Yesterday, I was surfing on social media when I found Waqar Zaka talking about the Bitcoin. Actually, he was providing information regarding the new value of digital currency Bitcoin which has reached $30,0000 mark and smashed all the previous records. Due to this huge surge in the value, many traders and investors are claiming that the Bitcoin is on its way to becoming a mainstream payment method.
Bitcoin’s Value Reaches an Astonishing $30,000 for the First Time
In 2020, Bitcoin’s value increased by a staggering 300%. This crptocurrency has only been around for a decade or so, and in the year 2020, its demand had increased significantly. It had managed to attract more US investors, because of its perceived inflation-hedging qualities along with the potential for quick gains, and expectations that it would become one of the mainstream payment methods in the near future.
Amidst Covid-19 Pandemic, people also considered Bitcoins as a safe investment for the future just like gold, therefore they started to trade bitcoins.
On Saturday, in an email, Cofounder of Chainlink, Sergey Nazarov said,
It’s very likely that the asset will eventually pass $100,000 per coin. People have been steadily losing faith in their government currencies for years, and the monetary policies resulting from the economic impact of the coronavirus have only accelerated this decline.
You can trade bitcoins on a number of exchanges, the largest of which is Coinbase, which is itself planning to go public and become the first such platform to be listed on Wall Street. A number of other cryptocurrencies use similar blockchain, or electronic ledge technology are also witnessing a surge in their values. For instance, Ethereum, the second biggest after Bitcoin, gained 465% in 2020.