The value of ‘Bitcoin’ reaches unprecedented records

Bitcoin“The value has reached new records last week, exceeding 50,000 ASV dollar mark, reports the BBC. On Sunday, February 21, Bitcoin broke another peak, with the cryptocurrency rising above $ 58,000.

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The value of the cryptocurrency has risen by more than 90% since the beginning of January this year, bringing its total market value to more than $ 1 trillion. Recent changes have contributed to “Tesla“and other large companies that have started accepting cryptocurrency as a means of payment.

At the same time, it should be noted that Bitcoin is characterized by a wide range of fluctuations and the value of the cryptocurrency has fallen several times since its inception in 2009. Bitcoin started this year at around $ 28,900. In January, its value rose to $ 40,000, but then dropped to $ 30,000 by the end of the month. However, it then exceeded the 50,000 mark on February 16 and continued its upward movement, exceeding $ 58,000 on Sunday.

The increase in the value of Bitcoin has been largely driven by well-known companies that have adopted it as a method of payment. The Covid-19 pandemic has also contributed to the rise in the value of cryptocurrencies as more people shop online, moving away from physical coins and banknotes. However, critics argue that Bitcoin is not a currency and is more of a speculative trading instrument that is subject to market manipulation. Bitcoin critic, US economist Norel Rubini (Nouriel Roubini) states that cryptocurrency has very little practical application and does not provide stable returns such as bonds or shares.

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