For the first time in the history of cryptocurrency fluctuation, Bitcoin price surges massively. The rate is presently over $60,000 or £43,100, and the record-breaking run is continuing. The value of bitcoins has gone from double to triple considering the comparison of 2021 with 2021.
The credit for such fueling goes to famous companies worldwide that are accepting bitcoins as a mode of payment. However, some experts believe that the Bitcoin Price Surges because of the Joe Biden covid relief fund bill that received approval recently.
It is one of the most considerable US stimulus packages in history. The total Bitcoin value in February 2021 was over a whopping $1 trillion. However, if we consider the bitcoin fluctuation history, the situation is still unsteady.
Bitcoin price surge: a history of rise and fall
From its inception in 2009, the world has witnessed massive swings, including surges as well as crashes. Apart from the Biden relief bill, Elon Musk is also a significant force that gets credit for the bitcoin value surge. He reveals that Tesla, his electronic car-making company, has a purchase history of $1.5billion worth of bitcoin. So, they will also accept the same as a mode of payment in the future.
On the other hand, Mastercard is also planning to accept the crypto mode of payment. Again, the most significant asset manager in the world, BlackRock, discusses ways of using the same as one of the payment modes in the future.
Experts are suggesting that the global pandemic due to covid has a significant role in the bitcoin graph. Since people are shifting to online purchases, there is decreasing physical contact with notes and coins. However, critics still believe that bitcoins are more of a trading tool than a currency. Therefore, it is constantly exposed to market manipulation. There is also considerable concern over the environmental effect of the same due to massive energy consumption during transactions.