The ongoing pandemic has caused a sense of uncertainty in the market, with the economy being affected severely by the lockdown, which has now lasted more than a year. However, there is still one industry that seems to not have been affected by this cycle of uncertainty. Yes, you guessed it right. I am talking about cryptocurrencies; bitcoin to be exact.
While most of the world economies are on the verge of collapse owing to the pandemic stress, the value of Bitcoin continues to achieve new milestones. Only last month (March 2021), Bitcoin achieved the all-time-high of $61,000, which is almost 10 times from its March 2020 price of ~$6,000.
And with so many modern, creative crypto startups such as the Shiftal P2P exchange working to expand the reach of cryptocurrencies, Bitcoin is becoming more mainstream now than ever.
What does this tell you?
One thing that the crypto price trend tells us is that the right time to invest in cryptocurrencies is RIGHT NOW. The longer you wait, the more you’ll miss the opportunity to become a part of this next-gen market.
And if experts are to be believed and if the bitcoin price continues to surge at the same rate, it will soon reach $100,000, most probably by the end of the year.
How did it all start?
It all started when someone named Satoshi Nakamoto released the bitcoin software version 0.1 in January 2009, suggesting an alternative to the various limitations of the fiat-based monetary system. Bitcoin was introduced as a digital currency that works without centralized authorities and can be used for making quick cross-border payments.
At the time of the launch, the price of Bitcoin was close to $0. As more people started realizing the power and significance of bitcoin, not just as a digital currency for payments but also as a trading medium, both the coin price and popularity started increasing. In 2013, Bitcoin touched the $1,000 price target, which was a quite important milestone in the coin’s journey.
COVID-19 and Bitcoin
Last year, when the world was hit by the COVID pandemic and most of the world economies were collapsing, Bitcoin among other cryptocurrencies also felt the pressure and its price dropped from over $9,000 in Feb 2020 to less than $5,000 in March 2020. But, the drop was only temporary, and eventually, the price of Bitcoin started increasing to ultimately reach the all-time high of ~$61,000 in March 2021.
According to a Moneycontrol report, crypto trading in India saw a 400+ jump during the COVID lockdown. This is despite the fact that the government is reportedly working on a law to ban or regulate cryptocurrencies in India.