Why is bitcoin increasing `crazy`?

(Dan Tri) – A series of factors, including moves from large businesses, have pushed the price of the virtual currency bitcoin to continuously increase to an all-time high.

Bitcoin has continuously increased in price recently.

According to Reuters data, just a few days after surpassing the 50,000 USD/bitcoin mark for the first time, the virtual currency bitcoin continued to set a new record, exceeding 55,700 USD/bitcoin in the trading session on February 19.

From less than 4,800 USD/bitcoin in mid-March 2020, this virtual currency began to increase strongly and reached nearly 30,000 USD/bitcoin by the end of 2020, continuing to skyrocket in early 2021. What makes bitcoin increase

According to CNBC analysis, one of the reasons why bitcoin prices have skyrocketed recently is the support for bitcoin of famous businesses such as Tesla and Mastercard.

Billionaire Elon Musk bets on bitcoin.

Mastercard also said they are willing to link their payment network with some virtual currencies.

In addition to the reason why large businesses are more open to bitcoin, the fact that governments have passed trillions of dollars in financial stimulus measures to deal with the Covid-19 pandemic is also a factor contributing to the price increase of bitcoin.

Many experts believe that bitcoin is considered an effective tool against the effects of inflation and the devaluation of the USD.

These developments make many virtual currency investors believe that bitcoin’s upward momentum this time is different from previous increases.

In contrast, skeptics view bitcoin as a speculative asset and fear it could be one of the biggest bubbles in history.

According to a Bloomberg survey, there are currently opposing views on bitcoin’s prospects.