Bitcoin surpasses $US20,000 for first time amid dizzying rally

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Bitcoin surpassed $US20,000 for the first time, another milestone in what's been an eye-popping rally for the controversial digital asset this year.The world's largest cryptocurrency rose as much as 7 per cent to $US20,787 in New York on Wednesday, vindicating forecasts that were scoffed at months ago and leading to even higher prognostications. Bitcoin has almost tripled this year."We have a new line in the sand and the focus shifts to the next round number of $US30,000," said Antoni Trenchev, co-founder and managing partner of Nexo, a crypto lender. This "is the start of a new chapter for bitcoin. It's a narrative the media and retail crowd can properly latch onto because they've been noticeably absent from this rally."Bitcoin has surged despite a severe crash in March that saw it lose 25 per cent amid the coronavirus pandemic. Proponents have seized on the narrative that the coin could act as…

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