The price of Bitcoin skyrocketed Wednesday morning, jumping from around $19,800 per digital token to as high as $20,696, according to data from CoinDesk. The surge, which unfolded in a matter of hours starting at 8 a.m. ET, marks new all-time high prices for the original cryptocurrency.
Because it has a fixed issuance rate and is substantially immune from governmental intervention, advocates have often touted Bitcoin as a hedge against social or economic instability. Specifically, Bitcoin has been a magnet for critics of the expansionary monetary policies central banks often deploy to combat economic stagnation.
