New Delhi. The cryptoCurrency bitcoin is growing rapidly around the world. For quick profits, big investors are turning to it, due to which its price is going to boom. On Wednesday, Bitcoin price recorded a record breaking gain of 4.5 percent. Due to which its price reached $ 20,440 (about 15.02 lakh rupees). Let me tell you, in November, the price of bitcoin had crossed the level of 18 thousand dollars.
What is cryptocurrency?
Explain that cryptocurrency is a digital currency, which is based on blockchain technology. This currency uses the encryption technique. Through this technique, the transaction of currency is completely audited, which makes it very difficult to hack. This is the reason that the possibility of fraud in cryptocurrency is very less. The operation of cryptocurrency is independent of the central bank, which is its biggest drawback.
Demand for bitcoin reduced gold priceAmerican Bank JP Morgan Chase & Co. According to the recent fall in the price of gold, investors’ craze towards cryptocurrencies is being held responsible. Since August, the price of gold has fallen by about Rs 7000. Let us know that in August, the price of gold reached the record level of Rs 56200 per 10 grams. Bank strategists say that a lot of money has been invested in bitcoin funds since October, while investors have distanced themselves from gold.
Investment of nearly 2 billion dollars in 2 months
According to a report by the listed security firm The Grayscale Bitcoin Trust, about $ 2 billion has been invested in bitcoin since October while $ 7 billion has been withdrawn from gold exchange funds. According to JP Morgan, the share of bitcoin in family office assets is just 0.18 percent while the share of gold ETF is 3.3 percent.
Bitcoin trading is done through digital wallet. The price of bitcoin remains the same all over the world. That’s why its trading became famous. The price of bitcoin keeps on decreasing according to the activities of the world. No country determines it, rather it is a currency to be digitally controlled currency. There is no set time for bitcoin trading. Its price fluctuations are also very fast.