Bitcoin growth chart in Europe
No one today ignores Bitcoin. Bitcoin has been in the headlines for over a year now. Bitcoin was a concept introduced by Satoshi Nakamoto in 2009. Like other cryptocurrencies, Bitcoin also uses blockchain technology. It is also the most accepted cryptocurrency. Visit the https://bulwarkcrypto.com for more information on bitcoin trading.
There has been a lot of confusion about what blockchain technology is. Blockchain technology primarily functions as a distributed ledger. Instead of keeping the record in one place, the data is distributed among various personal computers everywhere. Moreover, the data is shared, edited and checked by the users themselves. Users can process transactions without any reconciler between them. It is also difficult to hack information because a member acts as both a user and a server. Europe therefore expects a lot. On top of that, Santander, a bank in southwestern Europe, estimated in 2015 that bitcoin could significantly truncate banks’ infrastructure spending. Various other sectors profit from Bitcoin.
Thus, Bitcoin can be used in everyday financial transactions. Nearly five percent of customers in Europe claimed to use Bitcoin as a means of payment on a daily basis. Bitcoin also has similar properties to fiat currencies. Despite this, Bitcoin does not act like fiat currencies. Normally, currencies should be affected by inflation. While the value of fiat currencies is expected to decline over time, Bitcoin’s value is determined by supply and demand. This makes it a justifiable asset to buy and sell as an investment.
Now comes the question of why Europeans are so interested in investing in Bitcoin. The reason is its constantly increasing value. As of December 2021, Bitcoin’s market capitalization was valued at over $2 trillion. In November 2021, the value of Bitcoin reached $68,000. Investors are generally looking for profit, and Bitcoin seems like an attractive opportunity for them.
But not everyone is willing to know and invest in Bitcoin. One of the reasons could be that it is not environmentally friendly. Additionally, investment supervisors in Europe struggle with the concept and therefore do not encourage Bitcoin as an investment. According to a European survey, currencies are not counted as investment instruments. In 2014, there were only seven European investments in Bitcoin.
Additionally, around 95% of people confirmed that they do not use or own Bitcoin. As for the European Central Banks, they tend to warn investors and their consumers about the volatility and the risks that are developing around Bitcoin. But they recognize and understand that Bitcoin has potential and will continue to exist for the long term.
There are some determinants of Bitcoin in Europe. First, a financial crisis is a critical issue in the regular banking and finance industry. Financial irresolution negatively affects the value of a currency. But in the case of Bitcoin, there is no significant effect on its value because it is controlled worldwide. Therefore, in places with inconsistent economic structures, Bitcoin is a better alternative.
Bitcoin is also the most popular cryptocurrency which is accepted almost everywhere. Growing visibility and growing investor interest and the regulations that support Bitcoin are expanding the market. Bitcoin’s rapidly growing cash value and sparkling rewards for transactions are also intensifying Bitcoin’s market value. Moreover, the increasing inclination of developing European countries towards Bitcoin contributes to the growth of Bitcoin in the future. Various countries in Europe are showing their growing interest in Bitcoin. Europe should also experience a significant growth rate. European cities like Amsterdam, London, and Ljubljana in Slovenia are currently Bitcoin hotspots.
The growing popularity of Bitcoin is expected to greatly transform the European market in the years to come. It is plausible that developed countries will easily adopt Bitcoin due to its flexibility. This growing popularity of bitcoin as a medium of transaction in Europe is leading central banks to support it as well. In addition to this, companies can also make profits by changing prices and strengthening their assets.
Since its inception, Bitcoin has experienced tremendous growth in Europe. The unprecedented rate of people adopting Bitcoin in Europe indicates that Bitcoin is not going anywhere and is here to stay.