Why is the Bull in the Bitcoin Market?
the year 2008, the stock market just crashed and the world was in fear. It affected virtually all continent including Asia and they were expecting the US bailout. Several people were still recovering from the failure of the banks and the collapse of major financial institution, so the world wanted a saviour. It was in all this that in October 31, 2008, Bitcoin whitepaper came into limelight. Owned by a ghost known as Satoshi Nakamoto, its aim is to bring a decentralized form of money which had a specific inflation rate. Bitcoin is controlled by no central system or government and it can be traceable by everyone, as every transaction is visible on the blockchain. Ever since, it has been a currency for the world, either as an investment security or as a means of exchange.
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Cryptocurrrencies are digital currencies and Bitcoin is an example of a cryptocurrency which was founded along side the blockchain. Bitcoin was created to be decentralized and transparent, as well as having the same value everywhere around the world. It is a very easy way to transfer funds anywhere around the world. There will be 21,000,000 bitcoin to be mined ever, because it is open.
Bitcoin had a pump in 2017 which shot up to $20,000 in value. A lot of people bought the coin and then Bitcoin crashed to $3000 and now in 2020, bitcoin just hit another $18,000. Unlike the previous bull market in 2017 where a lot of people thought Bitcoin was a get rich quick scheme, but now it has an understanding. A lot of people understand Bitcoin now and there are a lot of cryptocurrency available (over 4000 altcoin) compared to 2017.
A lot of people see Bitcoin as the electronic gold and they see it as a hedge. Since the government of several countries have been printing a lot of money, people have been looking for a safe haven and there came Bitcoin to save the day. I still have a lot of skepticism about seeing a repeat of 2017 and 2018 but i hope the bull stays long in the market this time.
