Bitcoin (BTC/USD) has greatly evolved over the years. In its early years, the coin raised a lot of doubt because it was still a new concept, but by 2021, it had gained immense adoption, and it has even been accepted as legal tender.
The growth of Okcoin has also been mentioned by an executive of the Okcoin exchange, Hong Fang, who has stated that Bitcoin is evolving to become a global payment network.
Bitcoin’s volatility is increasing
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In a CNBC interview, Fang noted that the volatility of Bitcoin was increasing. She attributed the increasing volatility of Bitcoin to the newly-launched Bitcoin exchange-traded fund and more financial instruments related to the primary cryptocurrencies.
These financial instruments were causing increased volatility due to the “more leverage piling in.” This was being attributed to investors who were hoping that the prices of Bitcoin were going to increase; hence the volatility would increase significantly before the end of the year.
Fang further stated that she was still bullish about the price of Bitcoin. She referred to an earlier prediction noting that Bitcoin could still achieve $100K by the end of this year or in 2022. Fang also mentioned that Bitcoin was a better alternative as an investment alternative.
Bitcoin is evolving
While Bitcoin was becoming more adopted as an investment class, Fang also noted that it was also evolving as a global payments network. Moreover, the fundamentals of Bitcoin were becoming stronger. She also noted that Bitcoin was yet to be fully accepted as a payment class, but its fundamentals were growing.
As aforementioned, Bitcoin has enjoyed major growth this year in terms of both value and adoption. The primary cryptocurrency is now being used as legal tender in El Salvador, and a recent report stated that Zimbabwe was also considering using Bitcoin as legal tender.
Moreover, Bitcoin has also become a primary tool being used to hedge against inflation. This use case has been attributed to the recent price rally towards record highs of $69K. Earlier this year, analysts had stated that the price of Bitcoin would reach $100K by the end of the year. While some analysts are still bullish on this happening, the primary cryptocurrency shows signs of recession after its current dip to $59K.
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