The glorious and glamorous bitcoin made its public appearance in 2008 and especially and majorly in 2009. Since that year the bitcoin career has gone upside down and many have invested and have seen haywire drop and rise in the bitcoin community. But all that remained the same was the people’s trust in the bitcoin service.
Like any other financial asset, bitcoin has also shown some drastic ups and downs but the investors have never lost any faith on them, while if you compare financial service in other terms, almost all of them has seen major ups and downs in the society which can not be beaten hard by the economy.
It might be hard to believe but bitcoin has never seen a day where the price of the bitcoin must have fallen below a dollar. It has always competed with gold in the industry. In fact, there was a time in 2017 when each of the bitcoin valued $20,000.
The investors have also confirmed that 2019 was high time for bitcoin and it has made many profits as a large number of people had been crazy over bitcoins and they brought bitcoins. But unfortunately, with the wake of the monster in 2020 named COVID-19, the bitcoin industry has seen a major crush in the value.
At the beginning of the pandemic, the bitcoin price had dropped up to $4000 which is as low as it never happened before. Many of the bitcoin trading software and applications tried to bring in a lot of profit, but it never helped them.
Result of COVID-19 Affecting on Bitcoin
If you have noticed the birth and the bringing up of the bitcoin then you will realize that for the longest period of time, bitcoin has been a very safe place to invest, in fact, it was so safe that people blindly invested on bitcoin but not on gold or other stocks and shares. Hence the result of COVID-19 has been surprisingly unexpected and bitter by nature.
Actually there is the fun of liberty and independence in bitcoin while it is nowhere in any of the other assets. The reason behind this is that bitcoin is decentralized and something that is decentralized can not be controlled by anyone, so you are free to use bitcoin anytime, anywhere. You will never be answerable to anyone basis the transaction using bitcoin or payment using bitcoins.
Many governments have not wholeheartedly accepted the use of bitcoin, in fact, many of the governments try to make the investors feel insecure by telling them that the money that they are spending has no physical feeling or tangibility to proof. On the other hand, those who were confident about the use of the bitcoin also knew that if they could make a lot of money then it would be helpful for them plus they will easily be able to evade the tax as many of the government do not consu=ider bitcoin as an asset.
The value of bitcoin is very volatile hence no one would really be able to back the reasons for the fall of the bitcoins, but the COVID-19 has led to that which is dangerous. The thing that never happened, happened in the COVID-19 period, that the price of the bitcoins has fallen to the lowest in this period which never happened in the past so many years since inception.
But this should not or must not make you lose your heart because if not today, tomorrow the price of bitcoin will go high and it will be the same as before. It is just a temporary drop in global finance.