Why is Bitcoin so high? (Why does Bitcoin rise so fast?)
Why is Bitcoin so high? What is Bitcoin? Why is its value so high? It reached a
Why is Bitcoin so high? What is Bitcoin? Why is its value so high? It reached a record high of $120,000 on December 19, 2017. It reached a high of $23,000 on the last Friday of 2020.
According to Bitcoinist, over 39,000 cryptocurrency investors have invested in this digital asset. While some people have started to view this technology as a speculative tool or other financial product, most investors still consider Bitcoin as a speculative “rat poison”.
But the fact is, because it is a decentralized network and there is no entity that owns this wallet. Although many crypto users can easily transfer most of their funds held from their accounts to another wallet (or choose to deposit them themselves) in exchange for fiat currency and cash equivalents, these transactions usually require a third-party intermediary.
To address this, some exchanges have launched new services, including allowing cryptocurrency traders to buy and sell securities with BTC or LTC. For example, Bitfinex now allows users to buy Bitcoin futures contracts with BTC, ETH, or USDT; and Coinbase also offers Bitcoin services to help their clients gain exposure to Bitcoin. Recently, Coinbase also partnered with California startup company BlockFi to provide a tokenized securities trading platform based on blockchain technology.
As people have seen, when people talk about Bitcoin, the first thing they think about is how it works. However, over time, people seem to realize that Bitcoin is a highly customizable and portable cryptocurrency.
In addition, if people want to sell their holdings, then Bitcoin will be used to pay bills or as a medium of exchange, just like gold, so the price will rise.
In fact, even though Bitcoin’s performance has not been very good in the past few years, the price of Bitcoin has indeed increased. “We say Bitcoin is a bubble,” one commentator said, “I mean, it is important to treat this risk.” He added, “This is a very important point for those of us who adopted this concept in late 2018: they are all driven by retail investors. So if you focus on what will happen in the next few years, you can understand why so many people are buying Bitcoin.
Of course, many people question whether Bitcoin can survive in the long term if it is not because someone knows it?”
The original article is from Bitcoinist, translated by the BluemountainLabs team. For English copyright, please contact the compiler.
Why does Bitcoin rise so fast
According to CCN, since the end of last year, the price of Bitcoin has skyrocketed from $10,000 to nearly $20,000. After a tenfold increase in just three months, the price fell to over $3,000. But what’s interesting is that according to the latest report from CoinMetrics, the market value of Bitcoin has surpassed $900 billion. “This means it has reached the historical high point reached at the end of December 2017.” Despite the recent sharp drop in Bitcoin prices and a fall below $6,000 per coin, its volatility remains high compared to other mainstream cryptocurrencies. “I think we are seeing this upward trend because more and more investors want to diversify their portfolios for maximum returns.”
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