Bitcoin has remained the most popular digital currency so far. Having being introduced in 2009, it is also the first and thus the oldest virtual currencies in the market. It is often used to make the price volatile in the market, particularly around digital currencies, ever since it first came like a fraction of a dollar in the year 2010. Bitcoin in the last year has surged as a popular digital coin in a big way, and it continues to prosper with a bit of decline in the middle of this year. In a sense, one can find a sense of aura and craze around this digital currency, and it seems to be going higher than expected in the last few days. Needless to say that it did well like the previous years, and in less than a few days, it is back with its aura. One may find some kind of pressure from the tweets coming from Elon Musk when we see China banned it along with the services linked to the same.
Before we check the way, it evolved, even on sites like Daily Profit paltform , we need to understand the way the price of the currency has soared checking its history. Let’s explore the numerous fits and starts. It was in 2009 when Bitcoin came into force, and the value of the same was pronounced as zero. Soon after a year or so, it turned with one buck mark, and a software programmer shopped two pizzas investing 10K of Bitcoins. Imagine the amount of money it could have given to this IT professional. Anyway, with cents and a fraction of dollars, finally, the digital coins in 2011 moved up the market one USD for the maiden time. By November 2013, the coin was able to move ahead thousand USD mark and soon started getting attention all across the world.
In 2017, the people witnessed the second big surge in terms of history, and soon we saw it surging to the 20K USD mark. However, in the next 12 months, it did crash to 3.3K USD, thus getting the pinch. However, it was in December 2020; there seemed a good surge of Bitcoin wherein it went beyond 20K USD, which was a big leap in the history of the digital coins, and then came April 2021 when it came close to 65K USD. But the next month, things turned volatile, and buck seemed to cut this coin affecting once again the value and price of BTC.
Now, the big thing came when people started comparing with assets like gold. The Bitcoin lovers went on to the extent of comparing Gold with Bitcoin, calling it an asset like any other asset. They further worked out the relationship of BTC with the precious metal, keeping in mind the US dollar, and started treating it as a hedge unlike what was not seen before. The selling price of digital assets at this very time when we see the inflation fear to go up, but at the end of the day, it hurts in a bad way, like how the asset class is seen acting as per the inflation hedge.
Then came the Elon musk factor somewhere in Feb 2021 when he was seen investing around 1.5 B USD in Bitcoin. The investment came from his company Tesla dealing in electric vehicles. Earlier this week, we can find BTC was seen becoming volatile, and soon Musk was seen retracting some plans for accepting the same for the cars belonging to this company. The selling thing did resume over the weekend when Musk was seen announcing about his company stating that he intends to sell all his corporate shares but then was seen tweeting stating that he is not doing the same. He then announced that his company Tesla is going to hold it for a while.
Now, the big question is, should you buy bitcoin. As per experts, Bitcoin remains all-time in terms of price, and it would drastically fall in several volatile markets, including digital coins, particularly when we see it going in a bigger way. We see the long-term value investors calling for the price reduction. People are also interested in looking beyond BTC, and we can see several investment firms announcing the same.