Have you ever wondered what is driving Bitcoins significant price rise? When Bitcoin was first introduced in 2009, people originally thought it was a scam, and some still do, so how is its price just continuing to rise at a rapid speed?
Well, for one, it has been recognized and spoken about by several high-class billionaires and celebrities who are just about swimming in their wealth.
So, if all of the celebrities and billionaires are using it, so should normal people like you and I, right? Well, going with popular logic, that is what actual people are thinking when they become interested in Bitcoin and other types of cryptocurrencies. When people that run the world and other influential people such as celebs, billionaires, large institutions, well-known investors, and even influencers begin to show interest in something, the whole world then needs to have it by default, it is simply how the media works.
However, surely there are other reasons for Bitcoins rise in the ranks. Since Richard Nixon removed the gold standard back in 1971, the amount of dollars that are circulating currently has ever so steadily started to increase. Between 1971 and when COVID-19 made its dreaded entrance into the world, the total supply of money had a huge increase.
In fact, in that time, it increased from a mere $273.4 billion to over a massive $4 trillion. If that doesn’t blow your mind, I don’t know what will! Then, as of November 2020, that has increased to over a whopping $6.5 trillion.
You may be wondering how this really matters when it comes to Bitcoin, but don’t you worry, we are getting to that. This is where Bitcoin manages to differentiate from it all. Bitcoin only has a certain amount that is ever allowed to be produced and it is written in stone in the code. It is fairly straightforward and easy to understand how many are circulating now and how many will be circulating in the future, so it isn’t really a huge deal.
With all this in mind, you will now understand why Bitcoin is the only asset on this planet that can be proven to have a fixed and finite supply. A said before, the amount of money that is currently circulating is become more and more seen, and with that grows Bitcoin, Bitcoin continues to substantially and significantly rise and with that comes a variety of different things.
However, it isn’t just investors causing a rise in Bitcoin. In fact, it has been shown that a large number of institutions have been successfully storing and holding Bitcoin as opposed to cash in their treasuries. While it may have originally started as something far different, it is now definitely making its way up in the world and becoming more important and in turn becoming more seen.
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