Bitcoin and covid 19

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Bitcoin and Covid-19

The year is 2020 and one Bitcoin is equivalent to £4,000 at about the start of the

year and then covid-19 hit and by the end of the year one Bitcoin has hit levels as high as

£18,000.

Let me tell you a little about Bitcoin. It is a cryptocurrency and it was invented in

2008 by an unknown person using the name Satoshi Nakamoto. It is the first decentralized

digital currency in the world. Decentralized means it does not need a central bank or a

single administrator and digital currency simply means it is “computer money” or a way of

exchange which is generated and managed by computers.

Bitcoin started to get mainstream attention by 2012 but a lot of people laughed at

the promoter of Bitcoin as a lot of people felt that there was no place for Bitcoin as a digital

currency was already in the main stream. Bitcoin still increased in value as the years went

by. There were however, huge fluctuations in the price of Bitcoin even as the years went by

creating doubt in the mind of the public. One thing that could not be hidden was the

popularity Bitcoin kept getting. At one stage it was believed to be used by drug dealers and

arm smugglers, this did not discourage the use of Bitcoin.

In 2017 was a year when Bitcoin experience a significant trend upwards. Bitcoin

started the year under £1,000 and rose to more than £14,000. This was never expected and

everyone had to take notice of Bitcoin. It was the year Bitcoin really arrived on the

international seen (or so we thought). Everyone was frantic about Bitcoin. Bitcoin was split

into two the Bitcoin (BTC) and the Bitcoin cash (BCH). The Bitcoin (BTC) price dropped to

£2,700 by the end of 2018.

In 2020, covid-19 virus hit the United Kingdom and series of lock down were

implemented requiring people to work from home and depend on digital technology. There

were fears that digital technologies would expand as demand increases. Companies like

Amazon, zoom were big beneficiaries. Bitcoin (BTC) was not left out and as at the time of

writing this article, Bitcoin (BTC) has risen to over £17,500 with fears that it would get to

over £20,000.

What can we expect from 2021, well there are two paths, continued rise of Bitcoin

(BTC) or another Bitcoin (BTC) crash? A new strain of Covid-19 has just been announced and

it is reported to be more virulent and deadly than the first strain with another series of lock

down been announced. A vaccine for the virus has just been rolled out but will take time to

be administered to the whole population and requires at least 2 doses spread apart by at

least a month.

I will speculate that Bitcoin (BTC) will continue to raise in 2021 and by the end of

2021 may hit at least £30,000. In the long-term Bitcoin (BTC) has come to stay and over time

the value will continue to raise. The best time to buy Bitcoin (BTC) was 4 years ago and the second best time is now.