• Please note to have a link in an article you must first request permission from the administrator and pay a fee. You can read more information here.

How did Bitcoin manage to reach its all-time high this year despite the pandemic?

  • Thread starter Thread starter WhiteHouse
  • Start date Start date
Actually the pandemic did actually help it, with the central experiencing fall downs and taking hits, people invested in bitcoin as it is completely unrelated to the central bank , and it's valued by its own chain, and to help even more, more and more people started investing and doing business online since they can't get outside.
 
The activity just got famous and a name was given to it.ponzi scheme is an activity that has been existing as far back as when man was created, so I don't see any reason a civilised person will get involved in it with all the enlightenment if not greediness.
 
A lot of people are not online frecks until the pandemic showed up, same as a lot of people never know about cryptocurrency, bit coin, lite coin, etherum and a host of others. The pandemic opened the eye's of a lot of people to know how all this things works. Because people were glued to the Internet when having nothing to do.
 
Bitcoin surge pass what Investors couldn't believe just because more and more investors are pulling their money out of gold investment and moving into Bitcoin and any other crypto currency exchange Business. This is a good feet for Bitcoin as even some politician are already saving their money in the coin wallet.
 
One thing is certain, online or digital stuffs and ventures are dynamic in nature. They behave differently from their physical alternatives. Only the internet affects it not even pandemic or any physical occurrence. We also saw digital tech billionaires getting richer during the pandemic. The internet knows no barrier or boundary so that's what crypto currencies like Bitcoin leverage on.
 
WhiteHouse said:
Bitcoin is totally controlled by organic market. Bitcoin has a fixed stock of 21 Million coins mined in the year 2140. Accordingly, the primary concern that changes the cost of Bitcoin is request. The more individuals who purchase and hold it the more the cost goes up. The more individuals who decide to sell it the cost goes down.

Institutional Investors purchasing Bitcoin. Enormous organizations like Square, PayPal Grayscale, and even Countries have bought Bitcoin in huge amounts. This is the essential driver of the ebb and flow buyer market.

If you have any other opinions as to how Bitcoin has continued to surge despite all the odds, please State it
Click to expand...
The pandemic caused a lockdown, so crypto currency was widely used as exchange more than Fiat money. Bitcoin is the leading crypto currency hence the surge in price. Many people bought and hold Bitcoin during this time.
[automerge]1609580141[/automerge]
WhiteHouse said:
Bitcoin is totally controlled by organic market. Bitcoin has a fixed stock of 21 Million coins mined in the year 2140. Accordingly, the primary concern that changes the cost of Bitcoin is request. The more individuals who purchase and hold it the more the cost goes up. The more individuals who decide to sell it the cost goes down.

Institutional Investors purchasing Bitcoin. Enormous organizations like Square, PayPal Grayscale, and even Countries have bought Bitcoin in huge amounts. This is the essential driver of the ebb and flow buyer market.

If you have any other opinions as to how Bitcoin has continued to surge despite all the odds, please State it
Click to expand...
The pandemic caused a lockdown, so crypto currency was widely used as exchange more than Fiat money. Bitcoin is the leading crypto currency hence the surge in price. Many people bought and hold Bitcoin during this time.
 
Solid planning and strategy was the way out. Bitcoin investment and it's board am sure planned the future of their investment long before now. This crypto currency was not living or operating base on the present Economy that they could see. But were diligently working and planning for the future and unforeseen circumstances.

And when the wave of pandemic came, instead if failing, the currency rose.
 
The Currency now has ground that it rest on and this strength is really helping the coin to grow as fast as possible even those that thought it could crash anytime soon had no option than to invest in it as people are getting more rich through bitcoin Investment on daily basis since pandemic began.
 
In my own opinion, institutions adoption of Bitcoin is the driving force to the rise of bitcoin. Some of this institutions keyed in to bitcoin adoption after the first wave of the pandemic. Bitcoin is being driven basically now by fundamental analysis, that is news.
 
Super rich firms like Greyscale are creating what we call BTC blackhole. A blackhole is created when BTC is bought and then kept aside ie no longer in circulation. Since BTC has a limited supply, and demand is increasing such blackhole will definitely push price up.
 
People actually expected the pandemic to affect cryptocurrency and Bitcoin to be specific in a negative way, but the opposite happened, due to the pandemic, lot of people had to stay home, which means, more usage of Bitcoin which is important
 
We need to remember Bitcoin start the year 2020 with low price because of the economy crisis caused by COVID-19 pandemic. But then when the majority of countries suffered the effect of pandemic the Bitcoin start growing, this means a lot of people joined the cryptocurrency for investment and use.
 
In the previous bull run, financial (and non-financial) press went into a frenzy, in many cases covering bitcoin for the first time, and the price hike became a cultural conversation around Thanksgiving dinner tables. Stories proliferated of crypto newbies buying up bitcoin on exchanges, many of whom lost their shirts when bitcoin dropped precipitously in January 2018.

This time, the coverage has been muted. Perhaps you can chalk that up to the mental toll of the pandemic or the distraction of the U.S. presidential election. (The debate feels in many ways similar to the debate around why live sports TV ratings are way down.) Or it could be a sign that the price hike is less remarkable because the public now knows about bitcoin, and it has become less of an oddity. That can be a positive indicator for its future use and mainstream acceptance.
 
Pandemic is one of the major reason for such rise in bitcoin's price as everyone was online during the pandemic and huge number of people turned their business online and bitcoin was the easiest way that time to sit with your eyes and ears open and earn profit. Also introduction of paypal in cryptocurrencies also influenced investors to invest on bitcoin and other cryptocurrencies.
 
Bookwormlux said:
Another factor I think contributed is the fact that many people found ways of earning online and Bitcoin became their most preferred means of getting paid. This led to an increase in demand.
Click to expand...
This was exactly the case with me. I had been a content writer, and an intern.

Due to the pandemic, like many other people lost their jobs and had to stay home, it happened that an alternative way to make money was needed.

I stumbled on Bizdustry, and it was the first time I took crypto seriously.
 
WhiteHouse said:
Bitcoin is totally controlled by organic market. Bitcoin has a fixed stock of 21 Million coins mined in the year 2140. Accordingly, the primary concern that changes the cost of Bitcoin is request. The more individuals who purchase and hold it the more the cost goes up. The more individuals who decide to sell it the cost goes down.

Institutional Investors purchasing Bitcoin. Enormous organizations like Square, PayPal Grayscale, and even Countries have bought Bitcoin in huge amounts. This is the essential driver of the ebb and flow buyer market.

If you have any other opinions as to how Bitcoin has continued to surge despite all the odds, please State it.
Click to expand...
I think that the main reason that bitcoin has grown to such an extent through the pandemic is caused by the fact that there is a lot of people that are working from home and looking for online ways in which they can earn and crypto was able to do that for them in terms of trading faucets and so forth. This peaked their interest which in turn lead to a greater demand of crypto and bitcoin. I think that this was a large contributing factor as well.
 
WhiteHouse said:
Bitcoin is totally controlled by organic market. Bitcoin has a fixed stock of 21 Million coins mined in the year 2140. Accordingly, the primary concern that changes the cost of Bitcoin is request. The more individuals who purchase and hold it the more the cost goes up. The more individuals who decide to sell it the cost goes down.

Institutional Investors purchasing Bitcoin. Enormous organizations like Square, PayPal Grayscale, and even Countries have bought Bitcoin in huge amounts. This is the essential driver of the ebb and flow buyer market.

If you have any other opinions as to how Bitcoin has continued to surge despite all the odds, please State it.
Click to expand...
One of the greatest factors leading to the increase in the price of bitcoin is hoarding. And this can happen with or without pandemic, so I wouldn't believe that this pandemic is the main factor that made bitcoin to be this high it's hoarding.
 
Currently Bitcoin is in short supply, meaning that more than 13 million Bitcoins are in large investors and institutions (stuck) of sum
Circulating Supply 18,596,331 BTC, so there is only less than 5 million BTC available in circulation (crypto exchange). So as long as Bitcoin big hodlers and Institutions don't sell their Bitcoin, the price will continue to rise.
 
The pandemic and the lockdown that came with it increased the volume if people working online and there was need to make lots of payment online but in small and large funds, but because of the limit on most people's account they had to an unregulated form of payment that has no limit which is crypto currency
 
This is a very good question, and the secret is this, as a result of the pandemic alot of people now make online transactions, buying goods online and making payment online and at this point the need of digital currency skyrocket, and thereby causing high demand in cryptocurrency
 
You must log in or register to reply here.
Back
Top