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The price of bitcoin, the world’s most popular cryptocurrency peaked at an all-time high of $68,000 in November of 2021. This is more than double its value from the start of the year. Although it has come down from those dizzying heights, BTC is priced at $50,736.63 at the time of writing. The price of bitcoin is always predicted to be on the rise in the long term. Reasons for why bitcoin is going up today include deflation, the hype about it being the first cryptocurrency, mainstream adoption, institutional investment, etc. Let’s have a look at the reasons why bitcoin keeps hitting new highs and why bitcoin is going up today.
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We’ll start from the most extensive cause that allows Bitcoin to grow all the time, which is a limited amount of all Bitcoins ever created or, better to say, mined in the network. The last Bitcoin will be mined in year 2140. After that, 21 million coins will infinitely circulate within the system.
The fact that Bitcoins are limited in supply and every new coin requires more resources to be mined provokes a continuous increase in price. Although gold’s increasing rates are much lower than Bitcoin’s, both of them are very similar and have a strong tendency to deflation due to the same reasons: limited supply and increasing mining difficulty. So, Bitcoin is truly the gold of the 21st century.
Did you know that there are hundreds of other cryptocurrencies — Altcoins (which means alternative coins)? The most reputed of them are also traded on major cryptocurrency exchanges. However, you won’t find a platform that does not trade Bitcoins because it was the first of its kind back in the day.
Bitcoin was so breakthrough and unique at a time that, by a long shot, it remains the first cryptocurrency according to market capitalization, price and, of course, popularity.
It’s not that the cryptocurrency market is so big by itself, but the scope of its growth. This means that most of the ‘consumers’ are basically newcomers who are not familiar with Altcoins. They wouldn’t risk their money, that’s why they invest in Bitcoin as it is the most popular and trustable cryptocurrency.
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The price strongly depends on the demand. And you know what? It may sound surprising, but the demand for Bitcoin is very high in countries with a faltering economy.
If you’d invested in Bitcoin 1 year ago (the price was about $700), you would’ve enriched your money capital in ten times, and in twenty times, if you’d bought it 2 years ago. That’s a great opportunity for all of us, and especially for those who live in countries where the national currency is impacted by inflation.
So this way, Bitcoin turned into, a sort of, panacea for the citizens of Venezuela, or Ukraine, where surviving on your official salary is a monumental challenge due to inflation.
According to Google requests, Bitcoin is very popular in African countries such as Nigeria, South Africa, and Zimbabwe. In fact, Venezuela is not the only South American country with a vast Bitcoin community, some others are Bolivia and Colombia.
Another factor driving Bitcoin’s price rise is its expanding acceptance as a payment method. PayPal just stated that its users and merchants would soon be able to buy, sell, hold, and accept Bitcoin and other cryptocurrencies as payment. PayPal’s approximately 350 million users will now be able to buy, store, and utilise Bitcoin with ease. PayPal now has more than 20 million active merchants who accept the currency.This has ramifications that go beyond PayPal. PayPal also owns Venmo, a widely used payment app. Venmo has more than 40 million active accounts, highlighting the importance of Bitcoin and other cryptocurrencies.
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The idea of Bitcoin as a safe-haven asset is gaining traction. There is an increasing incentive in today’s societal and economic atmosphere to store less cash and be hedged against extreme market movements. Recently, there has been a tendency among big corporations to convert cash into Bitcoin as a more reliable store of value. MicroStrategy, a business analytics firm, most notably changed $425 million in cash in its treasury to Bitcoin. Square, a payments company, made a $50 million purchase shortly after. Because of these companies’ and investors’ faith in Bitcoin, the concept of Bitcoin as a store of wealth and safe-haven asset has gained traction.
The first-ever Bitcoin hard fork occurred on August 1, 2017, and, to the surprise of many, went smoothly. The only crucial moment for the Bitcoin holders was to make sure that their coins were successfully split.
NOTE: In case of a chain split, every user has the possibility to split his coins and, eventually, have the same amount of funds in the original blockchain and the forked one.
CEX.IO was one of the major cryptocurrency exchanges to successfully split all the coins that were kept on the platform, which means that every user got his additional funds automatically.
In fact, you can split your Bitcoins yourself, without holding them in the exchange. Some people consider it as a safer way, because you are the only one to hold responsibility for your funds. However, it requires some technical skills and very accurate performance. So, for many, moving funds to a trusted exchange is a much more painless resolution.
This was the second Bitcoin hard fork that took place in the end of October, 2017. It has ultimately consolidated that a chain split is nothing to be scared of. Moreover, it is a good way for all Bitcoin holders to increase their money capital (under the condition that their funds are kept on platforms that accept the fork and take the responsibility of doubling users’ coins).
SegWit2x hard fork was dated on the middle of November, which meant that the Bitcoin network would have been forked two times within a period of less than one month. That was precisely the reason of Bitcoin’s price skyrocketing and setting the new record point of 7 thousand dollars. The price continued to pump because cryptocurrency enthusiasts wished to increase their funds by means of coin splitting.
However, on November 8, 2017 the originators of the SegWit2x upgrade abandoned their plans for scaling the Bitcoin network as it could have led to a split in the community and become a setback to Bitcoin’s growth. Hours after the announcement Bitcoin almost touched the point of $8,000.
So, we went through all four reasons of why Bitcoin keeps hitting new heights. Although, at certain points, we were going into the details that are relevant at present moment, all the reasons are unconditioned no matter the times, meaning that they will always prime the pump for Bitcoin’s price surging higher. It will be true provided that Bitcoin is not left behind. However, it’s hard to imagine such an occasion, given that Bitcoin is considered the greatest discovery of the 21 century.