Bitcoin is everything we wanted now! All the eyes on it. A few pronounce that the most popular cryptocurrency has no future and is dead. And its defenders say that its value will soon skyrocket up to 10, 100, or a thousand times more.
What is reality? Bitcoin is around 12 years old. Of which only a few could estimate and invest in it. However, it has got enormous demand globally. Bitcoin introduced the digital currency to the fintech space. Soon it has become the globally accepted system for electronic commerce. Due to its high volatility, it is infeasible for the prices to be established to convertible currencies at a more or less stable exchange rate.
As of now, crypto enthusiasts, professional investors, and amateurs continue to use Bitcoin as an ideal trading instrument (to buy/sell) that provides large profits (also losses) fast.
We should never drive towards Bitcoin having emotional extremes but by the fundamentals of supply and demand. We saw firms purchasing Bitcoins in large numbers believing that the cryptocurrency will become an instrument of economic empowerment, providing a way to participate in a global monetary system.
Fast forward to 2021, companies such as PayPal had joined the Bitcoin bandwagon. The company announced that its users could buy Bitcoin and other cryptocurrencies such as ETH, Bitcoin Coin Cash, and Litecoin.
Well, on the other side, the COVID-19 pandemic brought various changes. The unanticipated novel Coronavirus changed the global financial system. It favored both trade and the use of electronic or digital money. The social distancing habit made one avoid direct contact between people. It made us follow the digital cash system and adopt digital payment methods.
As a result, today, we see the highest demand for strong currencies (dollar, euro, yen), gold, and silver. Bitcoin, cryptocurrencies, and real assets are counted, of course. The investors have found a solid haven of value in the crypto space, which is indeed waging a solid cryptocurrency path. The uptrend of Bitcoin keeps continuing as the big players, tech giants, are increasingly adopting cryptocurrencies.
In short, Bitcoin is growing big and needs to be credited.