The value of Bitcoin has reached new heights at the beginning of the month of January 2021. The price was almost 42,000 USD. According to the information of CoinDesk, the price of the cryptocurrency came down this Friday morning. It was 32,500 USD.
According to a note by JP Morgan which was published in the month of January, the price of bitcoin could ger excessively high in the long run if certain situations happen to occur. This can happen if the market cap reaches the level where it can be seen competing with gold. There are chances that given this situation, the amount of bitcoin is expected to reach 146,000 USD. The current market value of the cryptocurrency is 600 billion USD.
What Makes Bitcoin Popular?
Bitcoin is growing as something more than a mere crypto-currency. Many people are getting obsessed with it. The reasons for this are related to both behavior and psychology.
- Bitcoin grows to become an important part of the buyer’s identity.
According to the statement given by the science and technology professor at the University of California Davis, Finn Breton, it is not the sole thing that appears to be appealing. It is the culture that comes with it that is equally appealing to the buyers.
- The social media pages of cryptocurrency have added to its popularity. There are communities with regard to the cryptocurrency over Reddit, TikTok, and Twitter.
- Bitcoin is thrilling. The nature of volatility of the cryptocurrency and the thrill that comes with it is something that has added great value to it. A number of smart investors including Jim Carter from CNBC and Kevin O’Leary, have compared the whole crypto experience to a trip to Vegas.
- The cryptocurrency comes as a ray of hope that allows people to plan their future.
