The question about cryptocurrency and investment in cryptocurrency go hand in hand. But a top concern is that is 2020 a good year for cryptocurrency?
According to many cryptocurrency enthusiasts, 2020 will be the best year for investing in cryptocurrency. However, it is not easy to decide which coin is best for the investment due to a large number of currencies being available.
Cryptocurrency is an essential part of modern society. Their numbers have surpassed 3,000. 2020 is considered a great year for cryptocurrencies. There have been a lot of fluctuations in the price of bitcoin the lowest value being $4,000 and the highest being $12,000. US federal reserve triggered a recent rise in the value of Bitcoin. This was done to reduce the damage that was done to the economy by the ongoing pandemic. This has resulted in more investments in bitcoin and other cryptocurrencies. The reason for Bitcoin being devalued is due to the limited number of bitcoins available. The number of bitcoins being mined is also reducing.
Another reason for investing in cryptocurrency in 2020 is that the bitcoin halved in May and the price of Bitcoin that was awarded to a person who mined 1 block of bitcoin reduced from 12.5 BTC to 6.25 BTC.
The market of cryptocurrencies is fluctuating so there are chances that investors might suffer some loss. As the pandemic is slowly moving towards its end, there are chances that this market will become a hot topic again. So, before there is too much rise in the prices of coins, it is better to invest in these coins or tokens now. Financial markets have been affected a lot due to the ongoing pandemic. BITCOIN lost 50% of value when its price reached $3,700. It is currently traded at $6,580.
Visa (V) recently partnered with a crypto startup known as Fold. The purpose of this partnership was to provide credit cards to customers and when they spend money from that credit card in any major company outlets such as Amazon, Uber, etc, they will be awarded Bitcoin. Many researchers believe that digital currency will replace traditional money soon. Even now, many online stores provide the facility of payment through digital currencies.
As we know that cryptocurrency transactions are safe and secure, so we can say that 2020 is a good year for cryptocurrency.