It is not just the rallies or gains; it is the consistent and reliable performance on Crypto bourses that has captivated a host of admirers for this most coveted Digital asset called Bitcoin. It has marked an almost 170% gain for the year and has hit a high record. Given the market uncertainty amidst Pandemic, many institutions too are vying to track this cherished crypto asset.
So how has Bitcoin been able to secure a top-notch most traded traffic on various exchanges worldwide? Purely by merit.
Bitcoin has been able to rivet so much attention on sheer merit basis toppling the conventional methods and allowing users a lot of liberty at hand. Most importantly, it plays fair, especially at a time when social mobility has screeched to a grinding halt. No wonder Bitcoin is ranked third most significant role player even in the Global Fund Manager Survey conducted by Bank of America Merrill Lynch between Dec. 4 to 10.
Through this ground-breaking news, Bitcoin beats all odds and even conventionally ‘safe’ considered havens of investments like Gold and Bonds. Being rated third among the frontrunners, Bitcoin registered the most aggressive transactions going by the 15% of survey respondents. This Crypto behemoth has successfully elevated itself to a lofty pedestal of being christened as a “Digital Asset” than just a “currency.”
It has proved a torchbearer for the fiat counterparts whose roots got shaken among the recent inflationary trends resulting in massive unemployment and depression. A significant highlight of this performance is that Bitcoin transgresses the Border and refuses to bow down to any regulatory pressures. It proved its mettle when it surpassed Bank of America in market cap size for the first time in recent August.
Being accessible to trillions, especially just over a smartphone and internet, Bitcoins has not only made inroads into bourses trading for gains but hope. Bitcoin has been a beacon that has evoked the light of hope in the hearts of innumerable. Many institutional investors join the brigade to encash enormous returns, including renowned names like MicroStrategy, Square, and Paul Tudor Jones the following suit, insurance company MassMutual, and investment manager Ruffer recent weeks.
Bitcoin price surged almost 1.9% to trade around $19,562 yesterday. BCH marked more than a 9% gain, while the Bloomberg Galaxy Crypto Index gained nearly 2%. A question arises is Bitcoin headed towards being a cash substitute in a cash-starved economy?
It would be relevant to quote Draper here, who once mentioned, “When the world comes back, it will be Bitcoin, not banks and governments that save the day.”