Skip to main content

Why is the price of Bitcoin at an all-time high? And how is its worth calculated?

Bitcoin is still trading near its all-time high, which it reached earlier this month. Its current price is around US $34,000, up about 77 percent in the last month and 305 percent in the last year. Bitcoin, which was first introduced as a digital currency in 2009, was initially used as a form of digital money on the outskirts of the economy. 

It has since gained popularity. Today, it is almost entirely used as a form of "digital gold”. However, increasing the supply of money devalues it, causing people to seek out inflation-resistant assets to invest in. In this environment, Bitcoin has evolved into a hedge against impending inflation and low returns on other types of assets.

 

Comments

Post a Comment

Popular posts from this blog

Cryptocurrency market value went up

A new record was achieved on Monday for the second-largest cryptocurrency by market value, Ether, with a new high of more than $4,700. A 12,000 percent increase in the value of SOL, Solana's cryptocurrency, has occurred in the last 12 months. In New York City last week, more than 5,000 people gathered to support nonfungible tokens at the NFT.NYC conference. According to CoinDesk, guests exchanged a total of 700,000 NFTs at the event. The cryptocurrency "Squid Game," which was inspired by Netflix's blockbuster TV show "Squid Game," suffered a huge plunge this weekend. Customers were unable to sell the token on Pancakeswap after CoinMarketCap received "a number of reports," the cryptocurrency exchange said in a statement. As of this writing, the token's white paper and website are no longer accessible online. Quentin Tarantino, the director of "Pulp Fiction," will release seven uncensored segments from the film. For his first three payc...
Post a Comment
Read more

Cryptocurrency trading is "not suited for the general public", according to Singapore's central bank.

Cryptocurrency investors in Singapore may have to go through a risk awareness assessment before being allowed to trade. They will also not be able to use credit cards or any form of borrowing to trade cryptocurrencies. These are among the measures proposed by the Monetary Authority of Singapore (MAS) to protect retail consumers. A risk awareness assessment is also being proposed to ensure that retail customers have sufficient knowledge of the risks involved. DPT service providers will not be allowed to offer any monetary or non-monetary incentives to retail customers upon sign-up, or to any person to encourage referrals of its service.  
Post a Comment
Read more

NYDIG laid off a third of its employees last month, according to sources.

Corporate leaders reportedly told 110 affected employees on September 22. The company intended to decrease costs and focus on promising firms, according to interviewees. 1.5 weeks before NYDIG's top two leadership changes, staff was reduced. On October 3, Robert Gutmann and Yan Zhao quit NYDIG. Tejas Shah and Nate Conrad have taken over for NYDIG's parent firm, Stone Ridge Holdings Group. Both posts stay. NYDIG's statement didn't discuss layoffs or why it replaced leaders. First-half sales jumped 130%, according to a report. NYDIG's founder said, "We're spending aggressively in a capital-starved market." NYDIG offers bitcoin trading, brokerage, custody, and asset management. The December funding valued the company at $7 billion. NYDIG backed Massachusetts Mutual Life Insurance's $100 million bitcoin acquisition a year ago, indicating mainstream finance's interest in cryptocurrency. MassMutual invested $5M in NYDIG. Stevens, Gutmann, and Zhao es...
Post a Comment
Read more