Tuesday , September 27 2022

Index – Economy: they bring together the bitcoin exchange rate



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The price of bitcoin jumped quite a bit on Monday: around eight in the morning it was around $ 32,000, but a few minutes before 12 noon it was over $ 36,000 and when our article came out, the rate was around 33,000 dollars.

The price of bitcoin was able to bolster up to a thousand dollars in ten minutes on Monday, in addition to weakening.

An unknown person issued open source digital money in January 2009 and it really shook in April 2017, but at that time it was possible to trade around $ 1,000, but by the end of the year it was close to $ 20,000. Then it started to go downhill: between 2018 and 2020, its exchange rate ranged from $ 3,000 to $ 10,000, and then soared in March last year: the exchange rate went up. start at $ 5,000. In December, there was a psychological limit of 20,000 and last week Bitcoin opened at $ 35,000 and then at $ 40,000 on Friday.

What is Bitcoin?

Bitcoin is an open source digital currency from which a strictly defined amount can be extracted, with a maximum inventory of 21 million. Bitcoin is not under the control of any central bank, the decentralized software system cannot be manipulated as it guarantees an immediate and virtually free cash flow among the users. On average, miners find a bitcoin every 10 minutes, based on the fact that the last pieces of the 21 million bitcoins representing the roof would be found in 2140. But, based on the current upward trend in mining capacity, the analysts put a date between 2040 and 2050 when 99.9 percent of all bitcoin will be mined.

According to Teletrader, the exchange rate of about $ 33,000 on Monday afternoon means this

  • more than 4.5 percent in one week,
  • more than 85% in one month,
  • 190 percent in three months,
  • while in one year almost 310 percent

the price of bitcoin has risen.

FOR WH WHY DID BITCOIN COME OUT NOW?

Blockchaineum co-founder Tamás Czeglédi told Index in December that there was really no news at the time that it could have strengthened the exchange rate. Many people expected that if there was a crisis, bitcoin could act as a kind of fleeing currency; told our portal Czegléd about this suggestion that in February-March last year it was assumed that the price of bitcoin would rise.

However, this did not happen, again, bitcoin did not behave as many would have expected

The blockchain expert said. They hoped that the exchange rate would start to rise one day, but they had to wait for it in recent years, even though the technology itself was beginning to be increasingly accepted.

One possible reason for the onset of the exchange rate is the emergence of institutional players who began investing in bitcoin in 2020 with steam power.

According to a 2018 survey, 30 out of every 100 people have heard of bitcoin and two out of every 100 people have it. In 2017, this cryptocurrency was still characterized by retail and small investor interest, but in 2020 series companies will buy bitcoins.

Barnabas Debreczeni, a board member of the Hungarian Bitcoin Association, told the Index. Here are some examples:

  • PayPal has also entered the cryptocurrency business;
  • software company MicroStrategy bought $ 500 million in reserves for $ 425 million this September and then issued $ 650 million in bonds, which ran out in one day. In addition, it will also convert it into bitcoins, making it an ETF (Exchange Traded Fund);
  • Square fintech has invested $ 50 million in bitcoin;
  • however, Grayscale owns the largest amount, with a total of about half a million bitcoins in the hedge fund, which are the largest fish on the market.

Listed companies bought a total of more than 953,000 bitcoins until the publication of our article last December, while today, January 11, they are already at 1.17 million; the full list can be found here.



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