Bitcoin Passes $20,000 For The First Time Ever

Bitcoin has finally hit and passed the $20,000 mark for the first time.

This according to crypto promoters is due to increased demand from institutional investors for the world’s most valuable cryptocurrency.

Bitcoin traded 4% higher to a price of around $20,327, according to market data from Coin Metrics, taking its year-to-date gains to more than 180%.

Forbes says that Bitcoin’s surge over $20,000 comes after a Reuters report claiming fund manager Ruffer Investment Management has moved around $675 million of its clients’ money into bitcoin. 

Earlier reports had suggested the London-based firm, which manages around $27 billion worth of assets, had allocated a far smaller sum to bitcoin.