Digital money is private, instant, and free from bank charges. Bitcoin (BTC) stands as the most progressive amongst its counterpart. Recently the digital asset marked another record-breaking level grander than its previous score of three years ago.
Over time, Bitcoin has been generally accepted due to the characteristics it possesses. Its autonomy nature guarantees its credibility to be invincible against inflations. This factor enticed commercial investors and retailers to indulge in obtaining its share of acquiring the digital asset.
With the pace at which Bitcoin has been rising, it stands as the world’s most lucrative means to trade in wall street. Its market capitalization value has increased upwards to attain 7.1% this year, equal to $17,868 per BTC. As of 2017, BTC realized its first distinctive revenue that was approximately prized at the same level of its current value.
Traders and retail investors understood its potential to influence the market value positively.
The NEM Group of traders reported that covid-19 pandemic is another factor that resulted in the boom BTC experienced and as well as the global inflation.
During the last month of 2017, more investors obtained crypto assets, that’s a factor that heightened its earnings that almost hit $20,000 but ended at $19,041.
Nicholas Pelecanos, head of trading at NEM Group Ltd, said: “Driven by a mix of market structure and strong fundamentals, bitcoin could now be within days of reaching its all-time high. Underlying this bullish price action is the inflation hedge narrative that has captured Wall Street since the massive money printing campaigns undertaken by the Fed earlier this year.”
Meanwhile, Tom Fitzpatrick, a technical analyst representing Citi [a global investment bank and financial services], stated that bitcoin could attain more than its current value. Regarding his graphic representation, bitcoin can grasp $318,000 market value.
Besides Bitcoin, other cryptocurrencies such as Ripple (XRP) and Ethereum (ETH) have been responsive to realizing progress. In contrast, ETH has reached 4.2%, equivalent to $476.91. However, no other digital currency has been more than responsive to beat BTC, not even ETH.
Bitcoins’ recent achievements have guaranteed the reputation digital money now possesses as being inflation-proof, which stands as the factor that fervour investors, the central banks, and the government enticed to channel bitcoin to combat the inflation the pandemic has impacted on the global economy.
The digital money stream is programmed not to exceed 21 million. However, a cryptocurrency needs not be further compared to hard currencies, whereas they are both accredited and valuable. Scarcity is the principal attribute of digital cash, so the government and central banks cannot regulate Cryptocurrencies.
The COVID-19 pandemic brought about partial progressiveness that favoured online platforms’ and warranted other sectors to regress. The global digital economy is still experiencing a successful season due to the indulgences towards online transactions. Both formal and commercial businesses now make instant payments with digital money, free of bank charges.
Remittance platforms that process instant payment, especially PayPal, have also indulged in cryptocurrencies. Just recently, PayPal announces they would be including cryptocurrency in its digital wallet as an open network to process more payment transactions; this is the latest feature the remittance company developed.