainstream interest in the cryptocurrency builds and the US dollar weakens.

The value of one bitcoin has more than doubled in 2020. The gains have been particularly dramatic in the past few weeks, with bitcoin rising 40% since early October.

If bitcoin continues to surge, it may not be long before the cryptocurrency finally tops the all-time high of just under $20,000, reached in December 2017.

In addition to the dollar weakening, bitcoin has benefited from more mainstream companies like PayPal (PYPL)and Square (SQ) embracing cryptocurrencies as a viable payments options and investments.

"Nothing is stopping it from going to the 2017 high," said Bill Noble, chief technical analyst with research firm Token Metrics, in an email to CNN Business.

"Everybody is afraid to miss out, and that drives the price."

Lingering uncertainty about the outcome of the presidential election may also be fueling the recent bitcoin spike, Noble added. Investors may be fleeing the dollar and buying bitcoin.

The US Dollar Index, which tracks the greenback versus the euro, yen and several other major currencies, is down about 1.5% so far this week.

Inflation hedge and beneficiary of weaker dollar


Bitcoin, along with gold, may remain momentum bets for investors looking to take advantage of continued dollar weakness. Gold prices, which hit a record high above $2,000 an ounce earlier this year, are up about 30% in 2020.

"The bitcoin and gold rally has been happening all year along with dollar weakness. It's a longer-term trend," said Jeff Mortimer, director of investment strategy for BNY Mellon Wealth Management, in an interview.

With all this in mind, Alex Mashinsky, CEO of cryptocurrency lending firm Celsius Network, is even more bullish on bitcoin.

"Not only is $15,000 going to happen, but I stand by my predictions from the beginning of the year that [bitcoin] will see all new highs before 2021," Mashinsky said in an e-mail.

The rise in bitcoin this year is all the more remarkable when you consider that prices plunged below $5,000 in mid-March during the height of Covid-19 pandemic worries in mid-March.

"Bitcoin comes out stronger after each challenge," said Michael Sonnenshein, managing director of Grayscale Investments, a digital currency asset management firm. "People are looking at bitcoin as a store of value and inflation hedge."

Coronavirus is only making bitcoin even more popular as an investment option.

According to a survey of 1,000 US consumers during the summer by a market research firm on behalf of Grayscale, nearly 40% said that the Covid-19 crisis made bitcoin more appealing as an investment.

Sonnenshein said the realization that bitcoin is probably better as an investment than as an actual form of payment is key to its continued success.

"There used to be a prevalent narrative that because bitcoin is not something you'd go to the store to buy a latte with, it's failed. That's no longer the case," Sonnenshein said.

Newsletter

Related Articles

0:00
0:00
Close
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
Italy Faces Population Decline Amid Youth Emigration
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Trump Accuses China of Violating Trade Agreement
Gerry Adams Wins Libel Case Against BBC
Russia Accuses Serbia of Supplying Arms to Ukraine
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
Chinese Woman Dies After Being Forced to Visit Bank Despite Critical Illness
President Trump Grants Full Pardons to Reality TV Stars Todd and Julie Chrisley
Texas Enacts App Store Accountability Act Mandating Age Verification
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Vatican Calls for Sustainable Tourism in 2025 Message
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Trump Threatens 25% Tariff on iPhones Amid Dispute with Apple CEO
Putin's Helicopter Reportedly Targeted by Ukrainian Drones
Liverpool Car Ramming Incident Leaves Multiple Injured
Australia Faces Immigration Debate Following Labor Party Victory
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
Macron Dismisses Viral Video of Wife's Gesture as Playful Banter
Cleveland Clinic Study Questions Effectiveness of Recent Flu Vaccine
Netanyahu Accuses Starmer of Siding with Hamas
Junior Doctors Threaten Strike Over 4% Pay Offer
Labour MPs Urge Chancellor to Tax Wealthy Over Cutting Welfare
Publication of UK Child Poverty Strategy Delayed Until Autumn
France Detains UK Fishing Vessel Amid Post-Brexit Tensions
Calls Grow to Resume Syrian Asylum Claims in UK
Nigel Farage Pledges to Reinstate Winter Fuel Payments
Boris and Carrie Johnson Welcome Daughter Poppy
×