For the first time in the market, Bitcoin tops $40,000 for the first time, pushing the cryptocurrency market value more than $1 trillion. This value was recorded last Thursday and this is the first time it ever took place in the history of cyptocurrency.
The digital coin Bitcoin hit an all time high of $40,367 passing the $39,000 level according to data from Coin Metrics. This is a all of a sudden 9.1% upraise in value from the start of 2021. Over the past 12 months the value had gone up by 400%.
Sources and experts believe Bitcoin has the potential to go to higher values. It can even hit 1,00,000 or 1,50,000 or even 2,00,000 dollars USD. It might take time, maybe a maximum of 10 year but it still has potential to go higher.
Bitcoin is the most dominant cryptocurrency in the world with a market value of over 700$ billion.
The reason its value had gone so high all of a sudden can be attributed to a number of factors. Some of them include buying from large institutional investors and high profile investors.. who have been buying digital currency.
Bitcoin is known as the gold of the digital age. Investing in Bitcoin is very tricky but if you hit the jack pot, you get very lucky.
The idea of bitcoin is to cause a hedge against inflation of prices as governments and banks around the world embark on large scale fiscal stimulus programs which analysts believe is the main reason that triggers inflation in the economy.
Another major factor that caused the Bitcoin value to rise to dramatically, is Paypal and Fidelity. Both these platforms allow transfer of money digitally. In 2020, Paypal launched a feature that lets all its users invest in cryptocurrencies. This year, the company is planning to offer crypto payment across not only Bitcoin but various other sources of online currency retailers.
The total transaction from Bitcoin alone in 2020 was way more than that of Venmo, Paypal or Apple Pay, according to Anthony Pompliano, the co-founder of crypto hedge fund.
Bitcoin might be the future of transaction and is the best way to get amateurs or anyone interested,started in the Wall Street on consensus trade.
