Bitcoin is the ever changing commodity in the world right now. The mercurial cryptocurrency has become something of an online heavyweight since it emerged on the scene around a decade ago. The value of Bitcoin has behaved much like stocks and shares in recent years, fluctuating repeatedly.
The currency had come a long way since the early days when everyone tiptoed around it because we weren’t quite sure what it was. Indeed, for the first couple of years of its existence, Bitcoin was worth pretty much nothing, before finding parity with the USD in 2011. Many people got rid of the shares they did have, and one user is believed to have sold 10,000 BTC for around $50!
Well, those people must be kicking themselves now, because the value of Bitcoin has reached its highest levels ever, and has levelled out at one of the highest. Forex reports this week revealed that Bitcoin prices have surged by no less than 3% since trading began. The cryptocurrency has been bouncing up and down in value for some time, but the price has rebounded to hit around $1,141. Those who buy with bitcoins will be pleased to know they can get a lot more for their digital coin!
There has been a long-raging debate about what the future might hold for Bitcoin. Some believe it is destined to become the future of modern currency, while others are more sceptical about how much power and influence it will continue to hold. There is also the train of thought that Bitcoin may eventually be split into two different rival currencies.
It is though that this may have had something to do with the dwindling power of Bitcoin and its value. However, things look to have changed in recent weeks, and the value has climbed again. It is debatable how much real world events have had an impact on the currency. However, it seems pretty reasonable to assume that the triggering of Article 50 has had a lot to do with this climb in value.
People are worried about what Brexit might mean for the future of the country. They are concerned that the value of the Pound may plummet and that the economy of the country could be adversely affected. The advantage of Bitcoin is that it is a digital currency, and, as such, remains impervious to things like this.
So it could well be that people are stocking up on Bitcoins now, in case they become a much bigger part of the future we have in store for us. But, if you are a Bitcoin trader, now could be a great time to cash in, and make as much as you can off the value of the investment you hold.