The finance world changed over the last ten years. One of the things that resulted from the 2008 economic crisis was Bitcoin. Many thought that Bitcoin was a bubble. Reaching ear $20K level in 2017, there were a lot of people who thought that Bitcoin will never be coming back up again. Now, Bitcoin has breached the $7,500 level.
But what is causing this phenomenon? First, let us be clear that cryptocurrencies are highly volatile. You have a lot of factors at play from FOMO to regulatory changes happening left and right. However, given the recognition given to cryptos by lawmakers and even institutional investors, it is true that there is a growing number of people who are starting to see the potential of cryptocurrencies, especially Bitcoin.
Bitcoin isn’t controlled by any government. It is also seen today as a store of value. And though a lot has to be done in the crypto market, it is true that a lot of things have changed already since the time Bitcoin spiked up in 2017. There are now laws that are underway to clarify the digital asset. You also have more companies looking to adopt cryptocurrencies.