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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?
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.