After a phase of steadiness, the Bitcoin price has started moving downward since the end of last month.
Bitcoin price fell from a stand-still of around ten thousand dollars ($10,000) per Bitcoin to a little over eight thousand dollars ($8,000) per Bitcoin.
The Bakkt Bitcoin was one of the most anticipated events this year but exhibited a very dreary and lackluster performance at the start but to finally recover. However, that may not just be reason behind the recent Bitcoin price hike.
Reports have surfaced that the recent United States Federal Reserve expected plan to be pumping up the cash flow in the financial market in an attempt to control bank sheets and the inflation rate. This is believed to be a reason many opted for Bitcoin savings pushing the price back up the eight thousand dollars ($8000) mark.
Bitcoin price and popularity: What is the future of Bitcoin?
Now that blockchain technology and cryptocurrency have appeared in the limelight, a lot of competition has surfaced in the crypto-market against Bitcoin (BTC). Competition has changed the game, unlike old times when BTC was the only reliable cryptocurrency to invest in. Thus, it might come to the concentration that investors consider alternative options instead of investing in Bitcoin.
As initially reported by the financial media agency Bloomberg Bitcoin is being referred to as a traditional currency as opposed to an innovative currency. The Bloomberg report furthers the strongest evaluation of Bitcoin was done on the basis of its predictability and quotability, according to companies such as Indexica.
Chief Executive of Indexica, Mr. Zak Selbert, said that as for now Bitcoin has become traditional and a huge trade-pawn, it can be moved easily up and down the market-gradient just like gold or G-10. According to Mr. Selbert, BTC is comparable to Facebook’s cryptocurrency libra.
Bitcoin has most certainly become a vital part of the financial situation and is completely entwined in the web of tech-market.
Bitcoin (or the digital gold) was, according to various expectations, a safe investment that would not droop to disintegrate the investment made in it until recently. The safe-haven investments gold and Japanese yen climbed the market yet again as Bitcoin fell, which has made its “safe” status questionable.
Bitcoin price trend charts and pundits continue to predict both the boom and death of Bitcoin every now and then. The future, however, is unclear until the next Bitcoin halving event but if there is one thing, the cryptocurrency has certainly become a mainstream currency.