Bitcoin Crosses $40,000 Mark, Doubling in Less Than a Month

First it went through $20,000 (roughly Rs. 14.6 lakhs) . Then 10 days later, it broke through $25,000 (roughly Rs. 18.2 lakhs), and then, with barely taking a breath, it crossed $30,000 (roughly Rs. 21.9 lakhs). Now only a few days into 2021, the price of bitcoin has crossed $40,000 (roughly Rs. 29.2 lakhs).

Nothing's new with the digital currency in the month since it crossed $20,000 (roughly Rs. 14.6 lakhs) — there's been no major change in how it can be used. Although some investors are now using the notoriously volatile currency as a “store of value," which is traditionally a title saved for safe haven investments like gold and other precious metals.

“Will you be able to buy a cup of coffee with Bitcoin? Probably not with the current version of Bitcoin. It's largely become a store of value,” said Mike Venuto, a co-portfolio manager of the Amplify Transformational Data Sharing ETF, a $391 million (roughly Rs. 2,900 crores) exchanged-traded fund that focuses on blockchain technologies and companies that deal with cryptocurrencies.