Bitcoin on the rise

June 12, 2017

With the rapid rise in the popularity of diverse cryptocurrencies, this one digital paying system is taking the headlines of many news articles. It’s name is “Bitcoin” and it has garnered the attention of many with its increasing value.

Simply and generally stated, the reason why Bitcoins are becoming so famous is due to the fact that they are on a steep incline. Every day, the price of one is soaring and reaching all-time highs. But with the world’s attention turned toward this Bitcoin, one question to ask at this point is this. Is there truly value behind the Bitcoin’s growing demand, or is it just a fad?

This question is crucial right now because Bitcoins are currently “the talk of the town.” With some saying the prices will soon dip, and well-known economists saying the value of them will double from now.

Claims made by people that believe Bitcoin prices would rise include that “the macro situation hasn‘t changed.” That although Bitcoin prices faltered recently, they are still on a trend of rising. Next is that Japan recently legalized the cryptocurrency for payments. Bringing upon even more participants in this mad rush.

On the other hand, Bitcoins have also been showing a weak side to it too. “Bitcoin’s market cap fell from $40.49 billion on Thursday to around $37.08 billion on Monday, a roughly $3.4 billion decline in value.” This event had people invested in Bitcoins a bit worried. Due to the fact that this was the first major decline in value of Bitcoins. It had shown investors all over the world that even such stable cryptocurrencies could suddenly face a fall.

All in all, Bitcoins are still going pretty stable. And most people are still recommending to buy just one and forgetting about it for a while. It is definitely exciting to see this turning point from traditional stocks to a newer type of cryptocurrency.

<Ashley Kim, New Covenant Academy>

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