Bitcoin Surges Past $12,000 With Advocates Heralding New Era

• Following three months of ultra-low volatility, bitcoin shot up at from roughly $9,100 to over $11,000 in late July, before briefly spiking past $12,000 on Aug. 10th.

• In an environment of ultra-low rates, a number of analysts say Bitcoin — along with other assets such as gold – will act as an inflation hedge, should prices start to rise.

• Bitcoin’s advance past $12,000 makes it the best-performing asset classes this year. It’s gained about 70% since the end of December and is up more than 100% since mid-March when it briefly traded below $4,000.

• While bitcoin is now at a new 2020 high, it still has some way to go before it beats last year’s high of $13,800 and is 40% below the all-time high of just under $20,000 set in December 2017.