Bitcoin price is going up without stopping. The current BTC to USD is around 8144 dollars for one unit of bitcoin. A buy and sell bitcoin increase suggests more trade activity. There is a cryptocurrency list of choices available to us. However, this cryptocurrency is taking the lead. The BTC exchange is finally catching up to the increase in demand.
However, let’s look at the factors making it the top cryptocurrency?
Here is a look at the factors driving the demand for this new form of digital money.
Well, it took some time for the global community to recognize this new form of digital money. However, things are changing fast with many countries catching up to it. Japan is already making changes to its laws. The country wants to ensure that its citizens can trade in this digital currency. Therefore new amendments will allow Japanese citizens to have easy BTC exchange. Furthermore, in Japan, it has become a legal tender. Similarly, Australia is also contributing to the increase in bitcoin price. The country will make legislative amendments to disallow double taxation on it.
War-torn countries in Africa or the ones undergoing radical changes have economic instability. Thus, it becomes difficult for them to stabilize the value of their currency. They struggle to preserve the value of their local currency. Citizens of these countries are converting their money it into cryptocurrency. There is an increase in bitcoin price due to its high demand among citizens of poor countries.
More businesses around the world are accepting the digital money for payments. These business organizations consider it equivalent to other forms of money. For example, a UK property developer real estate Aston Plaza and Residences in Dubai. The property spreads to 2.4 million square feet. The apartments consist of two towers with several stories. Buyers can purchase this property using the bitcoin. Therefore, such acceptance is increasing demand and hence bitcoin price.
Anything that comes to media’s highlight is not easy to forget. There is an increase in interest of this top cryptocurrency due to its massive value increase. There is a sharp rise in bitcoin price during the last couple of years. The investors are getting returns many times over. No other vehicle of investment has historically given such high returns to the investors. High profile publications like Wall Street Journal are taking a note of it. Therefore, this digital currency will surely remain in media highlights for long.
Legislations are paving way for widespread use of the cryptocurrency among institutional investors. There is an interest by the institutional investors in this new medium of exchange. Thus, we are seeing institutional investors considering investing in it. The institutional investors need a financial vehicle that can provide amazing returns on investments. Therefore, the increase in bitcoin price provides them with that perfect vehicle financial. This way they can deliver more return on investments for their investors.