Few months ago the cryptocurrency market crashed which saw the price of bitcoin
and other cryptocurrency dipped which came unexpectedly to traders and investors.
There were speculations that it could be the end of cryptocurrencies after bitcoin the
most popular cryptocurrency lost about 50% of it’s value. Many believe the fall in the price of bitcoin and other cryptocurrencies was sparked by the Chinese government restrictions on cryptocurrency. But prior to the cryptocurrency crackdown in China, bitcoin and other cryptocurrencies has taken a downward slope after the announce ment made by Elon Musk, CEO of the tech giant Tesla on twitter that the tech
company would no longer accept bitcoin as payment for its products.
However, the past few weeks has seen bitcoin and other cryptocurrencies gradually gaining momentum. Bitcoins slow but steady recovery to above $46,000 has restored confidence amongst traders, investors and all crypto faithful. Putting the
long term predictions that bitcoin would exceed $100,000 or more back in vogue.
Although the global adoption of bitcoin has skyrocketed some still see bitcoin and other cryptocurrency as a speculative and volatile asset carving out a wider trading
range for now, hence dismiss bitcoin’s usage as a currency while developing
countries such as Kenya, Nigeria, Vietnam and Venezuela show how bitcoin is their
best bet. Citizens of these countries opt to use bitcoin as a hedge against inflation and It’s only a matter of time before bitcoin and other cryptocurrencies are seen globally as a better preserve for value and increase in purchasing power than traditional currencies.