An increasing number of firms and individuals prefer to invest some of their savings in cryptocurrencies. However, even six years ago Bitcoin was worth less than one cent. But in 2013 it rose to record $1,000. Then, it sharply depreciated. But in recent months demand for Bitcoin has led to a gradual increase in its value.
According to the latest data, Bitcoin trades at the level of $600. First, China is seriously interested in it due to fears of the collapse of the Chinese economy and the devaluation of the yuan. Bitcoin price also surged after Brexit vote.
Analysts say this can be explained by people’s search for safe haven assets amid economic and political instability. Bitcoin is rather suitable for this purpose as it does not depend on banks.
Bitcoin has a market cap of over $10 billion, the official website of the cryptocurrency reads.
