The price of Bitcoin exceeds the price of 1 kilo of gold.
Increasing expectations for the rise in the value of Bitcoin in the future.
Bitcoin is the largest cryptocurrency in the world in terms of market value. It is the world's first, most famous, and most expensive cryptocurrency. Bitcoin is essential to individual investors and traders because of its growth potential and ability to influence other cryptocurrencies.
On Monday 03/11/2024, the price of one Bitcoin exceeded $72,000, while the price of a kilo of gold reached $70,000.
The price of Bitcoin reached a new record high, exceeding $72,000, on Monday, with a rise in demand for the cryptocurrency, amid optimism in the US Federal Reserve's decision to reduce interest rates this year.
The unit price reached $72,000 in Asian markets on Monday afternoon, according to Bloomberg Financial News Agency data, meaning it recorded an increase of about 70% this year.
News that the Financial Conduct Authority in Britain would allow the creation of securities linked to cryptocurrencies contributed to this rise.
This comes after the US authorities gave the green light this year to exchange funds linked to the spot price of Bitcoin, which convinced several large investors to take the risk of introducing units of them into their portfolios.
The company "Finalto" stated that increasing expectations of a reduction in US interest rates leads to a weakening of the US currency and returns on US Treasury bonds and competing assets, making Bitcoin more attractive to investors.
Ross Mold of the AG Bell group said that if the US economic outlook remains generally favorable, it is also possible that the market will be "concerned about the way debt accumulation continues, especially in the United States."
He added that this pushes it to turn to alternative assets such as gold, which recorded a historic record price on Friday of $2,195, or Bitcoin, which reached a record high of $72,000 per coin.
The price of Bitcoin has risen by about seventy percent since the beginning of the year, which is a fantastic increase after the collapse of prices with the decline of many giant companies in the sector at the end of 2022.
#Bitcoin, after it crossed $72,000 today, MicroStrategy announced that it purchased 12,000 new Bitcoins today.
For approximately $821.7 million
As of 10/03/24, MicroStrategy has 205,000 BTC purchased for approximately $6.91 billion at an average price of $33,706 per Bitcoin.
The share price of Microstrategy Company MSTR rose 11% after announcing the purchase of Bitcoin today.
At the end of this article, we can conclude that there are increasing expectations for Bitcoin's value to rise in the future.
In short, the factors that contribute to the possibility of an increase in Bitcoin's value in the future are the increasing demand for digital currency and the increasing acceptance and recognition of it as a means of payment and investment. In addition, the price of Bitcoin is affected by many economic, political, and technological factors, such as new technical developments and legislation related to digital currencies.
In light of these factors, some expect Bitcoin to continue to improve and grow in the long term. With increased acceptance and recognition by major financial institutions and corporations, demand for Bitcoin will likely increase, and more individuals and investors will adopt it.
However, you should know that the Bitcoin market is subject to high volatility and extreme price fluctuations. You need to consider this when making investment decisions, and you need to be careful and conduct the necessary research before making any investment decisions.
Overall, many expect that Bitcoin will continue to develop and flourish. With increasing interest and acceptance, Bitcoin may have a more significant role in the global financial scene. However, predicting the future of the digital market is not easy and requires continuous study and careful analysis of the changing factors surrounding it.