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A few years ago, the topic of cryptocurrency was still a taboo or was very unknown to everyone, but today there are many businesses, establishments, restaurants and other businesses that handle this payment method
The scope that this payment method has had already transcends borders, since it is well known internationally and is used to make payments and cancel debts with just one clip. Today we will explain to you what is happening with the value of cryptocurrency and everything that affects
It is the first time since its appearance after the global financial crisis more than a decade ago, the value of Bitcoin broke the barrier that it had of the value of $ 20,000 continuing a rally that has lasted more than eight months. The digital currency was trading at $ 5,000 at the beginning of March this year. But over the last year, Bitcoin has gained more than 170 percent.
The latest rally has naturally led many to search for a definitive answer to its underlying reasons. Since 2017, the market capitalization of Bitcoin has risen significantly and stood at approximately $ 345 billion just a few weeks ago.
As such, for most market watchers, the rally is simply the result of a surge in investors and, more specifically, those with deeper pockets.
Reason for increased demand for digital currency
Due to confinement in many countries and the pandemic, it has caused central banks around the world to print money at unprecedented rates, and governments are struggling to distribute highly successful stimulus packages to help their constituents weather the crisis. economical. Early proponents of Bitcoin would argue that the enormous inflationary pressure such spending is likely to put on economies is one of the key reasons for turning to cryptocurrency as a safe-haven asset.
There is enough reason to believe that, given the continuing uncertainty about economic recoveries, several investors have come to view Bitcoin as a top-tier asset to guard against conventional stocks.