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Luckily, the cryptocurrency market has witnessed a staggering change ever since the pandemic hit the world. However, this is for all the right reasons. In fact, many crypto startups rampantly thrived and are staying afloat. Now, the demand for bitcoin is greater than ever because it is a secure investment option. Unless you have been living under the rock, you will know that the cryptocurrency market has been fueled by Bitcoin’s growth in the last few years. This is why it has already crossed the $1 trillion mark and is all over the place.
A few months back, the price of bitcoin was around $3000. This is enough reason for a lot of reasons to buy an interest in cryptocurrency. Here, in this blog, we will walk you through a few strong reasons behind the growing popularity of cryptocurrency:
Institutional Adoption
Right now, bitcoin is being chanted as a safe option because it can easily keep you away from inflation and violation. In the light of the current economic and societal climate, it is important for people to invest their money and have less cash in their hands. After all, the market is highly unpredictable and continues to swing. Recently, the trend of public companies converting the cash treasuries into cryptocurrency has taken the world by storm. If you want to know how much is bitcoin worth, it is best to check the recent stats of 2021.
Bitcoin Having Driven the Scarcity Factor
There’s no shying away from the fact that all cryptocurrencies are available in limited supply right now. Eventually, bitcoin is a major part of them. Especially when the bitcoin halving took place, the dynamics of the industry changed drastically. Therefore, when we talk about the bitcoin network, it only works due to the introduction of new coins in the market. Bitcoin miners work relentlessly to do mining in the bitcoin blocks. You will be surprised to know that a typical miner needs only ten minutes to verify one block of the transaction.
Paypal and the Other Cryptocurrencies
If you have been chasing digital currency news for a long time, you will know that PayPal announced it would be launching a full-fledged cryptocurrency buying and selling feature on the platform. According to the sources, the launch included Bitcoin Cash, Bitcoin, Litecoin, and Ethereum. Furthermore, PayPal has also expressed a desire to allow all the transactions to be made specifically with cryptocurrencies.
Easily Accessible to the Public
Simply put, cryptocurrency can be broadly used for two reasons, a mode of exchange and a store of value. While it has recently started to receive fame as a legit payment method, it will be chanted as a viable asset in the years to come for sure. Even if the local public isn't willing to convert their money into crypto, they will eventually have to churn to it because many businesses have started to use it. In fact, it is the most secure method for international transactions.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.