Bitcoin has had quite a fantastic run in 2021 so far. It marked the start of the year with a record-breaking price after it went over $20,000. While many people believed that its value will plunge in January, the complete opposite happened. Not only was Bitcoin able to maintain its stability, but its value kept going up.
In April, Bitcoin reached the biggest peak of 2021 (so far) after it crossed over $63,000. The price has dropped down a bit since then and it is now valued at around $40,000. Not only that but many companies have expressed their interest in this cryptocurrency and many new traders that joined its network.
That is the topic that we wanted to discuss in this article. We’ll be taking a look at the current global state of Bitcoin. Without any further ado, let’s dive into the details.
Why People Use It?
The main reason why Bitcoin is used in 2021 is the chance to make a profit. Some research has stated that there may be as many as 100,000 Bitcoin in the world. There’s no denying the fact that t his cryptocurrency has the power to change people’s lives in a very short period.
Thanks to the fact that it is valued at around $40,000, it remains the top choice for many crypto traders. Not only that, but Bitcoin holds many other advantages over other cryptocurrencies, with some of them being higher institutional interest, greater stability, and greater liquidity.
Just to remind to, the better the liquidity of an asset is, the faster it can be converted into cash. Such is the case with Bitcoin. Traders register at reputable trading sites such as https://bitcoinequaliser.org/ and use their services to connect with buyers from all over the world. Considering the fact that the network counts over 5 million users, finding a seller is far easier with Bitcoin than with any other cryptocurrency.
Speaking of the institutional interest, it is worth noting that 2021 was the year in which many companies, including global brands, have invested a lot of money into Bitcoin and managed to bring higher stability to its network, thus increasing its value.
One of the brands that invested in Bitcoin and created a huge highlight in 2021 was Tesla. Back in February, this car manufacturer announced that they invested over $1.5 billion in Bitcoin. Their investment paid off big time as the company reportedly had over $1 billion in profits. The best part is that many companies followed suit.
Is Bitcoin Legal in Any Country?
Up until recently, all countries in the world deemed Bitcoin as an outlaw. The reason for that is because Bitcoin is highly decentralized, self-sustainable, and thus, it cannot be controlled by any government or bank.
But, one recent event sparked a lot of hope for this cryptocurrency. El Salvador became the first country in history to legalize this cryptocurrency. As the president of the country stated, Bitcoin will help Salvadorans who are living abroad to send money back to their friends in family. As you may know, El Salvador does not have an official currency.
What the Future Holds for Bitcoin?
While the fact that El Salvador legalized Bitcoin is a massive step forward, it is still hard to determine the future of Bitcoin. Many governments in the world still oppose it, which makes it hard to predict whether it will become an official currency in the distant future.
One thing that is certain is that the acceptance rate of Bitcoin keeps rising. Each day, thousands of people register to its network and this trend is likely to continue.