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

[WhiteHouse]

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.

 

[Josemendez]

You have said it all. Basically there seems to exist more of holders than traders , and this limited the supply of Bitcoin thus making it possible for the existence of more demand for lesser supply

 

[Ralphjoe]

What you said is the absolute truth and reason for why Bitcoin keeps surging high, apparently its just basic demand and supply that causes the price of Bitcoin to change. That's lovely

 

[Kamon c4]

Bitcoin price is driven by the demand and supply dynamics. The higher the demand the higher its price, the lower the demand the lower its price. Moreover the supply of bitcoin is controlled for there can be only 210,000 blocks that can exist

 

[Niftyyem]

The pandemic pushed a lot of people to work online and spend more time online thereby exposing them more to cryptocurrencies. The more they developed interest, they invest and the rest is just as you have stated.

 

[Peterlight]

The pandemic made alot of investors do some research on Bitcoin and it's capability which made them to put more investment on it that's why the price is surging high, we should be expecting more bullish in the year 2021

 

[Lyrrex]

Despite the outburst of the global pandemic, there's always been a need to send and receive money across the globe while the banks and financial institutions were shutdown, hence the need for Bitcoin. I believe that's one of the reason that resulted in the surge in bitcoin's price.

 

[Golden_ear]

People have much interest of buying the coin and keep. They prefer it as a means to save and invest their money compare to Saving in there local account. So as people buy and save the coin, there is higher demand which makes the price to rise. I will also consider buying and selling later for maximum profit.

 

[Oscar]

During the lockdown the price of bitcoin fell considerably because as you know the economies of the world was on a downturn. As the lockdown restrictions were lifted, economies started picking up again, more money in the economy and the demand for bitcoin also went up hence the increase in price of bitcoin.

 

[Lagazine]

It's normal for that kind of coin. Bitcoin has always been the first and leader of all coins in cryptocurrency world. Blockchain is a great asset for all newly introduced coin as it will always take the glory of being the leader.

 

[GoldenLady]

Additionally, it's a global means of payment which can't be contaminated by the dreaded Corona virus, which made it ideal as a form of exchange when people couldn't go out or interact freely enough to exchange fiat.

 

[Bookwormlux]

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.

 

[Sake]

Aside from the fact that there's is holders than traders, having these Billionaires and Elite personalities promote Bitcoin added a boost to it's popularity. When people starts giving their attention they would see all these insane predictions and it would make them Invest to it.

 

[Abibatabosede]

It is possible to sell, you don't have problem with the selling because there are some people who like to invest when others panic to loose and sell their Bitcoin.

 

[Nova]

Pandemic was the time when people learned to do the digital payments. And that forced digital approach has made the use of cryptocurrency more common among the new and young people. And this approach you can see from the experience that going in much positive direction. I think if done correctly good coins can stay and scam coins would be removed and bitcoin will soon be benchmark.

 

[Goodday]

For me I think the pandemic had more positive effects on the cryptocurrency bitcoin. Most people got to do business much with bitcoin as at the time of the lockdown and found more positive reasons for Investing in bitcoin and there fore started with bitcoin Investment.

Post automatically merged: Dec 24, 2020

For me I think the pandemic had more positive effects on the cryptocurrency bitcoin. Most people got to do business much with bitcoin as at the time of the lockdown and found more positive reasons for Investing in bitcoin and there fore started with bitcoin Investment.

 

[Sincerem]

The demand and supply of the coins is very high this year. It's estimated investors funds by amazon and MicroStrategy and others is valued at $1 billion only this year. Then add up all investors deposits is more than $300 billion this year alone. That should make it rise higher than before.

 

[REPLICA]

Bruh you have said everything how they work and how is everything under control of whales. Whales are the largest bitcoin holders. So they cause the massive drops and bull rush.

 

[Sotherefore]

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

 

[alberello75]

Well, on the one hand, the decrease in the value of the US dollar. Moreover, in this year, 21 million units have not been reached yet and so the process of Bitcoin's having has not still happened.