Some people earned 80 million and some lose hundreds of millions

By Mister.D | MisterD | 8 Jan 2021

Is the crazy Bitcoin real gold or a big bubble?

At the beginning of the new year, Bitcoin once again entered the public eye with a strong surge. After the Bitcoin price broke through the $30,000 mark on the evening of January 2nd, it soared to a high of $34684.9 on the evening of January 3rd. Compared with the Bitcoin price of $7,254.33 at the beginning of January 2020, the market rose by 378.13%.

As the price of bitcoin continues to rise and market sentiment is rising, some believe that bitcoin has become an alternative asset like gold, but some investors have said that bitcoin prices have risen wildly in the short term, which is a manifestation of bubbles.

After several consecutive days of skyrocketing, Bitcoin plummeted to $28,273.28 on the evening of January 4, a drop of more than 18 percentage points from the highest price on January 3. After a brief plunge, the price of Bitcoin rebounded quickly and rose to $37,666 on the morning of January 7, another record high. As a virtual encrypted digital currency, the price of a bitcoin is more than 200,000 yuan, which is worth a pound of gold. Is bitcoin really so valuable? What are the risks behind its high prices?

Bitcoin price hits record high

Bitcoin, a virtual encrypted digital currency in the form of P2P. Compared with legal currency, Bitcoin does not have a centralized issuer, but is generated by the calculation of network nodes. Anyone can mine, buy, sell or receive Bitcoin, and it can be circulated around the world.

Since it is invisible and intangible, the so-called currency is nothing more than a string of codes, without entity, "whether Bitcoin is a scam" has been controversial. However, the recent rise in the Bitcoin market has sparked heated discussions.

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