Bitcoin, The king of Cryptocurrency stuns the world with the massive price of $40 K USD! For the past few days, the BTC price graph is raising steadily and hits the historical peak. This great news brought bright smile in crypto traders & investors face on the other hand, people who missed out BTC has a long face.
Have you ever think, why the BTC price is increasing to this extend? Let’s have a look!
MicroStrategy, a business analytics company, converted $425 million worth of cash in its treasury to Bitcoin. Shortly after the payments company Square made a $50 million purchase. There is a huge variation in individual investment and institutional investment.
Institutional Investment considerably increases the trade volume than individual investors. JP Morgan share rider stated that the bitcoin would potentially replace the traditional investment like gold for the large extent. Galaxy Digital CEO stated that the Bitcoin will raise to large extent by institutional participation and investors interest
Wide Adoption of Bitcoin
In 2020, Paypal started accepting Cryptocurrencies and according toBloomberg, 26 million people accessing bitcoin via paypal’s network.Square, the popular payment service, decided to hold Bitcoin in its cash money and bought nearly 4.7 K BTC worth 50 million USD. Money popular e-commerce sites will integrate bitcoin as the mode of payment.
Inflation and the Rush Toward Safe-Haven Assets
Another reason for Bitcoin’s rise is the growing inflation of the U.S. dollar. While inflation is on average 2% each year, recent stimulus spending is poised to greatly increase the level of inflation and decrease the dollar’s purchasing power.
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