The Digital Currency experienced a surge in its value at US$40,000/coin last week on January 8th 2021. But it couldn’t maintain the pace post-weekend as it fell down to US$31,000/coin on January’11th.
World’s First Crypto-currency, Bitcoin, has proved its sustainability in the market ever since it was introduced in 2009. Rise of other crypto-currencies hasn’t hindered its market presence. But the fluctuations in the value are visible as Bitcoin is getting more pliant with every passing year. The rise in the market price comes after a tedious two-year slump. A recent peak Bitcoin has witnessed was in 2017, eventually plunging about 80% in next three years. The outbreak of COVID-19 pandemic caused a financial crisis and Bitcoin too was affected by it. After a dreaded phase, the currency has now got a chunk of solace.
In 2012, researchers investigated some transactions taking place globally via Bitcoin related to drug-dealing. Other severe allegations such as Bitcoin Wallets buying illegal goods, pornography, ammunition sales and rental murderers were made against this crypto-currency that consequently led to its decline in its investors. Increased norms and regulations, higher return values have compelled investors to look for an alternate investment.
Being one of the most popular Digital Currencies, Bitcoin still has the trust of investors who want to secure their assets on a safe harbor. Implementation of a public distributed ledger known as Blockchain has been fruitful for the currency, which has enabled data encryption of all digital transactions. Although the transactions through Blockchain take 10 minutes to process, retailers trust its reliability. Majority of experts have suggested retail investors to buy/hold stakes of Bitcoin with all the risk aside.
Amidst an unclear future, Bitcoin is poised to maintain its identity in the market place. The oscillating prices didn’t harmed its reputation in the eyes of currency’s loyal investors.