The year 2020 has been bad due to the COVID 19 cases taking the market to an all-time low. The lockdown has wreaked all havoc in the market, putting travel restrictions having all bad effects on the business. Yet if you look at Bitcoin, it has escalated to a faster way. It has emerged as the fastest-growing financial asset in the new normal. We can witness a good price recovery from INR 600K in March last year, and the currency is somewhere close to the INR 43,90K. Despite all the mess, digital money – Bitcoin and other digital currencies have grown and have witnessed a growth of 600% in terms of cost. Thanks to the way the start-up companies like CoinSwitch Kuber, which seemed to have moved up with loads of efforts, took the count to millions in the retail industry. Yes, you heard it right; even people from the retail area in the Bitcoin bandwagon.
The rise of bitcoin
It all started in 2009 when we saw the advent of Bitcoin by a man who felt the heat of the global downturn. Bitcoin came as the alternate to the issues faced in the downtown time. Earlier, when it started, it came with the value of zero USD, and there are few digital money nerds who left no stone unturned to start mining the same with the help of several groups. By the time one year, the market witnessed a decent transaction taking place, making it a viable solution for many when people started using it to procure goods and services. By the end of 2013, Bitcoin managed to gain good popularity, and soon it touched 1000 USD. As the second Bitcoin Halving was seen taking place, we see the rise of the coin in a big way giving you the value of 19K USD. However, with the help of some minor level blip, one can see 2018 witnessing a value drop and thus settling the price by 5000 USD last year since it was no looking back for the bitcoin people as they emerged with two big events. If required, you can refer to the information on this website yuan pay group app to get a better insight into it.
Too Many Reasons to Invest
With the sudden and good growth, Bitcoin gives you a big reason to invest; while there are many more reasons to check, have a look at the same:
The global pandemic- A majority of people look forward to Bitcoin as a hedge that goes against the shaky economic critics that were caused due to the good spread of the virus. Even institutional investors like Tesla or Microstrategy and others are seen taking refuge in digital coins like Bitcoin. Many felt that Bitcoin could prove the best solution against the issues like inflation.
The 3rd Bitcoin Halving event – There are many processes or events happening in this industry, and bitcoin one major event called halving. These include the mining reward that comes to 12.5 BTC, and later it went on to slash down to 6.3 BTS by the end of May 2020. This helped in reducing the coins in a big way that comes in circulation in a big way that ends up slashing down the higher demand. With the steady rally, one can see a good start in 2020 October where the price of Bitcoin went ahead to cross the figure of 20K USD, while in December, it was just double of what was seen two months back as it went to 40K USD. Soon in January, it was able to cross 50K USD, and the very next month, it went on to come close to 54K USD all across the world.
Will it cross 100K USD? Well, that’s the big question that is often posed before the Bitcoin experts. With the constant growth of the Bitcoin price, one can see it crossing the 60K USD mark. Will it explode further and rise to the 100K USD mark as the big question. The fact of the matter is there are several big companies like JP Morgan, PayPal, Visa, and more who have entered into this domain to offer several digital currency services to their investors who are looking for options in Bitcoin. Despite facing issues like volatility, one can see Bitcoin growing smooth, and with the current pace, it is certainly going to bypass the said figure for sure. Let’s wait and watch!