The rise of bitcoin
Is this just speculation or are there other drivers behind its rise? The answer is both. QE and incredible levels of money printing by major economies to boost economic activity, have to devalue fiat currencies and will cause inflation over time. Obviously this undermines Fiat currencies as a store of value long term and Bitcoin is gaining ground as a safe haven store of value.
Also the younger generations connect more with bitcoin than with traditional safe havens such as XAU and the dollar and as the world becomes more knowledgeable of bitcoin a certain level of comfort sets in. One of the issues holding major investors back has been the relatively small size of bitcoin as an asset. The fact that the supply of bitcoin, unlike fiat currencies, is finite and limited to 21m coins is in itself a major driver higher. Who is it for? Answer anybody. Early on it had a poor reputation and was not widely used or understood, but that is changing over time as more people and institutions get involved and as the value grows and draws in the financial industry and individuals.
Is Wall St now piling into BTC, well despite some headlines — strictly no, but in reality Investment banks and investment companies are opening up to BTC slowly, but honestly real money so far has not bought in. Here's a quick rundown of Bitcoin's price history: — Bitcoin had a price of zero when it was introduced in The year proved to be a generally uneventful year for Bitcoin, but witnessed strong gains in price. Mainstream investors, governments, economists, and scientists took notice, and other entities began developing cryptocurrencies to compete with Bitcoin.
Bitcoin's price moved sideways in and , with small bursts of activity. Bitcoin's price burst into action once again. The pandemic shutdown and subsequent government policies fed investors' fears about the global economy and accelerated Bitcoin's rise.
At the close on Nov. On Nov. The price started fluctuating more as uncertainty about inflation and the emergence of a new variant of COVID, Omicron, continued to spook investors. On June 13, crypto prices plunged. Interestingly, Bitcoin's price trends appeared to mimic those of the stock market from November through June , suggesting that the market was treating it like a stock.
What Affects the Price of Bitcoin? Supply and Demand Like other currencies, products, or services within a country or economy, Bitcoin and other cryptocurrency prices depend on perceived value and supply and demand. If people believe that Bitcoin is worth a specific amount, they will buy it, especially if they think it will increase in value.
By design, only 21 million Bitcoins will ever be created. The closer Bitcoin gets to its limit, the higher its price will be, as long as demand remains the same or increases. Bitcoins are created by mining software and hardware at a specified rate. This rate splits in half every four years , slowing down the number of coins created. Bitcoin's price should continue to rise as long as it continues to grow in popularity and its supply cannot meet demand.
However, if popularity wanes and demand falls, there will be more supply than demand. Then, Bitcoin's price should drop unless it maintains its value for other reasons. New Bitcoin Securities Another factor that affects Bitcoin's price also relates to supply and demand. Bitcoin became a financial instrument that investors and financial institutions used to store value and generate returns. As a result, derivatives have been created and traded by investors.
This influences Bitcoin's price. Speculation, investment product hype, irrational exuberance, and investor panic and fear can also be expected to affect Bitcoin's price because demand will rise and fall with investor sentiment.
Cryptocurrency Competition Other cryptocurrencies may also affect Bitcoin's price. There are several cryptocurrencies , and the number continues to rise as regulators, institutions, and merchants address concerns and adopt them as acceptable forms of payment and currency.
Lastly, if consumers and investors believe that other coins will prove to be more valuable than Bitcoin, demand will fall, taking prices with it. Or, demand will rise along with prices if sentiment and trading move in the opposite direction.
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