The cryptocurrency bitcoin has been steadily increasing. On the new year, the price of bitcoin has set a new record, breaking all records. On January 1, bitcoin crossed over $ 29,000 and on January 2 its value crossed 32,000 dollars. The price of one bitcoin on Sunday morning was $ 32,602.80. It is believed that due to the closing of all the markets in the new year, there was a strong rise in bitcoin. The price of one bitcoin has been Rs 23.83 lakhs.
What is Bitcoin
Bitcoin is a decentralized digital currency and is the first decentralized digital currency which means th at it is not operated by any central bank. It is designed for payments based on computer networking. Bitcoin is a virtual currency, virtual means that it has no physical form like other currency. It is a digital currency. This is a currency that you can neither see nor touch. It is only an electronic store and if someone has bitcoin, he can buy goods just like the common currency.
A new asset class?
Analysts believe that bitcoin has emerged as a new asset class for investment. Crypto experts expect that at present, bitcoin will cross the 1 trillion market cap from sub-400 billion, meaning that the price could exceed $ 50,000 in the next one year.
Bitcoins are unregulated in Indian and many other countries. A feature that enhances its appeal among its fans, but at the same time eliminates retail investors. In the year 2017, bitcoin crossed 1000 per cent to $ 19,000 and then after one year it was reduced to less than $ 3,500.