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The year started with the news that the largest crypto exchange in Canada, Quadriga, had lost access to close to $200 million worth of bitcoin and other cryptocurrencies after their chief executive and co-founder Gerald Cotton lost his life due to complications from Cohn's disease. He passed away with passwords and recovery keys to the company's computers. Despite this devastating news, the value of Bitcoin did not fall but continued to rise. The value instead increased. According to Bitstamp, an exchange based in Luxembourg, the value of bitcoin increased by 1.5%, which many people did not see coming.
Why It Is Viable To Invest In Bitcoin In 2023
In the year 2017, bitcoin prices skyrocketed to very high levels. Many people expected the same trend to continue in 2018, which did not happen. At the beginning of 2018, the prices dropped tremendously, and the end of the year saw crypto doing very poorly. This bearish trend alarmed many potential investors, and the question was whether Bitcoin was a viable venture anymore. Even with all the uncertainties, crypto experts say that 2021 will be a big year for bitcoin.Below Are Some of the Reasons
The bitcoin logo design makes it one of the market's most reliable and trusted cryptocurrencies. It is the currency of choice for many traders and still has the largest share of market capitalisation. Since the demand for cryptocurrencies is not dying anytime soon, many prefer trading with a digital currency they are sure to sell and bring in returns.Bitmain, one of the few mining giants, closed another of its offices in Amsterdam. Some experts suggest that even though the move is terrible for Bitmain, it will help to decentralise the bitcoin mining space making it more viable.
Across the Far East, the South Korean government announced that it would offer tax breaks to its blockchain companies. These companies will receive between 20 to 40% tax reliefs on any of their expenditure towards R&D expenditure. While in the United States of America, Coinstar kiosks nationwide will begin vending Bitcoin vouchers, accepting up to $2,500 for Bitcoin purchases. This will encourage innovation and thus develop the emerging technological innovation of cryptocurrencies.