By Hidayat Sultanli
On Nov 06, 2020
Bitcoin, with the highest market capitalization among cryptocurrencies, proves itself as a leader and reliable currency.
The recent days all the media and financial advisors begin to talk about Bitcoin. People even who are not interested in Bitcoin start to notice the importance of Bitcoin as currency and a precious asset. What was the reason?
There are so many supporting factors about the bullish move of Bitcoin and the recognition by people. Firstly, in October, PayPal introduced its new cryptocurrency project. The project was about adding top cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum, to the PayPal wallet. The inclusion of those cryptocurrencies will improve the adoption and wide range of usage of Bitcoin. Secondly, ECB is interested in the application of digital currencies. In early October, they made a report about investigating the issuance of the digital euro. Recently, Christine Lagarde, ECB President, made a statement that they are currently exploring the possibility of launching digital euro. These steps towards digitalization boost the interest of people.
The consistent upward movement of Bitcoin changed the opinions of some experts too. Financial journalist at Bloomberg, Tracy Alloway, expressed his opinion on its Twitter account by declaring, “Oh yeah, I am bullish on Bitcoin now.” In the article, she stated that bitcoin became much more like a financial asset than buying pizzas. Also, she mentioned that Bitcoin breaks up the connection between people and banks since not everyone likes banks. Famous YouTube blogger Casey Neistat twitted “btc” as Bitcoin becomes a trending topic in Canada also in the USA.
People are always skeptical about new ideas. It takes time to get acceptance from the crowds. In the past, they criticized Amazon, and its market capitalization is the 4th in the world. They said there are many online retail vendors, “it is a bubble, and it will explode soon.” Bitcoin received similar opinions about itself. They commented: “it is dirty money that used in crimes,” “it is just a bubble.” However, nowadays, Bitcoin is a sound cryptocurrency, and it continues to move upwards and proving itself as a market leader.
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Disclaimer: All information provided in the content is for informational purposes only and should not perceive as an investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.