Investors, who might have tucked a crypto currency in hope that it will gain value in some time, are considered sagacious now. This is because since December 2013, Bitcoin’s value has now reached to $1,023. Last year, the currency went up 125% with the largest daily move increasing it through a 10% through 2016.
This all happened despite the occurrence of many incidents that could have shaken the currency’s value. Events including the theft of $65 million worth of currency from Bitfinex last August and Craig Wright’s claim of being Satoshi Nakamoto could have brought major changes in the value of Bitcoin. Despite the odds, the increase in demand is due to an increase in the China’s demand for the cryptocurrency. China is considered to have seen more Bitcoin trading as compared to the rest of the world. Because of which its own currency Yuan has seen a 7% drop in value.
Towards the end of 2013, Bitcoin reached the highest value of $1,163. Before that the mugging of $460 million worth of Bitcoinfrom Mt. Gox shocked the community’s backing. It was a major theft that staggered almost 70% of the BTC transactions. After that the CEO of the Bitcoin Foundation stepped down from the post. The foundation since then has filed a bankruptcy for the loss of this huge amount of cryptocurrency. But with approximately 12.5 BC Bitcoins being added to the system every minute, the currency is considered to be in circulation more than ever.
Via: The Next Web
Picture Credits: Bloomberg