Definitely. As the proof of the blockchain's equity, cryptocurrency, with the advancement of blockchain technology, its prospects are optimistic from the bitcoin spot price history.
Let's take a look at the reasons for the cryptocurrency gain.
1. Being able to withdraw cash in China
Due to the low price of hardware and electricity, China has become the main place to tap cryptocurrency. Bitcoin exchanges such as BTTC operate a huge mine, accounting for more than 60% of the bitcoin network computing power. In 2017, the Chinese government began to suppress domestic cryptocurrency exchanges, causing a moratorium on the withdrawal, which caused the bitcoin market to be hit hard – China is one of the largest bitcoin markets by volume. But recently, the government regulatory framework has changed, allowing for cash withdrawals, and special access to large bitcoin exchanges such as Okcoin, Huobi and BTCC. This news has boosted consumer confidence in cryptocurrencies and pushed up the price of cryptocurrencies.
2. The institution accepts cryptocurrency
In Japan, large and large institutions began accepting cryptocurrency as a means of payment. On the market side, Japan's largest bitcoin exchange, BitFlyer, is supported by three major Japanese banks, Mitsubishi UFJ Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation. The acceptance of cryptocurrencies by governments is driving the growth of cryptocurrencies. The sale of cryptocurrencies will be exempt from excise taxes, further driving the growth of bitcoin as an investment vehicle, from the citicoins.com bitcoin spot price history analysis: These reasons have further contributed to the growth of cryptocurrency.
3. The downturn of legal tender
With global access to the Internet and the recent collapse of a large legal currency economy, interest in finding a better economic system has reached a record high. Some countries have been discussing blockchains that mimic cryptocurrencies and creating their own cryptocurrencies, China. This has also been discussed with Citibank and Deloitte. A country in Tunisia and North Africa has begun to establish its own national economic blockchain. Japan has accepted cryptocurrency as a national currency.
4. The value of cryptocurrency is rising
As the volume of cryptocurrency is increasing every day worldwide, the total amount of cryptocurrency is limited, and the value of cryptocurrency will continue to climb in the foreseeable future. The dollar and many other legal tenders are depreciating every year due to inflation, which means that cryptocurrency is deflationary in design even if the money supply increases.