Bitcoin has a market value of over $1 trillion dollars and stands at number one on the list of cryptocurrencies with the highest market capitalization. The cryptocurrency’s rise can also be attributed to the Coronavirus disease and the lockdowns that followed. Many people had to rely on it as it is arguably the fastest, most secure way of moving money with zero or almost zero transactional costs.
Although the digital currency is widely used and is gaining wide acceptance, many people and experts are of the opinion that the king of cryptocurrency; Bitcoin is more of a speculative trading tool and not a currency. Peter Schiff who is an Economist and crypto critic said in a tweet that gold was far better a currency than Bitcoin, other cryptocurrencies and traditional money.
Earlier last month, experts predicted that Bitcoin would reach the $70,000 milestone before the middle of the year. With the middle of the year still weeks away and Bitcoin trading at $60,000, it leaves one to wonder if the cryptocurrency wouldn’t reach that mark by the end of this month.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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