Shubham Saroj
If there’s anything attracting more heat than a hot girl its bitcoin. Bitcoin is clearly on a roll as it has now crossed the $30,000 mark and shows no signs of stopping anytime soon.
At the time of writing this blog, bitcoin’s value is fluctuating around $33,900 per bitcoin. If bitcoin grows with this speed, it could grow up to $100,000 by the end of 2021. So we have to keep our fingers crossed. Bitcoin advanced more than 300% in 2020, and with the latest leg higher has added more than 50% since crossing $20,000 just 2 weeks ago.
But many argue that the value might be a little inflated as there isn’t anything that’s backing bitcoin except the Blockchain Technology it’s based on. Blockchain technology is tamper proof and can serve its purpose in many areas. Many agree that Blockchain is the next biggest invention after the internet.
There might be a huge demand for bitcoin also due to the fact that there is a limited availability of bitcoins. A total of 21 million bitcoins will ever be created from bitcoin mining and at present a total of 18.5 million bitcoins are in circulation.
The last bitcoin will be mined around the year 2150 as mining gets harder with time and bitcoins are released even more slowly than before. These might be the only possible reasons why bitcoins are in huge demand.
It has seen demand grow from larger U.S. investors, attracted by its perceived inflation-hedging qualities and potential for quick gains, as well as expectations that it would become a mainstream payments method in the future for almost all transactions.
Some also saw it as a safe-haven play during the COVID-19 pandemic, akin to gold. Many are also calling it Digital Gold or Gold 2.0. Let’s see what the future holds for Bitcoin and Blockchain.
