Money2020 bitcoin price

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11,000: What the heck is going on? Forget the Dow’s big rally or booming tech stocks, there’s a much wilder investment story happening. So how does the virtual digital currency work — and what’s behind its meteoric rise? 2009 by an unknown person using the pseudonym Satoshi Nakamoto. Many of its backers saw it as a simple global payment system for anyone to use. Japanese yen, digital currencies such as bitcoin aren’t issued by central banks like the Federal Reserve. Instead, they are “mined” by computers using complex algorithms.

Payments in bitcoin can be made without traditional middlemen such as banks and without the need to give your name. That made bitcoin popular with criminals and others who wanted to move money anonymously. But its price has taken off this year as mainstream investors have become interested. Investors have been buying as they fear “they’re missing the party” or “losing out on a quick profit,” said Stephen Innes, head of Asia trading at online broker Oanda. Intense media coverage” in recent months has also convinced more investors to pile in, he added.