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

[chicnthin]

If anything, I think this pandemic has given bitcoin and other altcoins a positive results than a negative. Comparing it to the stocks, stocks price has decreased during the lockdown and only rising now. I guess because stocks are depending on the businesses and crypto is not. A lot of people like me has also grown interest on crypto only this pandemic.

 

[Henrywrites]

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.

With countries such as Venezuela using Bitcoin as means of payments for goods purchased, be rest assured that the price of Bitcoin won't be crashing at any moment from now. This is a great news for those that believe that in the future, Bitcoin will be means of exchange generally accepted by a lot of people.

 

[Kelly5]

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.

The fact remains that Bitcoin is a very widely accepted and popular coin. Inspite of the pandemic, it is surging higher and higher unlike it's Fiat counterpart. People can and have seen the great potential in holding this cryptocurrency.

 

[Koldej]

It's a very simple logic, the pandemic has made it very difficult for people to trade and buy goods physically, in most cases digital currency and online payment has been adopted , and this has resulted in more traffic in the use of bitcoin, definitely the result is not a coincidence

 

[Donkiz]

Bitcoin price during this pandemic was surprisingly and took many people by surprise, it rise was helped by the decision of some major organizations to store their money in the form of bitcoins. The situation which caused the price surge will also cause the price to depreciate when people start liquidating the bitcoin investment.

 

[Johnbami]

To me I think the pandemic is the real causes of bitcoin's price going upward because people are no more going out as they should, in this situation people only switch the buying and ordering of things online and having them delivered to them at home and sometimes this online site accept bitcoins as mode of payment, so to me this is the reason why bitcoins is rising up which may not come down again, sometimes is good to invest in bitcoins now as the price may not come down anymore
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To me I think the pandemic is the real causes of bitcoin's price going upward because people are no more going out as they should, in this situation people only switch the buying and ordering of things online and having them delivered to them at home and sometimes this online site accept bitcoins as mode of payment, so to me this is the reason why bitcoins is rising up which may not come down again, sometimes is good to invest in bitcoins now as the price may not come down anymore

 

[Sake]

If anything, I think this pandemic has given bitcoin and other altcoins a positive results than a negative. Comparing it to the stocks, stocks price has decreased during the lockdown and only rising now. I guess because stocks are depending on the businesses and crypto is not. A lot of people like me has also grown interest on crypto only this pandemic.

That's probably one of the reason why Cryptocurrency suddenly rise.. because stocks and companies are deeply affected by the pandemic there's probably a lot of investors that moved to Cryptocurrencies this year. Resulting in more demand.

 

[giddy]

This asset class is experimental and thus entirely speculative, and despite being labeled as a safe haven asset immune from the whims of the global economy, bitcoin did not exist during the 2008 economic crisis. Ironically, it was formed out of the ashes of that spectacle and has existed solely in a risk-on global macro climate. Given that bitcoin has never existed during any form of global financial turmoil, there are zero data points to extrapolate from

 

[EMMANUEL]

The pandemic and lockdown made bitcoin valuable because it encourages online trade and facilitate the level at which trade can be done without physical contact of the both transactions.
People engage rapidly because all physical contact has been put to rest In other to curb the matters arising all over the world.

 

[Ayokex]

The reason is very simple, the pandemic cause a serious issue in the world economy that the government of most countries had to declare a total lock down on people and any form of transactions. This made people to stay at home and continue to carry out their business transaction online. And seeing that crypto currency it the next reliable means of online exchange, then they started embracing it.

 

[redpogi16]

In the aftermath of the World Health Organisation’s decision to officially declare Covid-19 a pandemic last month, pretty much every asset in the world fell in value, even supposed safe haven assets such as gold and bitcoin. While gold has since recovered and reached levels not seen since 2012, the so-called “digital gold” is still down more than 30 per cent from the year-to-date highs made back in February.

But wasn’t this supposed to be bitcoin’s time to shine? The idea that bitcoin was completely uncorrelated with the rest of the market and could potentially act as a safe haven during times of economic turmoil gained popularity in 2019. So why is the crypto asset basically following the S&P 500 wherever it goes? Has bitcoin failed to live up to its ultimate promise?

 

[marky]

pushed many individuals to work on the web and invest more energy online accordingly presenting them more to digital currencies. The more they created revenue, they contribute and the rest is similarly as you have expressed.

 

[Herzhan]

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.

The pandemic was just a test that bitcoin had to pass for it to stake it’s claim as a safe haven and it did so with flying colors after breaking its psychological threshold of 20k. Now at 23k and still surging forward, I believe it is safe to say that 30k is a possibility in Q1 2021.
But how did we get here despite the bizarre pandemic that threatened to put a halt to global activities?
The COVID-19 pandemic has caused direct impacts on income due to premature deaths, workplace absenteeism, and reduction in productivity and has created a negative supply shock, with manufacturing productive activity slowing down due to global supply chain disruptions and closures of factories.
The government tried to fix it by injecting fiscal stimulus into the economies globally which has created challenges for traditional asset classes. Interest rates have moved into negative territory, equity valuations are at record high levels, and the correlation between asset classes have increased.
All this has ultimately reduced the amount of value that can be generated from investments and increased the risk of a traditional portfolio. In addition, the massive liquidity injections could create inflationary pressure, leading to the loss of a portfolio’s purchasing power.
During this time cryptocurrencies are emerging as an alternative asset class which can boost returns and diversify a portfolio and with the second wave of Covid-19 on the horizon Bitcoin is expected to surge even higher in terms of price and adoption because it is no longer news that Investors (Institutional) now see it the light of it being an hedge against inflation which will only fuel it further.

 

[Justin]

When other businesses shut down, people started investing in bitcoin and other crypto currencies, that's how bitcoin price started going up. Not only bitcoin, most of the crypto currencies have gained value

 

[Sincerem]

When other businesses shut down, people started investing in bitcoin and other crypto currencies, that's how bitcoin price started going up. Not only bitcoin, most of the crypto currencies have gained value

The pandemic really made people to realize that Bitcoin investment can be another source of earning online, that's why they crowded it,along the price to pump high.

 

[Senator]

Before the pandemic, bitcoin was having the tendency to really appreciate very much on value. It's usage was in no doubt gaining more grounds regardless of the pandemic

 

[Mostee501]

They're more investor's top notch one's at that,investing huge amounts and more acceptance of cryptocurrency by some countries,all thes are factors.

 

[Muhammadawais]

On Friday, Bitcoin surpassed $18,600, continuing its upward trend that began in early October. The largest digital currency by market cap is up 160 percent in 2020 and 190 percent since March 15, following a 25 percent price drop in the second week of March.

It's now close to its all-time high of around $19,800 set in late December 2017.

 

[Setho]

I do not think bitcoin growth was dependent on weather or not normal offline works was holding. Another factor is, many online workers wanted their payments to be done through bitcoin hereby causing demand for it.

 

[Justin]

The pandemic really made people to realize that Bitcoin investment can be another source of earning online, that's why they crowded it,along the price to pump high.

That's correct. People who had money for investment invested a lot of money that increased the price of bitcoins and other crypo currencies. However, for most if us price increment did not benefit because we had no funds for investment.