3 reasons why bitcoin will continue to grow

Someone looks at the global financial crisis as the collapse of the traditional economic system, others see in this the flourishing of decentralization and the growth of cryptocurrencies in the near future. Both sides are right, but only the second position has a future.

Over the past week, bitcoin has grown by 8% and is now trading at around $ 11,300. At the moment, there are two main reasons why cryptocurrencies, in particular bitcoin, can rise in price several times.

The first reason is the US policy of issuing additional money. Of course, this supports the economy during the crisis, but in parallel the dollar is depreciating. Therefore, investors will exit the cache, which is gradually being eaten away by inflation.

But which asset will they choose to protect their capital? Limited issue asset. At the moment, the most popular of these are Bitcoin and Gold. But if gold falls during economic growth, then Bitcoin continues to rise. Therefore, investors will come exactly to the cryptocurrency market.

The second reason for the growth of cryptocurrencies is the rapid development of the industry in recent months. The capitalization of decentralized finance (DeFi) showed a tenfold growth in one year.

This is the "reincarnation" of the ICO market, which broke all records in 2017. But DeFi took into account all ICO's mistakes and became more reliable. Cryptocurrencies seem to be on the threshold of a new growth cycle. And it is due, first of all, to the regular growth of the market both during the fall and during the economic recovery.

At the moment, more than a third of large institutional investors in Europe and the US own cryptocurrencies. These include pension funds, investment funds, financial consultants and other market participants. Over the past year, their number has increased by 5%. Further growth will lead to an increase in the value of digital assets.

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Author bio

Vladislav is Business Development Director of cloud mining platform ECOS. Crypto guru, expert in tokenization and digitalization of business