CD Media

Bitcoin Rockets To Above $33,000 In Supply Squeeze

Bitcoin Rockets To Above $33,000 In Supply Squeeze
Screenshot Cryptocompare

The first cryptocurrency Bitcoin has rocketed to new highs, above $33,000 per coin, as a supply squeeze created by institutional investors entering the market continues.

With political turbulence prevalent worldwide, investors are looking for new stores of value. Many seem to believe Bitcoin will be one of these…possibly even a new reserve currency.

Cryptocurrency has the advantage of being of finite amounts and not subject to central banks printing money out of thin air and debasing the money supply, as has been going on in the West.

Many analysts believe China is behind the push to explode American debt by buying off politicians, and Wall Street, which has become addicted to irresponsible spending.

China has been rumored to be developing a cryptocurrency backed by gold.

Gold, the classic safe haven, is not performing as well as Bitcoin at the moment.

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