You hear people talking about bitcoin. You read it on the news. You even see it in your social media newsfeed. So, what is up with the world and bitcoin? Why does its price keep on soaring? Why are people going crazy about it?
The answer to those questions lie in the value of bitcoin. There was a time when people get so crazy about gold, but its reign is long over. It’s time for bitcoin to hit center stage. The reason bitcoin is so popular is due to the fact that it has a high market price.
You have probably seen on the news how people are becoming millionaires because of bitcoin. Well, who would not want to be filthy? The answer? Nobody, just nobody. There is your answer.
The whole reason why bitcoin has gotten so popular is because people are interested in investing in it.
So, let us move on to another question. Why does its price keep on soaring? It all lies in the law of supply and demand.
Heading back to the ancient times, there was no such thing as money yet. All people had to exchange their goods was the barter system.
So, how does the whole barter system work? It’s simple. All you have to do is exchange your goods for something else that you want. That is how the barter system works.
It did not take long before technology started taking over the world. Before you knew it, money has already been invented.
So, how did money get its value? It is just a piece of paper. Fiat currencies gained value because there is high demand. When people has a need for something, then the market brings the price up.
Well, that is also the same with bitcoin. Since the demand for bitcoin is going up, then it only makes sense that the price goes up to.
Since, people love bitcoin because of its value, the demand for it can only get bigger and bigger, and so will its price. It is a cycle that just keeps on going on and on.