In just 11 days, the price of a bitcoin has broken through eight integer levels from 21000 to 28000 US dollars. The market value was once more than 1 trillion yuan higher than Maotai, the “king of market value” of a shares. This is “Crazy” bitcoin. Wang Jinhui maps that Warren Buffet once bombarded bitcoin: it’s just an illusion. However, over the past five years, bitcoin has remained one of the hottest and most watched investment categories in the global financial market. Since November this year, bitcoin has been booming again. According to coindesk data, at about 19:15 on the 27th, the highest price of bitcoin reached 28323 US dollars, with an overall market value of more than 525 billion US dollars, about 3.4 trillion yuan, which is about 1.1 trillion yuan higher than Maotai, the “king of market value” of a shares, equivalent to 5 Hengrui pharmaceuticals, 10 CICC companies and 20 Yunnan Baiyao. At 7:25 a.m. Beijing time on the 28th, the price of bitcoin fell, but still exceeded $26000. Throughout the year 2020, bitcoin’s growth reached an astonishing 243%, surpassing traditional investment products such as stocks and gold. Why is bitcoin soaring? Some investors believe that the most direct and fundamental reason for the rise of bitcoin price is the change of supply-demand relationship. The admission of large institutional investors and the decrease of market circulation supply have brought about the continuous rise of bitcoin price. Chief researcher of okex research pointed out that since the second half of this year, institutions such as American insurance giant MassMutual life insurance company and business analysis company MicroStrategy have bought bitcoin; online payment giant paypal and Singapore’s large commercial bank DBS Bank have also announced that they will launch cryptocurrency payment services. For example, according to the announcement released by PayPal, users can purchase, hold and sell cryptocurrencies such as bitcoin, Ethereum and letcoin through PayPal accounts, and can shop in about 26 million merchants around the world. According to bitcoin transactions, more than $6.9 billion of bitcoin is currently held by listed companies, especially since September this year, a total of about 500000 bitcoins have been purchased by large emerging investors, with a total value of about $11.5 billion. Considering that the global production of bitcoin is only 900 a day, the bitcoin market is booming. There are also views that the rise in bitcoin prices is related to risk aversion. “After a long period of development, bitcoin has become a very famous digital asset. Everyone regards bitcoin as digital gold to a certain extent. In a sense, it has the attributes of a safe haven asset like gold.” According to Jiang Han, a senior researcher at Pangu think tank, at present, the world is still in uncertainty. The impact of the secondary economic crisis driven by the epidemic situation and the world’s economic turmoil have led to a natural rise in the price of bitcoin, which has become a safe haven asset. Soaring prices, the voice of bullish continued to exist, some small and medium-sized investors also began to enter. But mind you, don’t just watch bitcoin soar, it’s also fallen, and it’s a terrible fall. According to the bitcoin price trend chart, from 2016 to today, bitcoin has fallen by 20% or more for 10 times, 30% for seven times and more than 48% for four times. This means that bitcoin holdings are likely to experience four price cuts in the past five years. Meng Xiaoni, CEO of bit deer, also mentioned that bitcoin price is volatile, and participants should stay away from leverage and contracts, avoid chasing up and killing down and frequent short-term trading, “after all, it is a small number that can really win the market.”. Original title: bitcoin once broke the $28000 barrier and “Crazy” source: Beijing daily client reporter Zhao Yingying process editor: u004 copyright notice: the copyright of the text belongs to Beijing News Group, and can not be reproduced or adapted without permission.