The cryptocurrency hit a nearly three-year high on Friday, as investors continued to acquire the virtual currency with the expectation that it could surpass its all-time high of just under $ 20,000.

Bitcoin rose to a nearly three-year high this Friday, as investors continued to acquire the virtual currency with the expectation that it could surpass its all-time high of just under $ 20,000. Bitcoin rose in the session to $ 18,766.79, the highest value since December 2017, and was trading up 4.9% at $ 18,696. It accumulates an advance of 17% so far this week, the highest weekly increase since June 2019, and has already increased more than 160% so far this year.

"Today Bitcoin reached a point where institutional investors, banks, and family offices are legitimately pondering its inclusion as a defense against currency devaluation," said Alex Mashinsky, CEO of the Celsius Network, a lending platform. cryptocurrency. He added that in 2017 the bitcoin rally was led by retail investors who were the early adopters.

"Because the big players like LINE Corp and PayPal are involved in this round, we can expect more stability than the bubble of 2017. This is no longer a gold rush," he remarked.

Bitcoin now has a functioning derivatives market and custodial services for established financial institutions. Large companies such as Fidelity Investments and Japan's Nomura Holdings Inc have begun to protect Bitcoins and other cryptocurrencies for institutional investors.

Other major cryptocurrencies, including Ethereum and XRP, which often move in tandem with Bitcoin, rose 7.2% to $ 505.2 and 3% to 31 cents, respectively.