[Reading level: C1 – Advanced]
The value of bitcoin, the world’s best known cryptocurrency, has reached an all-time high of more than $20,000.
The cryptocurrency rose by more than 6% on Wednesday to reach $20,632 (£15,283), extending a winning streak this year amid growing interest among big investment companies attracted to its potential for quick gains.
The price of bitcoin has surged by more than 400% this year from a low point of around $3,600 in March, when the coronavirus pandemic triggered a deep sell-off in financial markets around the world.
Analysts said that unlike in previous surges, a major price driver appeared to be more institutional investors buying into the cryptocurrency.
Nigel Green, the chief executive of deVere Group, a finance company which operates a bitcoin exchange, said: “They’re being attracted by the good returns that the digital asset class is currently offering but, more importantly, by the huge future potential it offers.
“As some of the world’s biggest institutions – among them multinational payment companies and Wall Street giants – pile ever more into crypto, bringing with them their enormous expertise and capital, this in turn swells consumer interest.”
The rally in bitcoin comes after a 2017 spike in the digital currency when it rose by more than 900% to come close to $20,000 by mid December, with global financial leaders and economists warning of a price bubble on a par with the Dutch tulip mania (*) of the 17th century. Bitcoin then crashed below $7,000 by early February 2018, but never wiped out to zero as forecast by some analysts at the time.
Investor interest has been growing in bitcoin as a potential way to safeguard against rising inflation. Expectations among City investors for higher rates of inflation have been growing in recent weeks, fuelled by the prospect of a stronger global economic recovery next year thanks to the Covid vaccine and stimulus measures from central banks and governments in advanced economies.
Ruffer, a UK-based investment management company with more than £20bn in assets under management, last month made a bet on bitcoin that is now worth around £550m, in one of the biggest signals of growing demand among traditional investment managers.
A spokesman said the move was to diversify Ruffer’s portfolios into gold and inflation-linked bonds. “[This] acts as a hedge to some of the risks that we see in a fragile monetary system and distorted financial markets.”
Ayush Ansal, the chief investment officer of Crimson Black Capital, a hedge fund, said that public interest in bitcoin would be renewed over Christmas. “After being in a wasteland since the infamous bull run of late 2017, crypto, and bitcoin in particular, are back.
“Bitcoin has been threatening the symbolic $20,000 barrier for some time and finally it has broken through.”
Source: https://www.theguardian.com/technology/2020/dec/16/bitcoin-price-hits-all-time-high-of-more-than-20000
WORD BANK:
cryptocurrency /ˈkrɪp.təʊˌkʌr.ən.si/ (n): tiền điện tử
streak /striːk/ (n): chuỗi
amid /əˈmɪd/ [C1] (pre): trong bối cảnh
surge /sɜːdʒ/ [C1] (v, n): tăng vọt
pandemic /pænˈdem.ɪk/ (n): đại dịch
trigger /ˈtrɪɡ.ər/ [C2] (v): gây ra
sell-off /ˈsel.ɒf/ (n): đợt bán tháo
price driver /praɪs ˈdraɪ.vər/ (n): động lực đẩy giá lên
institutional investors /ˌɪn.stɪˈtʃuː.ʃən.əl ɪnˈves.tərz/ (n): các nhà đầu tư mang tính tổ chức
return /rɪˈtɜːn/ (n): lợi nhuận
asset /ˈæs.et/ [C1] (n): tài sản
giant /ˈdʒaɪ.ənt/ [C2] (n): gã khổng lồ
expertise /ˌek.spɜːˈtiːz/ (n): chuyên môn
swell /swel/ [C2] (v): làm tăng thêm
rally /ˈræl.i/ (n): sự phục hồi
spike /spaɪk/ (v): tăng đột biến
price bubble /praɪs ˈbʌb.əl/ (n): bong bóng giá
on a par with sth /pɑːr/ (pre): giống với, tương tự, tương đương cái gì
crash /kræʃ/ [C1] (v, n): giảm mạnh
safeguard /ˈseɪf.ɡɑːd/ (v): bảo vệ
inflation /ɪnˈfleɪ.ʃən/ [B2] (n): lạm phát
fuel /ˈfjuː.əl/ (v): thúc đẩy
stimulus measure /ˈstɪm.jə.ləs ˈmeʒ.ər/ [C2] (n): biện pháp kích thích
made a bet on sth /bet/ (v): đặt cược vào cái gì
portfolio /ˌpɔːtˈfəʊ.li.əʊ/ (n): danh mục đầu tư
hedge /hedʒ/ (n): hàng rào bảo vệ
fragile /ˈfrædʒ.aɪl/ [C2] (adj): mỏng manh
distorted /dɪˈstɔː.tɪd/ (adj): bị bóp méo
hedge fund /ˈhedʒ ˌfʌnd/ (n): quỹ đầu tư mạo hiểm
infamous /ˈɪn.fə.məs/ (adj): khét tiếng
bull run /ˈbʊl rʌn/ (n): đợt tăng giá mạnh
ỦNG HỘ READ TO LEAD!
Chào bạn! Có thể bạn chưa biết, Read to Lead là một trang giáo dục phi lợi nhuận với mục đích góp phần phát triển cộng đồng người học tiếng Anh tại Việt Nam. Chúng tôi không yêu cầu người đọc phải trả bất kỳ chi phí nào để sử dụng các sản phẩm của mình để mọi người đều có cơ hội học tập tốt hơn. Tuy nhiên, nếu bạn có thể, chúng tôi mong nhận được sự hỗ trợ tài chính từ bạn để duy trì hoạt động của trang và phát triển các sản phẩm mới.
Bạn có thể ủng hộ chúng tôi qua 1 trong 2 cách dưới đây.
– Cách 1: Chuyển tiền qua tài khoản Momo.
Số điện thoại 0947.886.865 (Chủ tài khoản: Nguyễn Tiến Trung)
Nội dung chuyển tiền: Ủng hộ Read to Lead
hoặc
– Cách 2: Chuyển tiền qua tài khoản ngân hàng.
Ngân hàng VIB chi nhánh Hải Phòng
Số tài khoản: 012704060048394 (Chủ tài khoản: Nguyễn Tiến Trung)
Nội dung chuyển tiền: Ủng hộ Read to Lead
