It is a nine years old digital currency that has outpaced fiat currency which has been existing for many centuries. Fiat currency depreciates & obsoletes over time. In contrast to this, Bitcoin currency appreciates with passage of time.
Bitcoin is a precious asset which is in demand around the globe. It is capped at 21 million among which 17 million have been produced & approximately 25% of its total quantity has been excluded due to human error or because of alleged series of hackers’ thefts.
It means, bitcoins are limited in supply while greater in demand. Every potential investor has keen desire to get more & more bitcoins.
Bitcoin price rises beyond prediction:
Ongoing demand for bitcoins is pushing up its prices. Even it has surpassed prediction of price hit $10,000 by 2018 by many vocalists of Bitcoin.
For example: Tim Draper, veteran figure in tech world & a funding partner of Draper Association & DFJ stated in 2014 that Bitcoin will rise around $10,000 by 2018 but bitcoin price surged $20,000 by the end of 2017. To what extent Bitcoin price will rise it is beyond expectations.
Indian Couple asked for Bitcoin as a wedding gift:
Bitcoin is shaping up new norms & culture in a society. It is interesting to know that a newly married couple of India on December 09, 2017 of Bangalore asked their friends & family members to give them bitcoin as a gift. In a wedding ceremony of 200 participants, 185 guests given them bitcoin worth of 100,000 Indian rupee that constitute around $1560 as a gift of wedding.
This odd concept became a big story for the entire world. The influence of bitcoin has been penetrated in social life. The incident wrecked the foundation of traditional economy principles & expanding space for digital world. It revealed that the couple had high hopes for bitcoin future.
BBC News reported the story on December 20, 2017 & asked about unusual decision to request for bitcoin on wedding, Mr. Sharma responded that they had opinion to merge the technology with gifts for future.
It endorsed the fact that how much precious asset is bitcoin & people rely it more than fiat currency. People are willing to accept adoptability of bitcoin which is self-driven by people worldwide. Besides this, couple showed their intention to use bitcoins for imparting education activities into underprivileged children.
This is not the first incident that reported to ask for bitcoin. In Kenya, a citizen named Anthony Mburu who is a miner of bitcoin. He asked to pay him portion of goats in bitcoin as dowry & he paid for 25 out of 100 required goats in bitcoin in November, 2017.
These are cases of under developing countries where governments are much reluctant to accept Bitcoin & has issued warning against risks associated with cryptocurrency but it has greater acceptability by social circles. It set the precedent that how much pervasive influence of bitcoin built on blockchain technology.
Bitcoin drops before going higher – (2011-2016)
It is a distinctive quality of bitcoin that whenever it faced setback, instantly it appears with higher price for future move.
After two years of its birth, bitcoin began to rise from $0.30 to $32. But soon, it slumped down because of security breach of MT. Got Japanese Exchange that created a shockwave around the world. Bitcoin price dropped rapidly from $32 to $2. There was not an objection on technology, but in this incident human errors were observed that were basis for theft of digital currency.
Forbes reported that Bitcoin is not a store of value & denied of its acceptance as a medium of exchange. It reported the huge theft as end of Bitcoin.
The situation prolonged till mid of 2012. Onward to this period, bitcoin price began to increase, it surged around $266 on April 10, 2013. The trend of bitcoin history developed this sense that it dropped by 93% but it regained its position with higher percent gains of 731%.
Bitcoin has started its unending flight of price gains. This was the beginning when it stood against all controversaries. With somewhat fluctuations it continued to rise up to $1200 by the end of 2013.
Then the year, 2014 marked as not supportive for Bitcoin due to events of Mt. Gox closure, silk road (Online black market) shut down etc. Media & experts’ fierce opposition.
Critics on Bitcoin by reputed News Houses:
Reuters termed Bitcoin an irrelevant store of value.
John Crudele wrote in New York Post that “Bitcoins are fake currency” he further stated that it is a confidence scheme and this confidence will eventually end.
Business Insider – It emphasized on that if bitcoins are allowed to treat as currency, it would produce economic uncertainty which lower down trade as well as living status.
Washing Post termed it a Ponzi scheme.
Warren Buffet who termed it a bubble stated that it would be better to hold any other productive assets rather than Bitcoins. He further narrated that it might be vanished in the next 10 to 20 years.
Jason Hoffman, Vice President of Ericson stated that Blockchain technology is a good but he rejected bitcoin acceptance.
Taavet Hinrikus, CEO Transferwise gave a statement in 2016 that Bitcoin is dead & its experience has been failed.
2015 & 2016, Bitcoin running with smooth pace & at the end of 2016, it started to rise continue from $900 till today. It marked unprecedented history in the world economic order. There is no sign of maximum price limit could be observed.
Bitcoin Price trend remained increased in 2017:
With the beginning of 2017, Bitcoin worth was around $900 that exceeded to over $1200 in the first quarter & on March 10, 2017 it was recorded $1250. In the next quarter, it attained 125% price gains with price surge $2800.
With somewhat fluctuations reported $1900 in the mid of July, it hovered over $5000 in the beginning of September. This was a major gain in the history of Bitcoin. The opponents of Bitcoin finally admitted its undeniable reality. Jamie Dimon, CEO JP Morgan Chase & Co. who was the biggest critics of Bitcoin & has termed Bitcoin a terrible store of value, a fraud. He started to find business opportunities in bitcoin futures market.
In the mid of September, Bitcoin dipped at $3387 with soon it regained its position & jumped up around $8000 in mid of November, 2017.
Now Bitcoin worth in price began to rise abruptly from mid of November to December 19, 2017 when it touched the height of $20,000.
There is no ceiling on Bitcoin can be marked. Even if face high resistance, it regained its position with dominating impressive price mark.
Giant business organizations like IBM & Microsoft has adopted Bitcoin as mode of payment for buying its product. Merchants around the globe continue to accept bitcoin. Japan has recognized Bitcoin as legal currency. With passage of time, demand of bitcoin increases.
It has been shaping up society norms & culture. The demand for Bitcoin will increase in upcoming days. It is difficult to mark ceiling on Bitcoin as it is moving upward with stronger image after facing some resistance.
Business Insider reported prediction of Jeremy Liew’s prediction about bitcoin price. Jeremy Liew who is known as first investors in the business of snapchat has opinion that Bitcoin worth may exceed up to $500,000 by 2030.