Bitcoins are the most innovative and newfangled kind of payment currency. Apparently, bitcoins have become the largest cryptocurrency since 2009. While there are some people who consider it as a revolution, there are others who think it’s a mere bubble which can burst anytime. However, the cryptocurrency has also been through several hurdles like online crimes and regulatory affairs.
In the latest news, the Bitcoin has just hit $2,000 mark straight from the level of $1000 milestone. The most prominent cause of rise of Bitcoin might be the increasing demand for digital currency. As a major issue, citing the past events, it is not a good time to be very happy about the rise.
The market forecast of this payment currency can be a biased opinion. Going by the number of incidences, things seem to be going well. India’s de-monetization scheme had scrapped the value of notes of the highest orders. The rise in the value of the American money will also lead to the demand of Bitcoins somehow. On the other hand, China has also advocated reducing its capital outflows. So, this might be a good indicator for these virtual coins.
The most recent event clicking the surge in the value of this currency might be the WannaCry ransomware attacks as well. The huge amount of ‘Digital Gold’ which is just cash stored in the form of Bitcoins; can be a lead too. To quote an estimated figure, it has risen 350% of its value in just 12 months.
Bitcoin has been steadily growing since 2016 since its inception towards the end of 2008. It had its share of bad days where the cryptocurrency earned an ugly name owing to its use in the illegal market of money laundering and drugs etc. Earlier this year, the Bitcoin’s value saw a hike which was further met with a decline as well.
If we look into the market statistics, then bitcoin has scaled sharply since the last few months and it will remain so, according to the analysts. All-in-all, Bitcoin will remain to be the most controversial money, ever.