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Story by: Norvisi Eyiram Mawunyegah
Date:17th march 2021
The cryptocurrency is soaring high; demand for its virtual coins keeps increasing.
Buying a pizza bought with eight bitcoins in 2011 was worth a few cents back then. That same rate of currency is equal to approximately $480,000. That is just how much Bitcoin has skyrocketed, hitting an all-time high of $60,000 on Saturday March 13th 2021. The surge is mainly driven by a growing number of institutional companies embracing this. Allegedly the presidential stimulus package of $1.9 trillion in the united states is also aiding. It is feared the pandemic relief bill may drive inflation higher and the digital currency is pictured a good hedge against that.
Glen Goodman, a crypto trader, financial investor, cryptocurrency specialist said,
“bitcoin has been on the role now pretty much since it was invented you know the projectors has been upward and every few years the price has a stumble and a major stumble of that. In fact every single time there is a dip wave where a lot of people in the industry are starting, whether it is going to last in the long term but that always turns out to be a false crisis and a very quickly good news start raising and everything gather stem again. And every time we get one of this booms ,which happen every few years there are more and more announcement that come along from financial institutions, mainly and large companies like Tesla .They kind of reinforce the idea that bitcoin is been integrated into the original plan of cause to be utterly run again on the outside and everybody who was into it would like this kind of tech .Those kinds of people but this time round we seeing the big banks, the institutions start to embrace bitcoin and try to bring it within the fold’’
Financial experts say surge in prices is tripled in value since the end of last year. Bitcoin has shot to almost$1 thousand over last year. Big banks like New York Mellon, master cards and other huge companies have grab cryptocurrency. The surge is deduced from some companies using it for transaction which may lead to devalue of the US dollar whiles inflation goes higher. Similar prices for atrium, Bitecoin have been boosted this year.