Why Bitcoin Price is Skyrocketing? And will it Continue So.... Here is Everything you Need To Know!
Bitcoin the king of all Cryptos is prevailing over the world of digital currency due to its huge increase in its price experts say its going to be the best place for the entrepreneurs to invest.
Bitcoin surged to a new high of $4,880 on Friday.It must have been cause for cheer among investors who bought bitcoin a year ago. Bitcoin showed us an alarming increase in the past year..
Back then, the price of bitcoin was a more affordable $572 per token, according to CoinDesk — less than half the price of an ounce of gold. So, had an investor in theory decided to invest about $100 at that point, their stake would be worth about $850 today. Guess the happiness of the person who invested 1000s Dollars...
Bitcoin’s price has soared within days, rising to an all-time high of $4,900 with the currency in an apparent year long bull market that has given it a market cap of nearly $70 billion.The currency has increased many folds in 12 months, from a brief low of around $160 last year to now a high of thousands for just one bitcoin..
So Whats Causing this Increase -
Many circumstances became the reson for this huge increase in the value of bitcoin however the research says that the initial fuel was considerable monetary mismanagement last year in China, India, Venezuela and many other countries, but particularly in China.
The authorities there engaged in what appeared to be intentional devaluation of the Yuan, creating a flight to safety with many Chinese investors sending their money off-shore.However, the authorities placed capital controls, leaving bitcoin one of the few ways to get money out, leading to a considerable price appreciation, rising to a high of $1,000.
In conjunction, India decided to ban some high value notes, leading to chaos in the country. While falling oil prices led to inflationary spikes in Venezuela, Nigeria, Russia and many other nations.All this fueled demand for bitcoin, with the currency rising to a new all-time high at the beginning of the year and for the first time reaching gold parity.
Will It Still Rise...YES!
Apparently and according to some experts yes, Bitcoin's advocates, however, say Bitcoin has much further to rise. Charlie Shrem, an entrepreneur and founder of the Bitcoin Foundation, recently said that he believes bitcoin is cheap at any point below $100,000.
There will only ever be 21 Million #Bitcoin. Its becoming increasingly harder to buy just 1. Anything below $100,000 per #Bitcoin is cheap
Bitcoin’s sudden rise has drawn comparisons to other investments that shot sky high— only to come plunging down—like tech stocks in the late 1990s and real estate in the early 2000s.
Bitcoin's epic rise leaves the late-90s tech bubble in the dust https://bloom.bg/2vByttf
Bitcoin Still Has a Long Way to Go, Good News For you-
According to many Experts bitcoin has a very long life at least more that we need...
“Bitcoin represents a technology where the value comes from the fact that the whole world recognizes that there’s a finite amount,” says Lee. “It’s a scarce digital asset.” Only 21 million tokens will ever exist according to the Bitcoin chief Executive. Right now 16 million are in circulation. Four million more will be mined in the next 10 years. Based on the open source mathematical formula, “it will take 100 years to mine the last one million Bitcoin,” explains Lee who is very optimistic about the future of the cryptocurrency. “It’s exciting times, and we have a long way to go.”
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Thank you for all this information I really appreciate it when someone compiles all this in a useful and understandable manner. I am new to steemit as well as cryptocurrency so I am continually looking to expand my knowledge on them what to buy and how to mine.⛏ I really appreciate posts like yours I will be following and you definitely get a up vote thanks 👍
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Great article!
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