Bitcoin Extends Record-Setting Rally, Surpassing $21,800

Bitcoin extended a record-breaking rally, taking the world’s largest cryptocurrency past $21,800 for the first time.

The digital coin rose as much as 3.1% to about $21,872 before paring some of the gains, according to a composite of prices compiled by Bloomberg. It was at $21,682 as of 10:22 a.m. in Tokyo on Thursday.

Bitcoin has more than tripled this year, a surge that’s polarized opinion. While proponents argue it’s muscling in on gold as a portfolio diversifier amid dollar weakness, critics see speculative fervor that will inevitably lead to a bust.

©2020 Bloomberg L.P.

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