Bitcoin surged to a new record high of $58,332.36 this weekend, analysts reported on February 21.
However, the currency lost a chunk of its value soon afterwards and continues to drop as of time of reporting.
Nevertheless, the remarkable surge is notable, equating to a 305% climb in value between the fall of 2020 and last Saturday.
What is making Bitcoin so valuable though? It certainly helps that companies such as MasterCard, Tesla, Apple and PayPal have started to move into the Bitcoin space.
Investors are said to be looking into buying opportunities themselves, pinning no small hope on BTC, and naturally increasing its value, even if only through sheer speculation.
The buying frenzy has naturally increased the coin's price, but inflation is not something we should talk about with Bitcoin because the supply is limited unlike FIAT currencies.
However, the realities here are that demand is outstripping supply, argues John Willock, head at digital asset exchange Blocktane.
After Tesla invested $1.5bn to snap up Bitcoin, many commentators began wondering which company would be next to purchase a large quantity of Bitcoin. With Bitcoin tumbling as we write, its price may be on a course to auto-correction.
Yet, activity at crypto casinos is not stopping. Bitcasino, 1xBit and FortuneJack have been busy with new sign-ups. These casinos offer some of the most generous bonus, reaching up to 7 BTC in some cases, or $350,000 in welcome bonus money to claim!
