Why Bitcoin's Price Continues To Rise?
Dec 09, 2017 Posted / 23878 Views
The last few days have been theatrical as well as spectacular for the investors, as the value of Bitcoin has risen from $11,000 to $16000. If you invested in the beginning of the year, by the end the end your money would have increased by 20-25x or probably more. Who knows!
Less than a month ago on November 12, the currency was standing at $5,750 and last few months saw a series of fluctuations. What is ambiguous to most of the populace around the world is, ‘why there is a humungous increase in the value.’ While there still remains a fear that Bitcoin is a bubble, which will cause great instability to the international financial structures and industry models.
Most of the people have no idea as to whether the Bitcoin price is continually surging despite severe regulations by the Asian and European nations. Though the enthusiastic followers of the decentralized digital currencies remarked that the increasing support of the major superpowers such as the United States and Canada have predisposed the initiative among the world and lead to acknowledgment of the new currency. Furthermore, there are young entrepreneurs who are profoundly trusting the cryptocurrencies and constructing their businesses around the Bitcoin technology.
The Chicago Exchange who is adding Bitcoin to their list has provided an additional edge to the currency value. Moreover, despite the limitation of the 21 million caps Bitcoin has gained the trust of the people who think that it is the right time to invest in an asset, which is limited in the world. The owners of the various cryptocurrency exchange platforms now firmly believe that the mass adoption is near and soon the currency will revolutionize the current working styles.
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Despite several lovers in the market, Bitcoin is facing many critics too who theorize that the currency is gaining from the hype cycle. Though they believe that it is favorable for the investors and the holders of the past. Even the considerable coverage and limelight given in the media have also exulted the worth of the digital currency. The government, which is trying its best to regulate and legalize the transactions and crypto dealings, have been facing a lot of criticism from the users who see immense scope from the currency.
The technology geeks though are explaining the hype theory in a different manner. They say that every technology or innovation have their hype period. They remark that Blockchain and Bitcoin are circling the same while the market is driven by the demand and supply cycle. The experts say that even if the technology is facing prejudice at the hands of state administrators, the revolutionary technology can provide the much necessary transparency, security, and reliability which the traditional paper and fiat currencies have been lacking.
Bitcoin is a mania or a bubble is still a question. But more significantly it has created dilemma and uncertainty among the populace that what is believable a virtual currency with no real existence or a paper note which believed to have some value. The answer is lies where ever you put your conviction.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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