Is it finally the moment for bitcoin? The eToro managing director seems to think so. This comment was in regards to the recent surge in bitcoin. He attributed the major factor behind that to the institutions getting involved after observing gains in recent times especially during the pandemic.
·Bitcoin has had a crisis in earlier 2018 when the cryptocurrencies crashed.
·However it hit a new record and has been able to have a sweeping recovery from its earlier crisis just within a span of two years.
·The data by Bloomsberg suggests that bitcoin has been able to take 2020’s surge to as far as 170%.
Due to uncertainty of what the market might look like by the end of a pandemic likely to affect a large population and economy, investors turned to cryptocurrencies in early 2020. The rise in Bitcoin was notable during that time too.
The gains influenced financial firms to create a market demand for such cryptocurrencies. Not just bitcoin but other cryptocurrencies also served as a shield from expected inflation for investors. And hence bitcoin was able to make a record.
Bitcoin’s future growth is expected to quite large. It is very likely that it would expand far and wide and the price might one day reach up to $100,000 and to the extent of a million dollars per BTC in the future.
Bitcoin was specifically created for times where due to inflation money flow is likely to be heavily influenced by government and bank policies and the time for it has arrived in the form of a global crisis.