Bitcoin was often written off. However, in recent weeks, the oldest and largest cryptocurrency in the world has strengthened strongly again. Is it the next soap bubble growing or is it a matter of real strength?
At the beginning of the corona pandemic, the virus looked like Bitcoin was a big loss, worthless. From mid-February to mid-March, the price dropped by more than 50% - to only $ 4,895. After a short recovery phase, the price has been around US $ 10,000 for a long time - until a few weeks ago.
Meanwhile, the most important cryptocurrency Bitcoin could not only compensate for the drastic loss from the spring - since the beginning of September, the price has risen by more than 53%. In October alone, Bitcoin gained about 30 percent of its value, just in time for its twelfth birthday.
Bitcoin cyber currency, climbed to almost 16,000 US dollars, and on Wednesday (November 11), the cryptocurrency exchange Bitstamp was occasionally around 15,650 dollars.
Then, Bitcoin reached the highest price since January 2018. Let us remind you, in December 2017, Bitcoin reached a record $ 20,000. After that, the course of the crypto world collapsed drastically and that was the end of the flight.
Now the situation around the value of Bitcoin looks different and more interesting again. And there are several possible reasons for that. I think it's up to Paypal.
PayPal has given a big boost, the potential to Bitcoin.
In addition to all that, cryptocurrencies have profited, ie the value of the recently known plans of the payment services giant PayPal to accept digital currencies as a means of payment has increased. Investors assume that this step towards commercial use will give new impetus to Bitcoin, as well as other cryptocurrencies such as Ethereum, Bitcoincash, Litecoin, Dash, Ripple ...
Through the well-accepted PayPal system, ease of use can lead people to accept cryptocurrencies more widely.
PayPal users in the US will in future be able to buy, sell and store Bitcoin, other cryptocurrencies through the platform, the US company announced in October. And from the beginning of 2021, payments in cryptocurrencies and in retail will be enabled via PayPal.
What do you think, will 2021 be the beginning of the crypto world era?
I don't think so since it already started in 2017. Since that moment not much is done to stimulate it. Bull runs like these might attract more people. Personally, I thought more people would have invested because of the pandemic, enough time to discover, learn but it turned out to be the opposite. Being home makes lazy, fat, passive even triggers apathy not actively searching for new ways. We'll see.
Merry Christmas 🍀💕