The cryptocurrency bitcoin reached new record highs on Tuesday. The price of the currency peaked at $ 62,575 on Tuesday. With this, the boom in bitcoin has reached new heights in the year 2021. This year, the value of this world’s largest cryptocurrency has more than doubled. This has led to a surge in bitcoin due to the increasing acceptance of mainstream cryptocurrency as an investment and payment instrument.
Investors are currently looking for high-yielding assets due to low-interest rates. This is also one of the reasons for the rise in the price of bitcoin. There are many large companies such as BNY Mellon, MasterCard, and Tesla that have either adopted or invested in cryptocurrency. Significantly, recently, Elon Musk’s giant electric car company Tesla invested $ 1.5 billion in bitcoin. Since this Tesla investment, it has seen a bumpy boom.
What is cryptocurrency?
Cryptocurrency is a currency that is issued privately as a digital medium. It works on the basis of Distributor Laser Technology (DLT) like cryptography and blockchain. Simply put, blockchain is bookkeeping in which transactions are recorded as blocks and linked using cryptography.
Cryptography is a secure way of saving and sending information, in which the code is used and only that person can read the information for which it is sent. Bitcoin is the most prevalent cryptocurrency. However, it does not have a meaningful mechanism to address customer problems and complaints.
Experts views on Bitcoin
Some experts are saying not to pay using bitcoin as it will reach an all-time high of $ 100,000 by the end of 2021. These fluctuations can distort the market in my ways so the investors are a bit worried about this volatile market.
