Just as anticipated, Bitcoin broke the 17000$ price mark. Signs are showing that it is not going to stop there but it is going higher till it breaks its All-Time High. This is the first time in three years when Bitcoin broke this mark. But something is quite different this time.
The last time Bitcoin broke the 17k mark, it was a surprise to the world, certainly a thing of joy to the crypto enthusiasts and investors. Blockchain gained a lot of attention and subsequently a lot of criticism from central banks, governments, and influential individuals. Crypto markets came crashing after a few months because of disagreements between key Bitcoin factions that led to a fork. Crypto was banned in many countries and China threatened to close down bitcoin mining.
Many huge crypto companies had to abandon their base in China. Why is China important to crypto? It is a country with one of the lowest charges for electricity. Bitcoin mining consumes a lot of electricity, therefore, China is naturally a great home for it. According to mining power,
metrics reveal that the largest Bitcoin mining activities are coming from China.
Fast forward, a tumultuous journey for Bitcoin and the crypto world, the stream of adoption began. 2020 is the year governments from major countries of the world revealed their interest. Laws were passed in its favor. And not just this, many countries’ federal reserves and central banks are researching their own Central Bank Digital Currency (CBDC).
CBDC is an e-money to be built on the foundational structure which houses Bitcoin- Blockchain Technology. China is far ahead in this kind of research as it announced a few weeks ago.
It was another huge news for crypto when PayPal announced that it is starting to process crypto payments. As one of the largest payment ecosystems in the world, it is essentially importing millions of users and millions of merchants to accept crypto. Loads of other huge news of adoption and visibility has been on since then. It turns out many analysts are considering Bitcoin as Gold in this age.
Bitcoin broke the 17k mark stronger and more well-known than before. It broke it like a mighty warrior that has been battle-tested. It is obvious that the pump is not mechanical, it is organic with a few reasons stated above.
For Bitcoin, What next?
I am Ayobami Abiola from Nigeria. I am a Cryptocurrency enthusiast who like to write about creative and great innovations- The wonders of the blockchain technology.
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