5 Reasons the Value of Bitcoin Reached its All-time high despite the Pandemic

The covid-19 pandemic has crumbled the world’s economy. Everything from the stock market, tourism industry, airlines, and financial markets are negatively impacted by the pandemic. Yet the cryptocurrency is booming and especially Bitcoin, the most valued virtual currency has reached its all-time high and recently crossed the $23000 mark. Here, we’ll analyze the possible causes of rising in the value of bitcoin despite the global pandemic.

It is basic economics that the increase in demand automatically increases the value. This year, huge multinational financial giants like PayPal, Square’s cash app, and leading business intelligence firm MicroStrategy along with other reputed financial corporations invested more than a billion US dollars in bitcoin. This worked as a driving force behind the drastic rise in the value of bitcoin.