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Many Bitcoin authorities predicted that in the year 2020, we would see Bitcoin reach $100 000 USD. Since then, Bitcoin and cryptocurrency authority Pompliano, has predicted that the Bitcoin price will reach $100,000 by the end of 2021. This comes after Pompliano first predicted this price in 2017. However, there are more and more reasons to think that $100k Bitcoin is becoming increasingly likely.
The Bitcoin price in CAD (or any other fiat currency) is determined by the Bitcoin market alone -how much it is bought and sold for on exchanges. Bitcoin’s value is a lot like a typical commodity, such as gold, which is why it is often compared to gold. The reason is that Bitcoin is a lot like gold, in that there is no other value that backs or determines its worth.
Unlike bonds, equity, or real estate, which gain value from liquidity, Bitcoin’s value is in the technology and the fact that there is a limited amount. And, given our current economic shifts, from the pandemic to increasing globalization, there is a very real need for digital currency.
What is Bitcoin?
Bitcoin is a totally digital asset that was created by the pseudonymous Satoshi Nakamoto in 2008. Bitcoin was the first cryptocurrency to prove that secure digital assets were possible when built on a decentralized blockchain network. And with the addition of strong, unbreakable code and (nearly) unhackable encryption, the first successful cryptocurrency was realized. Since then, Bitcoin and other cryptocurrencies have continued to demonstrate an incredible adoption rate and asset liquidity.
What determines the price of Bitcoin?
As mentioned, market demand is the primary determining factor for Bitcoin. In February 2020, Bitcoin was valued at around $10,000 USD. And as of the time of this article (… Read More
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