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Bit coin price in dollars10/13/2023 The supply of bitcoin is growing around 2.5% per year but it’s deflationary, with rewards for miners verifying blocks and the blockchain halving every four years. In comparison, assets such as gold, silver and bitcoin are inherently scarce. Global monetary stimulus measures and near-zero interest rates are further contributing to the deterioration of the scarcity of fiat currencies. ![]() Central banks have been tasked with financing these deficits by printing large amounts of money. ![]() In response to the Covid-19 pandemic, governments around the world have introduced a plethora of fiscal measures to support their economies, leading to massive deficits and rising inflation. The cryptocurrency is designed to counter continuous money printing by central banks. Bitcoin emerges from deteriorating macroeconomic backdropīitcoin was created, in part, in response to unlimited corporate bailouts during the global financial crisis. Let's briefly recap the most-cited bullish drivers before considering some price projections and potential pitfalls looking ahead to the middle of the decade. Many commentators and analysts expect the BTC price to go up. Institutional investors were initially sceptical, but some have now taken a different view.Īs a Goldman Sachs report noted earlier this year, “bitcoin is now considered an investable asset.” El Salvador introduced bitcoin as a national currency alongside the US dollar on 7 September.īitcoin initially captured retail investors’ imagination as a volatile asset with the potential for rapid, large returns. ![]() This year has seen the first country adopt BTC as legal tender. The narrative surrounding the digital currency has evolved as well, from unregulated digital money and a peer-to-peer payment network to an inflation hedge and a store of value. Over the years, the world’s largest cryptocurrency by market capitalisation has experienced several boom-and-bust cycles as it establishes a place in the global financial system. It has been more than a decade since anonymous creator Satoshi Nakamoto mined the first bitcoin (BTC) block.
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