Economy

BITCOIN Steady Rise & Plummet Fall

Summary

Bitcoin began in 2021, with a roaring boom to record highs, just as it ended in 2020. Amid growing demand from investors, it has soared to a record high, and reports that the dynamic cryptocurrency is on the road towards […]

BITCOIN Steady Rise & Plummet Fall
BITCOIN Steady Rise & Plummet Fall

Bitcoin began in 2021, with a roaring boom to record highs, just as it ended in 2020.

Amid growing demand from investors, it has soared to a record high, and reports that the dynamic cryptocurrency is on the road towards being a mainstream payment tool.

According to CoinDesk, the cryptocurrency price soared past $30,000 for the first time on Saturday, January 2, 2021, before crossing more than $33,100 that afternoon.

Bitcoin was at $31,576.61 at around 4:20 p.m., up 21% from the prior week and almost 360 % in a year.

Since March 2020, when it stood at $5,000, bitcoin has seen a rapid rise, prompted by the online payments giant PayPal, indicating it will prompt account holders to use cryptocurrency.

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Following PayPal’s announcement in October, the cryptocurrency was compared to gold by analysts at investment banking giant JPMorgan Chase.

They said bitcoin could compete with gold as an “alternative” option of currency as long as millennials become a more important component of investors’ universe over time.

Due to the latest steps by Facebook to produce its digital unit, Libra, several central banks, including those of China and Sweden, but also the U.S. Federal Reserve, are also trying software applications.

Bitcoin has evolved as an interesting choice for investors with an opportunity of exotic’s appetite.

It is unregulated by any central bank, so at the same time, criminals have also picked up on their under-the-radar appeal.

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Controversy has erupted over the digital asset’s status, whether it should be treated as a form of currency, an asset, or a commodity.

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