# NamePriceChanges 24H Market CapVolume 24HAvailable SupplyPrice Graph (7D)

Is the popularity of Bitcoin increasing?

Critics may have dubbed the Bitcoin as having “no future” and therefore being a dead currency, but, in spite of its high volatility, the popularity of this crypto coin has not gone down. Incidentally, it has jumped to a 3-year high with the Covid pandemic having changed investors’ outlook. The Bitcoin’s popularity experienced a four-fold surge ever since March this year s investors started to think of it as a safe haven like the gold. Bitcoin was declared to be a growth asset capable of performing well even in times of low returns. Since December 2017, the crypto has witnessed its sharpest rise. The main reason, it is believed is that the global pandemic has made investors review their long-term outlook for all cryptocurrencies like the BTC, Ethereum, or Litecoin, and they have subsequently experienced a spurt in value as a result.

Can You Say That The Popularity Of Bitcoin Is Growing?

  • Concerns regarding fraudulent transactions and exchange hacks that had earlier resulted in huge losses for investors trading through crypto exchanges now seem to have waned. So, new investors are finding it more secure than ever to invest in crypto assets.
  • According to JPMorgan, the crisis has led to reevaluation of the Bitcoin as an alternative currency to fiat currencies and to gold. Gold prices had gone up significantly in August but have declined since then.
  • Central banks have deployed measures to cut down interest rates to fight the pandemic better, but this had led to minimal returns from government bonds. In such a situation, investors find Bitcoins a safer and more reliable investment. Since Bitcoin’s supply is at 21 million proponents feel that this scarcity will offer it more value and protect it from government and bank policies that increase inflation.
  • In October 2019, Square Inc had made a huge purchase of $50 million BTC. This US company, based in Sa Francisco, specializes in financial services and mobile payment services and has been listed in the NYSE since 2015. This global tech company has added BTC to its balance sheets. Besides Square, other new startups have embraced the Bitcoin as had giants like PayPal that announced that it users were free to buy crypto coins like BTC, BCH, ETH, and LTC.
  • To maintain social distancing in fighting the pandemic, people are opting more for digital payment methods to avoid direct cash handling or transactions. PayPal plans to allow Americans to buy or sell with crypto coins.

  • These arguments show that one must not make the mistake of discrediting crypto assets like the Bitcoin. They remain valuable and the increasing adoption of Bitcoins by the big ecommerce chains and retailers shows that this uptrend will continue and prices will keep climbing. With increased acceptance of the Bitcoins, its popularity keeps growing. Consumers can now pay for many goods and services using Bitcoins; whether it is the neighborhood café or restaurant, they are now accepting Bitcoins. Lucky Nugget casino in Australia is an online casino that is likely to soon start accepting Bitcoins for payment along with conventional payment systems like credit and debit cards. Cryptocurrencies are quickly becoming a safe payment option for consumers. According to Russ Mould of AJ Bell, the ultimate endorsement for Bitcoins will depend on whether you are able to buy groceries using it and pay taxes. An analyst with eToro, Simon Peters, feels that value of the Bitcoin will go up for the rest of 2020 and it will keep moving higher.