As popular traditional investors and top bank executives ridicule Bitcoin and it’s decentralized model, the cryptocurrency unheedingly moves higher, similar to the high of late 2017. At the point of writing this, the price of Bitcoin is a soaring $8221 and rising. Does this mean that Bitcoin price will reach the $10000 mark sooner than expected?
Earlier this week, BTC price scooped to $7000 and below creating a pullback to the initial high last week. From as high as $8300, it lowered to a below $7000 figure which made traders skeptic if there would be a fall lower than this and if Bitcoin soaring up was just a mirage they witnessed but all doubts seem to have vanished into thin air as it climbed back to $8000 recently.
Interestingly, the traders refused to let go of the cryptocurrency when it started downing a little. Usually, it would have created a panic among the regular traders, and most would have sold their crypto assets fearing a market crash, trying to save themselves from heavier losses. But this time around people seemed to have had the trust that Bitcoin will survive through this and that’s people held on to the crypto.
Thankfully, their trust wasn’t misplaced. Does this mean that Bitcoin is banking on this trust to make a stronghold on the market? Does this mean that the more people will trust in the cryptocurrency, the more stable its value will be? If that’s the case, there would only be a positive movement for cryptocurrency as the consensus among the traders seems to be very pro-bitcoin these days.
The Trust in Bitcoin is Increasing :
In spite of the many top central banks spewing dislike towards cryptocurrencies and the idea of a decentralized currency, there has been an increased number of users switching to cryptocurrencies for their transactions. Apart from the convenience and ease of transactions in Bitcoin and other cryptocurrencies, there’s the strong case of security and privacy.
And people seem to have realized that the absence of a centralized institution is the only hindrance to the true freedom that they want with their money. There’s no uncle sam looking at the amount you are spending and where. It makes people more liberated.
As the number of Bitcoin users rise, it remains to be seen if Bitcoin value will stand on the promise it seems to have made to the millions of users around the world who are looking up to the cryptocurrency with the hope of the true freedom they desire. If it does achieve it, there will be no turning back for the traders in Bitcoin.