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The price of Bitcoin rose to $120,000 for the first time since setting a record high seven weeks ago as speculation increases that the US government shutdown will drive investors to safe-haven assets.
The original cryptocurrency has long been referred to as “digital gold” by advocates, who see it serving a similar role as the precious metal during times of turmoil. Gold retreated from a record high Thursday.
The largest digital-asset by market value rose for a sixth straight day, and is up about 10% since Friday. Bitcoin was around 2% higher at $120,163 as of 2:37 p.m. in New York. It reached a record $124,514 on Aug. 14.
Adding to the bullish sentiment is also the Bitcoin’s historical outperformance in the month of October, which has earned the nickname “Uptober.” The token has gained in nine of the past 10 Octobers.
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