Bitcoin is a digital asset known as currency or cryptocurrency. The operation of this network started in 2009 and it is a concept that involves virtual currency having no link to a currency that is regulated by the government. Here, you can find some predictions about bitcoin that will help you to make an informed decision.
1. Bitcoin hits the lowest price in recent times
After getting to a $69,000 high in the month of November, Bitcoin has lost more than a third of its cost. The cryptocurrency continues to shed its value dropping to the lowest point in recent times, trading at a bit more than US$42,250.
The protests in Kazakhstan in recent times have shaken the Bitcoin market, with the nation which happens to be the 2nd biggest when it comes to Bitcoin mining, taking 15% of the network offline due to loss of Internet access.
During the first week of January this year, it was predicted by the investment bank Goldman Sachs that Bitcoin might more than double, and it can hit $100,000 per coin during the subsequent 5 years. Quite a few leading firm managers such as Stanley Druckenmiller, George Soros, and Paul Tudor Jones have made investments in Bitcoin.
2. The Twitter account of Indian Prime Minister Narendra Modi was hacked with the declaration that India would be adopting Bitcoin
The Twitter handle of the Indian PM Narendra Modi was compromised for a brief period when a tweet had been sent from the account of Modi asserting that India had finally adopted Bitcoin and the cryptocurrency would be distributed soon. Afterward, Indian Government has released a public notice that they will not circulating such notifications and it is a fake news circulated through hacking the prime minister twitter account.
Screenshots of the tweet were shared by a number of Twitter users which was put out from the personal Twitter account of the Indian PM, as per News-18.
The screenshot stated that Bitcoin has been accepted by India as legal tender. The authorities have purchased 500 BTC officially and these would be allocated to the country’s residents as well.
However, this tweet has been removed. A possible scam link was likewise attached with the tweet.
Bitcoin is not recognized by India as legal tender. Incidentally, the Indian PM can boast of having in excess of 70 million followers on Twitter which is more than any other political world leader out there.
The first nation that adopted Bitcoin as legal tender was El Salvador which was done in September, and according to the nation’s president Nayib Bukele, he was contemplating building the first “Bitcoin City” of the world – financed by Bitcoin-hacked bonds in the initial phases.
Recently, even India has entertained a crypto ban in recent times. The Indian authorities declared recently that a bill would be introduced in the country prohibiting all private trade with cryptocurrencies in the country.
3. The value of Bitcoin falls by almost 50% since record November
Almost 50% of its value has been lost by Bitcoin since the November high, and the prices of cryptocurrencies have gone on plummeting as the major economies are starting to curb their increasing popularity.
Bitcoin has tumbled more than 8% within a brief span of time. In fact, the most popular cryptocurrency on the planet has dropped by more than 20% since the starting of 2022. It had been trading at a record high of $68,990 in November.
The 2nd most popular cryptocurrency, Ethereum, has plummeted by over 12% within a short period of time recently and had been trading at $2,400 as of mid-morning Saturday. This is approximately 30% drop since the commencement of 2022. Making Bitcoin vs Ethereum more satisfying to follow.
It was reported by Reuters that the central bank of Russia has proposed a prohibition on the use of crypto as well as mining. In spite of being amongst the largest crypto-mining countries on the planet, the central bank of Russia declared that digital currencies might pose a threat to the economic stability of the nation.
The proposal of Russia comes only several months following the launch of a full-scale restriction on cryptocurrency imposed by China which prohibited trading as well as mining.
Indian Government declared in November last year that it would be introducing a bill for regulating cryptocurrencies, although not much has been revealed regarding this proposal. Narendra Modi, the Indian PM, said recently that global cooperation will be required for tackling the issues caused by digital currencies.