Gold

Today, it is very difficult to find at least a single person in this wild world that hasn't heard of Bitcoin. Nevertheless, there are not many people who actually realize what this coin is.

The cryptocurrency market is on the rise and the demand for cryptoassets is increasing globally due to the inflation that several countries, including the United States, are experiencing.

During a presentation at Talent Land Jalisco, Mexico, the philanthropist, Apple co-founder and electronics engineer, Stephen Wozniak praised Bitcoin (BTC) and said that the world's oldest cryptocurrency is better than gold. His statement caused excitement throughout the cryptocurrency market and drove the price of Bitcoin up.

India is leading the way in cryptocurrency investment over the past 12 months, despite tough regulatory threats in the country. Investment in digital currencies began to rise in the middle of last year (2020) as the Kovid 19 pandemic spread at a rapid pace.

Ever since Bitcoin experienced one of its largest pullbacks in May this year, critics have once again used this volatility to attack Bitcoin, saying it is not a good store of value because its price can fall 40% in a week. While that argument sounds logical at first, my own deeper analysis delivers a rather alarming result.

Millennials are turning to alternative investment options such as gold as a safe haven after their money was screwed by deep drops of the stock market in 2020. However, cryptocurrency is still their number one choice.

The past 12 months have not been a bullish trading period in the market of cryptocurrency. Most popular cryptocurrencies including Bitcoin Cash, Stellar, 0x, Enjin Coin, Algorand, Zcash, Bitcoin Gold, Dash, and many others, were not favored during this Covid-19 pandemic period.

Sean Ono Lennon, the descendant of the legendary John Lennon of the Fabulous Four from Liverpool, has become an official supporter of Bitcoin. He has joined the bunch of celebrities favouring cryptocurrencies.

Many governments as well as citizens remain cautious about cryptocurrencies as they lack awareness and understanding of their nature. However, history proves that digital currencies are just another form of money like shells or silver coins with the only difference that it cannot be touched for the first time ever.