Bitcoin’s Record-Setting Price ‘Inevitable,’ Analyst Says

Bitcoin’s Record-Setting Price ‘Inevitable,’ Analyst Says

Bitcoin's new high was "inevitable" and driven by limited supply of the cryptocurrency as demand continues to increase, an analyst told Newsweek.Bitcoin reached $61,556.59 this weekend, eclipsing its previous high of $58,356."If you're looking for one word, it would be 'inevitable!'" Jason Deane, analyst at Quantum Economics, in London, told Newsweek.Jason Deane, Bitcoin Analyst, Quantum Economics, London (Photo Provided)

"It's clear from Michael Saylor's and Grayscale's continuing acquisitions, new institutions entering the space on a daily basis and ongoing interest from the retail sector that demand continues to outstrip supply," he said. "In many cases, the Bitcoin being purchased is being moved from exchanges to long-term cold storage, reducing liquidity further."Major companies, including Saylor's MicroStrategy and Elon Musk's Tesla have made large investments in Bitcoin. Bank of New York Mellon now gives major investors a safe place to park their holdings. The Chicago Mercantile Exchange now provides pricing information on Bitcoin, reflecting growing acceptance of the cryptocurrency.The Grayscale Bitcoin Trust allows individual investors to buy and sell digital currencies in private brokerage accounts. In January, the New York-based company became the first to register its shares with the U.S. Securities and Exchange Commission.In mid-day trading Monday, Bitcoin changed hands at