Bitcoin Aiming For A New All-Time High

From reaching a high value of around $34,625 in January to a new all-time high of $58,000 in February ($58,300 as of February 21st, according to Coin Desk data), pioneer cryptocurrency, Bitcoin, is on a journey to increasing and building on new highs. So what is going to be the next new high price of Bitcoin?

There is only a total of 21 million Bitcoin (nothing more, nothing less) in existence and a total of 7.8 billion people of the world population. That would be about 0.0027 Bitcoin per person if it were to be distributed equally. But then, just like every other currency in existence, it is not. Bitcoin is dependent on the forces of its demand and supply. The more people become aware of its scarcity, and the more the demand rises, the more it keeps reaching new price highs.

Why is Bitcoin Rising So High?     

The recent trend in Bitcoin adoption by lots of large corporate entities has validated and erased doubts about the authenticity of the cryptocurrency. It has also triggered mass awareness, adoption, and demand as it is now being accepted in many significant areas of our day-to-day endeavors. And an increase in demand means an increase in scarcity of Bitcoin since its supply is limited. And hence a continuous price increase.

Internet payments big-name PayPal in October 2020 made it public that its users could now buy, hold and sell a range of cryptocurrencies (Bitcoin included) and make purchases with it. Millions of businesses use PayPal for depositing and withdrawing funds, and the announcement was a big push in the wide use of Bitcoin.

Another major boost to the price of Bitcoin and its rising over $50,000 came from Tesla CEO’s announcement. Elon Musk announced a $1.5 billion worth of investment in Bitcoin and proposed a plan to accept the cryptocurrency as a future payment.

Moving For A New High?

Aside from PayPal and Tesla investing in Bitcoin, some major firms like Fidelity also invested. This has led to an increasing acceptance of Bitcoin by institutional and regulatory bodies. Smaller firms are also expected to follow the trend. 

The wide acceptance of cryptocurrency and constant scrutiny is causing an increase in demand as more and more people are becoming aware of its scarcity. If things keep going on this trajectory, it is expected that Bitcoin will rise even higher in the nearest future. 

Leave a Reply

Your email address will not be published. Required fields are marked *


US Congressman Proposes Bill to Regulate Cryptocurrencies and Stablecoins

There are two forces at play here, and one is a decentralized network of cryptocurrencies. On the other hand, centralized finance owned by governments, banks, and financial institutions has converged on making their own tokens to tackle it. But instead of being anonymous and decentralized, they will be highly regulated and controlled entities. Today’s new […]

Amazon Currently has No Plans to Accept Bitcoin Payments

Bitcoin mania is on the rise as bullish signals approach; Bitcoin had seen some very hard days, especially in the past few months when Elon Musk and China were cracking at it, and most of the investors lost their faith in the cryptocurrency. Bitcoin stayed closer and then below the $30K price range and was […]

New Monero Bug Violates Users’ Transactions Privacy

Monero is a privacy-focused cryptocurrency and is already getting some traction from the crypto market and investors alike. But it has been infected with the bug named “Monero,” which consistently bewilders the transaction privacy and credibility for users. The whole point of using cryptocurrency for making transactions and the use of blockchain technology is to […]

UK-based News Agency Claims Amazon is Going to Enable Cryptocurrency Payments

Amazon is the fourth-largest company in the world in terms of annual revenue generation. The retail giant was caught by a cloud of rumor mongers who connected Amazon with cryptocurrencies like Bitcoin. The root cause of the rumors was a series of job postings by Amazon that show vacancies for blockchain and digital payment experts. […]

Polkadot (DOT) Targets $17 on a Bullish Set-Up

Briefly – DOT has recovered almost 40% from its weekly lows, targeting $17. DOT’s price tries to prevent the declining wedge. The RSI overpowers a five-month trend-line. Polkadot (DOT) Price Analysis Though Polkadot (DOT) has been here for not that long, it has enjoyed massive adoption by crypto advocates. That is because of the solutions […]