After a Strong Six-Week Run, Bitcoin Continues to Fascinate the Business World

A few years ago, as a number of digital currencies were being introduced, many in the financial world were skeptical. While many admitted that there was a certain appeal in the prospect of unregulated cryptocurrencies such as Bitcoin, they did not see longevity in them. However, Bitcoin has gone on to make massive gains and is today accepted as a medium of payment by numerous organizations all across the world. The value of a single Bitcoin unit increased to slightly over $9700 just last week, thus raising hope that it might top $10,000 by the end of the year.
Just last year, one unit of Bitcoin could be traded for just $730. Compared to today’s value, the currency’s value has grown by more than 1000 percent. The currencies growth in the last six weeks has been even more tremendous. In early October a unit of the currency was worth less than $5,000. Since then, it has doubled to a value of more than $9,770. With more than four weeks remaining until the end of the year, the notion that it could hit a value of $10,000 seems highly probable if not inevitable.
As is often the case with other products, the demand for Bitcoin has been driven by a positive perception among investors. People typically tend to gravitate towards products that have positive news and away from those portrayed in a negative. Consistently for the last few months, Bitcoin has largely been portrayed in a positive light. Just this year, Japan agreed to have Bitcoin as an accepted medium of exchange within its borders thus opening yet another industrialized nation to the digital currency. Additionally, the announcement by the CME Group that it would begin offering Bitcoin futures by the end of the year has also greatly helped the cryptocurrency’s growth, especially considering the fact that the organization is the biggest derivatives exchange operator in the world.
While the rise of Bitcoin has indeed been meteoric, it has also been greatly volatile. The digital currency’s value has fluctuated greatly even as it has been rising over the last 12 months. Consequently, a section of those in the business world is still uncertain about Bitcoin and harbor fears that it is growing it a bubble that will eventually burst with devastating effects. In the meantime, however, expect many more investors to hop on to the Bitcoin bandwagon.

About Erica Smith 256 Articles
With several years in the medical field—both as a practitioner and an administrator—Erica has a unique perspective on the health industries. From medical technology to cancer research, she covers our health industry.

Be the first to comment

Leave a Reply

Your email address will not be published.