Today, November 24, the bitcoin exchange rate is on the virtual currency market crossed the $19 mark for the first time in three years. Everything is going to the fact that the most famous cryptocurrency of the world will break its own record - in 2017, the maximum value of one bitcoin reached 20 dollars.
What is happening with bitcoin - justified growth or will the cryptocurrency soon fall in price again? ElitExpert studied the opinion of world analysts regarding this issue.
What contributed to the new rise?
2020 started for bitcoin at $7177 per unit. Starting from spring, the course has been constantly growing, except for minor fluctuations. What caused the cryptocurrency to more than double in value?
If in 2017 the price of bitcoin grew due to demand among private individuals, then this year they began to invest in bitcoin, which gave the cryptocurrency a second lease of life. Investors were large companies that decided to keep part of their funds in cryptocurrency. And as soon as the course jumped up after this, private individuals became interested in bitcoin again.
In addition, the ubiquitous coronavirus, which caused significant damage to the world economy, played its role. According to financier and JPMorgan analyst Nikolaos Panigirtsoglu, instability led to the fact that trust in traditional currencies and stock markets fell, and then they remembered bitcoin. Taking into account the fact that the amount of cryptocurrencies is limited, each unit is worth its weight in gold.
What will happen to the course in the future?
As for what to expect from bitcoin next, the opinion of experts is mixed. For example, the head of Citibank Group for global products Citifxtechnicals Tom Fitzpatrick predicts an incredible growth of bitcoin - in his opinion, in 2021 the value will exceed the mark of 300 dollars.
However, some predict another collapse for him, as last time, when the value of the cryptocurrency went down rapidly. Thus, the Bloomberg publication writes that nothing has yet eliminated the fundamental weakness of bitcoin as a currency and means of savings, and the growth of the exchange rate looks like the inflation of another bubble that may burst at any moment.
One thing can be said unequivocally - bitcoin is not for those people who do not like to take risks, because investing in this market is nothing but roulette. But if you are willing to take a chance, you can make a big buck.
