Unlike regular currency, the value of cryptocurrency is determined by the market with Bitcoin, a popular cryptocurrency going up nearly three hundred percent in value in 2020.
Bitcoin expert Jordan Stezel said: “It is going to be an actual potential competitor to banks because not an actual single entity controls the money. It is kind of each individual owns the cryptocurrency if you will.”
The European Business Review reported: “Ever since its inception in 2009, Bitcoin has been hailed by supporters as the “currency of the future” while heavy criticism by skeptics and cynics has continued to prevail. Despite such conflicting views on the topic, steps towards cryptocurrency have been taken by the masses as it continues to gain more popularity with each passing day. The value of bitcoin surpassed the $57,000 mark, reaching all-time highs during mid-February. Even though the price plunged soon after, the cryptocurrency seems to have somewhat stabilised over the past few days staying above $50,000. But this digital token’s surge comes as no surprise as it has seen astronomical growth over the last decade. As such, it comes as no surprise that in its wake many potential investors have been getting in on the Bitcoin action.”
Active Companies in the markets today include Mobilum Technologies Inc. (OTCPK: MBLMF) (CSE: MBLM), Coinbase Global, Inc. (NASDAQ: COIN), Robinhood Markets, Inc. (NASDAQ: HOOD), Ebang International Holdings Inc. (NASDAQ: EBON), Canaan Inc. (NASDAQ: CAN).
European Business Review continued: “These recent surges have renewed consumer interest in cryptocurrencies that seemed to have been left long in the past since the digital asset’s dramatic fall during 2018. As a result, many other digital tokens such as Ethereum and Dogecoin have been riding the wave of support. There has even been speculation of Bitcoin potentially rivaling gold one day. The acceptance of cryptocurrencies by leading companies has helped push the narrative of Bitcoin further which, in turn, has led to greater popularity among people. Perhaps another important reason for the growing popularity of Bitcoin is the availability of trading programmes. Such programmes and applications have proved to be a safe haven for novice investors looking to try out their luck in the crypto space. In fact, even seasoned investors can benefit from the use of auto-trading options for easier and more profitable trading. These programmes essentially make use of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML) algorithms in order to capitalise on crypto booms.”