Bitcoin Reaches the Expected $1000 after Three Years
By the end of 2016, the cryptocurrency Bitcoin continued to increase in value. It was predicted that Bitcoin will soon reach the $1000 for the first time after three long years. When Bitcoin was first introduced in the market, it gained instant popularity. Later, the cryptocurrency began to lose its significance due to the inherent uncertainty. However, in the later part of 2016, Bitcoin started gaining advantage again. On Sunday, the digital currency started the new year with excellent news as the value increased beyond $1000.
With the new record, Bitcoin proved to be a commendable commodity as it surpassed all types of central bank currencies as its value increased by 125% in just one year. On the Europe-based Bitstamp exchange, Bitcoin was going for $1022 which is the highest value since 2013 December.
When Bitcoin increased above $1000 in 2013, its value plummeted immediately after the reported hack on Tokyo Mt Gox exchange. Since then, the digital currency was unstable and volatile. The value of Bitcoin is increased mainly due to the increased demand in China. As the Chinese Yuan decreased in value, reaching its lowest in 20 years, many traders used Bitcoins instead, boosting the trade volume.
Even though Bitcoin is highly risky, it is seen as a viable option with increasing war on capital controls and cash flow. The number of Bitcoins in the system has also increased as about 12.5 are added every 10 minutes. The total worth of Bitcoins in the market has reached beyond $6 billion.
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