Bitcoin has become the world’s most popular digital currency, which had driven its value to incredible new heights. Here we have outlined a few reasons as to what lead the cryptocurrency to these altitudes.
2017 has turned out to be quite a year for Bitcoin. The network recently went through a fork situation and came back with a bang. The cryptocurrency seems to be the talk of every town now, with everyone from Economist to Forbes covering it on a daily basis. Can we just remember that the year isn’t even over yet and Bitcoin has already made so many major stories!
Generally, Bitcoin is gradually climbing up and there have been predictions for even higher marks in the future. Ever wonder how something that was initially linked to the dark net could possibly change the future of transactions and payment systems?
Bitcoin has been in the industry for around 10 years, and just like everything else it started from the bottom and gradually rose to popularity. Starting off with a gradual increase from 2012 all the way through 2016, following a much more dramatic gush that is still continuing right now. What seems to play a role all these years, is longevity.
An overview of bitcoin’s price trend was shown in a tweet made by a cryptocurrency researcher known as “Jack Sparrow”.
Bitcoin was created in 2009 and it took around 7 years for it to reach a $2000 mark. Although, that same increase from $2000 to $4000 took just a little around 3 months.
The reason behind these high notes is the support of various major institutions. Firms like Goldman Sachs, Fidelity Investments, and J.P. Morgan are now doing business with digital currencies. Countries like Japan, China, and Australia have legalized the use of the cryptocurrencies in their economy as well and that has been known to drive the digital currency to great new heights.
Due to the support shown by large organizations, smaller businesses along with individual financial investors have gained confidence in the cryptocurrency.
Moreover, the growing popularity of bitcoin has led to several institutions in the financial, as well as educational sectors to utilize the blockchain network for their own benefits. This, in turn, has given the cryptocurrency a boost as well.
We are not sure yet if we’re floating towards a future that is completely digitalized but, we do know that Bitcoin has several hurdles to overcome before it can completely alter our community. Nonetheless, these digital currencies are definitely on the rise.
Story Credits: futurism.com
Image Credits: bitnovosti.com