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What is Behind the recent surge in Bitcoin, Will it sustain in 2021?

Bitcoin Rise in 2020, Will it rise Again?

The latest iteration of a sustained surge in bitcoin price has seen the cryptocurrency rise by more than 300 percent during the past year. This is the third major cycle of price spikes involving bitcoin since 2013 — the previous two “bubbles” ended with a sharp fall of over 80 percent. Unlike a stock or a bond, it is hard to determine the fundamental value of bitcoin. Its value is entirely dependent on what people think it is worth. Some boosters have claimed that bitcoin could be worth as much as $400,000 while others foresee a spectacular price collapse.

Last year alone Bitcoin see spectacular growth giving a chance to investors rain in money.

Graph credit source : yahoo finance

Even big investors in the likes of Chamath Palihapitiya backed the recent growth in Bitcoin and think that Bitcoin surge is here to stay, This is what they said during interview

Billionaire venture capitalist Chamath Palihapitiya told CNBC in February that “everyone” should have 1% of their assets in Bitcoin because it’s a “fantastic hedge.”

But the big question is, whether it will grow in future will only depends on that how mainstream Bitcoin transaction will eventually become and how many more countries will allow this to happen. Off-course we all know that big mighty banks will never want that to happen and every now and then there will be negative stories pulled by these big masters on Media.

Growing acceptance, both by consumer-facing companies and Wall Street institutions, provides much of the explanation for bitcoin’s 2020 run and it night continue in future as well providing fresh stimulus to Bitocoin sharp rise.

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