The price of Bitcoin has topped US$29,000 for the first time, with the digital currency almost quadrupling in value during 2020 amid heightened interest from investors big and small alike.
The world's most popular cryptocurrency touched US$29,300 before pulling back on Thursday in the US, most recently down 0.67 percent at US$28,774.36. It has surged by nearly half since breaking US$20,000 for the first time on December 16.
Bitcoin's potential for quick gains, as well as expectations it could become a mainstream payment method, has attracted demand from larger US investors, as well as from traders who normally stick to equities.
"You can buy a stock like Amazon, you can buy a stock like Apple, and you know what you got," said Dennis Dick, a proprietary trader at Bright Trading LLC.
"Bitcoin you really just have digits on a screen and you're really hoping that the guy behind you sees it as being worth more than what you just paid for it, so it's a purely speculative view," he said.
