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Globally cryptocurrencies like Bitcoin have been gaining in value throughout 2020. With established players like PayPal, Square and others buying Bitcoins, there is a global supply crunch, which is pushing up value of the coins. Further, institutional investors worldwide are deploying funds in cryptocurrency using it as a hedge against equity markets and gold, oil. Traders believe consumers want to own bitcoins since they do not act in tandem with other investment options and even if there is a global market crash as a result of the pandemic, cryptocurrencies like Bitcoin can act as a safe bet.
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