Bitcoin isn’t just dominating cryptocurrency, it’s beginning to have a major impact on global economies. Now an accepted form of payment at some of the world’s biggest companies – Microsoft being one of them –and responsible for over 44 million active cryptocurrency wallets last year, Bitcoin has successfully announced itself in the mainstream.
That’s seen it increasingly has an influence on international economies. There are multiple reasons for this. For instance, it has been boosted by increasing investor confidence. In 2018, it experienced a value spike after it was announced users of the “Cash” mobile payments app could trade with it in the USA. And more recently its 2019 price rise was, according to analysts, due to Bitcoin being recognized as a financial “safe haven” during periods of political turmoil.
Bitcoin sees search queries increase as value looks set to spike
The little wonder Google saw a rise in Bitcoin searches, with both consumers and investors eager to learn the benefits of cryptocurrency and how they can begin using it. Indeed, its move into the mainstream has been aided by the development of user-friendly platforms to buy and trade Bitcoin.
There are now a number of operators but the best Bitcoin exchange, such as those provided from eToro, Skilling, and CEX, provides users with a reliable, secure, and transparent platform. That these have proliferated – and others like Crypto Engine, 24option, and Monfex have emerged – is a further indication of Bitcoin’s notoriety and widening popular appeal.
World economies embrace blockchain
Bitcoin, like other digital currencies made possible by blockchain technology, is understandably making its influence known on major international economies as a result of its popular acceptance. While most Bitcoin holders are located in North America, the popularity of the digital currency has grown massively in places like Romania, the Czech Republic, Spain, and Poland, where many Bitcoin-accepting vendors exist.
In addition, we’ve seen how Russia has sought to develop its own digital currency, while Scandinavian countries such as Sweden and Denmark are beginning to favor cryptocurrency over traditional paper money.
Meanwhile, senior figures in France have acknowledged the advantages of alternative types of money like Bitcoin, albeit with greater regulation. Similarly, Bitcoin users have grown in other European countries, such as Italy, where the government has actively encouraged its citizens to use it as a form of payment for goods and services.
Analysts and Traders are Optimistic
All this has combined to suggest Bitcoin is ready for another major value spike. One investor recently noted the gains the cryptocurrency made last time it traded below production cost, with block reward halving still being 25 days away. When that previously happened, in 2016, Bitcoin price saw a 2,700% rise within a year and a half. It’s not the only indicator that Bitcoin is primed for growth. Chainalysis data has revealed BTC miners have been quietly accumulating coins over the last six months.
Bitcoin’s current volatility is intrinsically linked to its potential as a form of mainstream payment. As blockchain becomes increasingly important to the world’s economy – with China getting closer to its own digital currency that it plans to use for cross-border trade and finance – Bitcoin has the advantage of being both the world’s first major cryptocurrency and, currently, it’s the biggest. To know more about Bitcoin, just go to our latest BTC news.