How Did Bitcoin (BTC) Manage to Grow This Big?
There was a time when all people could talk about was how unstable and unreliable Bitcoin (BTC). Now the people are saying the exact opposite of it and are ready to invest all their money to get a single fragment of it. The question is, what happened and how did Bitcoin (BTC) manage to change the perception to such a high level?
Well, in the past year, Bitcoin (BTC) has managed to hit its all-time high and is constantly on the rise. People used to have the same perception and expectations from Bitcoin (BTC) back in 2017 and it let everyone down. So is Bitcoin (BTC) going to show the same trend this time or not?
As per the majority of the cryptocurrency experts and economic analysts, Bitcoin’s (BTC) past is not going to repeat itself again. Back in 2017, Bitcoin (BTC) did not have the position, recognition, mainstream adoption, and worth that it has today.
In 2017, there were not many people around the world who were aware of Bitcoin (BTC) and wanted to invest in it. At that time, it was just considered to be a gambling token and people were only being playful until its prices soared and went all the way up to $19k per BTC.
That is when people started investing in it but the currency had no backup plan or no support from the global economy. So when the correction for the currency took place, it plunged all the way to the bottom and went below the $5k per BTC mark.
However, Bitcoin (BTC) managed to make it to the news and gained some recognition. Then the year 2020 came when the pandemic hit the entire world people in masses, resorted to cryptocurrencies. That is when Bitcoin (BTC) started building up its user base and started gaining an increase in its price.
When this happened, Bitcoin (BTC) managed to gather the attention of some of the major financial institution giants. One of the most remarkable financial giants is MicroStrategy. The company and its CEO fully trusted the bullish nature of Bitcoin (BTC) and invested around $1.125 billion in Bitcoin (BTC) only in 2020.
That is when other financial institutions started rallying up to purchase as much Bitcoin (BTC) as they could afford to. After MicroStrategy, it was MassMutual that invested over $100 million into acquiring Bitcoin (BTC).
Most importantly, the company that helped Bitcoin (BTC) make it to the spotlight was PayPal. It was back in September 2020, when PayPal announced that it was going to let U.S.-based users purchase BTC from its platform starting 2021. The firm further announced that its user from all around the world would be able to do the same in the following quarters of 2020.
Since then, Bitcoin (BTC) has only looked ahead and has managed to surge all the way up to $41k per BTC since its launch.