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After the crazy rise and its competition for gold .. All you want to know about the currency «Bitcoin»

After the crazy rise and its competition for gold .. All you want to know about the currency «Bitcoin»

Bitcoin electronic currency recorded, in trading today, Sunday, a significant decline in its price, which fell to a level below 38 thousand dollars after previously exceeding a point of 40 thousand dollars.

After the crazy rise and its competition for gold .. All you want to know about the currency «Bitcoin»

During the past days, Bitcoin broke the barrier of 23 thousand dollars, that is, more than 350 thousand Egyptian pounds, for the first time in history, so that the annual currency gains rose to 200%, and the price of the currency rose by 12% in two days, as the demand for bitcoin increased. It comes as a result of investors hedge against inflation, with the outbreak of the Corona virus, according to "CNBC".

According to economic reports, Bitcoin has risen by about 200% since 2020, supported by demand from large investors, who were attracted by the currency in hopes of achieving quick gains, and thanks to expectations that it will become a prevalent payment method in the world.

What is Bitcoin?

A decentralized digital currency based on blockchain technology or "blockchain", and this system is characterized by the limited number of its currencies and the absence of any manager for it.

On January 5, investment bank JP Morgan issued a report saying that the currency of "Bitcoin" has emerged as a competitor to gold, and it may trade at levels of up to 146 thousand dollars if it is established as a safe investment asset.

With the passage of days and the increase in the spread of the Corona virus around the world, Bitcoin rose to the highest level in its history and exceeded twenty thousand dollars, and reached a time, and this was explained by the increase in demand from large investors attracted by the controversial currency.

Analysts explain that bitcoin was in distraction / but it got a boost from big investors converting their assets to cryptocurrency, while tech companies such as Square and MicroStrategy used their balance sheets to buy bitcoin.

"This is the domino effect as asset managers flip their portfolios into bitcoin," said CryptoCompare Chief Executive Officer Charles Hayter.

So, big Wall Street firms like S&P Global and Cboe Global Markets are making a big push in crypto market data services, and S&P Dow Jones Indices recently announced plans to launch crypto indices in 2021.

An analyst at the crypto consulting firm Quantum Economics says the growing institutional interest in bitcoin has led to its increasing rise, as the race to secure bitcoin continues in a market where supply is dwindling, and those organizations that were looking to do so now realize that they will have to move quickly to secure it.

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