Last week bitcoin has marked a record high value, as an investors put the digital currency in a more favorable light as an investment tool.
On Thursday, the bitcoin crossed the mark of $1,500 which is a record high, as it face a shortfall on Friday by $1,491, this remained same till Sunday.
On the other hand, the price of gold was about $1,230 dollars per ounce (nearly about $39 per gram) on Friday. In last four years the price of gold has never reached to $15,00. Since 2013, when the price of gold was between $1,500 to 1,600 range, it price was hovering around $1,200. Beside this the currency used to encode on the other hand has grown rapidly since it was marking $1,000 in January this year.
Benson Smauel, the CTO and Co-founder of Coin secure, a bitcoin exchange in India said “Today the price of one bitcoin is nearly to $1 lakh. Last month, we saw some consequence in supply and demand. The virtual currency exchange has more than 1,50,000 users, who daily trade for 200 bitcoin.”
“Only in the last month we saw a 100 new bitcoin users” he added.
The demonetization drive by the government of India saw a lots of users have been looking for the new ways to invest with bitcoin used after, “Two years ago, I had to explain what Bitcoin is now using as a commodity,” said Sathvik Vishwanath, co-founder of Unocoin.
The adoption of the legality cryptocurrency by the governments of China and Japan was a big incentive.
[graphiq id=”hJqCxUOeyrz” title=”Bitcoin Weekly Price Changes” width=”600″ height=”539″ url=”https://sw.graphiq.com/w/hJqCxUOeyrz” frozen=”true”]