The currency enjoyed a rock-and-roll run in both 2020 and 2021. In 2020, the currency temporarily dropped below $4,000 per unit. This was just when the coronavirus epidemic began to spread throughout the world’s economy. Many individuals began to perceive bitcoin and its crypto siblings in a whole new light around this time. The asset began to resemble a hedging tool rather than a speculative asset.
Many individuals began to consider bitcoin as a means of preserving one’s financial well-being. This was primarily due to governments throughout the world creating additional fiat currency in order to reintroduce it into their economies and provide stimulus funds to eligible individuals.
This did not sit well with the public, and bitcoin emerged as a viable alternative. People started buying like crazy, and by the end of the year, the currency had over $20,000, surpassing its previous all-time high of just over $19,000, set in late 2017.
In many respects, 2021 has been a more difficult year. Bitcoin achieved a new high of $64,000 per unit over the first two quarters of the year, the most it has ever been. However, the currency has been on a downward trend since then. It eventually plummeted to around $29,000 per unit, losing more than half its worth, however it recently jumped back above the $40K level.
In many respects, this has been quite an accomplishment given the level of hostility that big countries like China have shown towards it. The eastern country has attempted to ban all cryptocurrency miners from its territory while also making cryptocurrency transactions and associated activity illegal. As a result, everyone having digital currency in their accounts will either be forced to sell it immediately or find a method to sell it illegally.
This proved to be a volatile period for bitcoin. The currency was selling at roughly $44,000 per unit at the moment, however it eventually plummeted by around $2,000 when the news spread. However, it appears that the currency is on the mend, and the asset has risen by more than $4,000.
It is unclear whether this is a temporary relocation for the asset. After all, bitcoin has become extremely volatile, but with individuals like Mike McGlone saying that the commodity might hit $100,000 in October, perhaps this is just the beginning of something huge and unique.