For the second day the value of Bitcoin rises to historical record level -$27K-

On the Binance Exchange, the largest cryptocurrency exchange by trading volume, as of 09:01 Moscow time on Sunday, the price of Bitcoin was set at $ 27,215, according to the CoinMarketCap portal, which calculates the average price for more than 20 exchanges, and starting from 09 05: Moscow time, Bitcoin rose 9.85%, to $ 27,232.

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Bitcoin is a decentralized digital currency based on blockchain technology, or "blockchain", and this system is characterized by the limited number of its currencies and the absence of any manager for it.

Submission to the laws

For a long time, governments have worked to hinder institutional investment in Bitcoin through a set of strict regulations and laws, but the matter has started to change recently with many official bodies recognizing the cryptocurrency and enacting new regulations to invest in it.

Compliance with the regulations made Bitcoin lose one of its most traditional features, which is to work outside the authority of laws and challenge government oversight, but it will, in return, allow it to expand much further in the institutional investment market.

Bitcoin volatility

On June 6, 2011, Bitcoin was worth $ 8, and despite the great disappointment at the time with traditional currencies in light of the global economic crisis, most experts believed that the cryptocurrency was nothing but an unrealistic dream due to the fluctuation of its value.

In 2020, volatility is still Bitcoin's biggest enemy - as the author says - but this same characteristic may be a useful economic barometer for governments to assess the volatility of traditional currencies.

Bitcoin's flexibility

Bitcoin has succeeded, despite all doubts about its ability to continue, to prove its worth over a period of 12 years and defy all obstacles and jolts, and although it is not more efficient or easy to use than traditional paper currencies - according to the writer - but no one can deny its flexibility and ability to The challenge of fiat currencies, which made investment companies head towards them strongly in the recent period.

It is noteworthy that the Bitcoin currency hit a new record this month when it broke the $ 23,000 barrier, amid increasing demand for high-risk investments.

The price of Bitcoin has increased by 207% since the beginning of this year, up from $ 7,208 per unit at the end of the 2019 sessions.

Source : RT, Financial Times + Agencie