Bitcoin has gained the boost in the year 2020; the rise of the digital currency has on a constant rise the said year despite the Pandemic hampering the market. The very year has even witnessed the pitfall of the fiat currencies in terms of their valuation all across the globe, but on the other side, the value of the digital currency, particularly bitcoin, has gone up by 200 percent in 2020.
Thus as the rise of the bitcoin went ahead in 2020, many of the experts felt that this phenomenon would go up in the coming year as well. One of the experts who has been associated with a cyber-security company called Kaspersky based in Russia had reported in 2020 that there would be a sudden rise in the coming year as far as the value of bitcoin is concerned. The popular crypto exchange groups in the world like Eterbase and Kucoin too have vouched for the same.
Many of the analysts who have been involved in creating a good buzz around digital current seemed to be skeptical about the rise of bitcoin in earlier years in 2019, considering the crash they witnessed in 2018. However, no one expected that there would be a sudden sharp rise in terms of value this year. Currently, we see a good surge in the valuation of bitcoin, and in the midst of 2020, the value was not less than 27K USD. Earlier in September 2020, the currency was seen with the valuation of 28K USD just when it was reported with 20K USD in the earlier, and the way it escalated did make many of the experts of digital currency stand for the sudden rise. One can find many more such reports on portals like bitcoin-pro.live we have seen the market value of bitcoin at this stage to be touching 500 billion USD claimed the reports of the digital currency platforms like Coindesk.
It claimed that the valuation of the same had gone more than the companies like Walmart, Mastercard, and Visa. Now, let’s talk about the meteoric rise of bitcoin in Covid-hit 2020. One can find a meteoric rise during the Pandemic, which was not just restricted to Bitcoin but for other coins as well. A majority of Bitcoin investors were not at all hit by the Pandemic, which perhaps addresses the very purpose of digital coins like Bitcoin as it was meant to defy the damages due to recession. A majority of bitcoin was seen coming along with the investors that were seen with the Pandemic hit year as promised with a right kind of atmosphere for digital currency. The experts have claimed that 2020 would prove the revival of Bitcoin, and it did prove the same, and they claimed that the coming year would also go the same.
There are many more analysts that feel that the growing acceptance for bitcoin and other digital currencies in 2020 was primarily due to the fact that the traditional currencies and assets were able to embark upon as winners during the economic crisis due to global pandemic impact. The valuation of bitcoin has remained on the higher side, and many of the big branded investors and companies were able to manage along with the digital currency. The fact of the matter is that with the interest rates growing on the traditional investment as seen as a rock, bitcoin has helped in a big way in the coming times, and it has poured a lot into this domain of digital currency.
We know how the interest rates over the fiat currency investment and have been seen hitting the bottom side in 2020 when we saw the rise of Bitcoin. Thus investors were quick to pour their money into digital currency; as a number of digital currencies were seen coming along with a number of investors, one can find many of the value of the same soaring in just 7200 USD and then reaching within a few months to the value of 28K USD. Matt Hougan, who remains the key investment officer of the company called Bitwise Asset Management, was seen saying that Bitcoin is going to rise in 2021 and the rise in the year 2020 was just the start.
