BTC has already managed to break new price records in some local fiat currencies, including the British pound.
But BTC has already managed to break new price records in some local fiat currencies, including the British pound.
Striking a bullish tone, the crypto trader and analyst Rekt Capital wrote on Twitter:
"People who are thinking it's too late to buy #BTC don't realize how much higher it can still go in this cycle."
What to Watch
Bitcoin's gains come as Wall Street faces a nervous wait for inflation data later this week.
Inflation increases the cost of everyday goods and services, reducing the spending power of the pounds and dollars in your pocket.
By contrast, cryptocurrency enthusiasts point out that many central banks have embarked on vast quantitative easing programs — dramatically increasing the supply of fiat currencies in a move that's bad news for savers.
IG Markets analyst Kyle Rodda told the Reuters news agency:
"Financial institutions want to be a part of it, regulators don't want to clamp down on it too much. We're almost past the inflection point, where it's part of the system and it's going to be very, very hard to extricate it."