What is Bitcoin?
Bitcoin was established in January 2009 as a digital currency. It follows the concepts of the enigmatic pseudonym Satoshi Nakamoto in a white paper. The identity of the individual who devised the technology remains a mystery. To know more about Bitcoin, take a look on thecryptoweekly.
Since Bitcoin was first introduced to the public more than a decade ago, its transaction history has been fascinating. In its brief history, Bitcoin prices have suffered various bubbles. As Bitcoin has developed into an asset class, the variables that affect prices have also changed. In response to inflation and uncertainty about the future purchasing power of the U.S. dollar, Bitcoin shops have changed from currency to value shops. Bitcoin price is raised frequently to get the current updates of Bitcoin click on thecryptoweekly.
How price of the bitcoin raise?
Recently, the matrix of factors that determine the price of Bitcoin changed dramatically: As of 2017, when Bitcoin attracted everyone’s attention, as the number of cryptocurrencies increased, legislative changes exaggerated the price. Each regulation will raise or lower the Bitcoin price. It depends on whether it is positive or negative.
In 2020, the latest boom in the cryptocurrency industry is the continuation of several large financial companies. They are reiterating their inflation hedging potential due to the increase in government spending after the pandemic. Bitcoin also increased its price for corporate fund management in 2020. Micro Strategy Inc. (MSTR) and SQ stated that both companies use Bitcoin instead of using money as part of the company treasury bills.
According to reports, after the economy has accelerated due to government policies, the Bitcoin blockchain is entering a period of increased economic activity. In countries like Venezuela, due to excessive currency inflation, the use of Bitcoin in transactions and wealth storage has increased conclusively, leading analysts to conclude that the rise in Bitcoin prices is related to global economic instability.
For example, the Chinese government’s capital restrictions are often accompanied, by higher Bitcoin prices. The end of the 2020 pandemic has caused a macroeconomic shock, and Bitcoin prices worldwide have hit record highs.