Bitcoin's future 'looking positive' as value reaches all-time high

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Kraken Managing Director Australia Jonathon Miller says Bitcoin’s popularity and value will continue as it has been “recognised as an asset” by governments and hedge funds.

Bitcoin has quadrupled in value in 2020 with a 47 per cent increase since the start of December, something that Mr Miller said is because it is scarce.

“Bitcoin is a scarce asset, it’s recognised as an asset by governments worldwide including by the Australian Taxation Office,” he told Sky News.

Bitcoin is also attaching itself to renewable energy as a means to power the software and attracting an older demographic of investors such as hedge fund who hold “a longer-term view as to what they’re using this asset for”.

“It’s looking positive for the future of Bitcoin with renewables.”
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