Why more people than ever are buying Bitcoin

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on May 9, 2020
Updated: May 10, 2020
  • People around the world are buying Bitcoin much more now than ever before, and for multiple reasons.
  • One of the reasons is the upcoming halving, which is expected to launch the price sky-high.
  • Another reason is the coin's performance, which was vastly superior to traditional markets.

Bitcoin has come a very long way in a very short period, making much greater progress in the last few years than in over half a decade before that. More people than ever are buying BTC these days, and for a number of reasons.

Bitcoin halving is just around the corner

Of course, one of the biggest reasons for buying Bitcoin right now is the upcoming Bitcoin halving. This will be the third halving in the coin’s history, and it is scheduled to happen in less than three days.

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After the past two halvings, the coin’s price surged tremendously, attracting investors and Bitcoin traders from all over the world. between then and now, Bitcoin hit an ATH of almost $20,000. It attracted institutions and started heading down the way of mass adoption.

The list of achievements and steps that it made since the second halving continues to grow, which is why many have great expectations of the third halving.

Is Bitcoin a safe haven after all?

However, as mentioned — halving is only one of the reasons why more people are getting into Bitcoin. Another reason is its performance during the still-ongoing coronavirus pandemic. You can find out more about buying bitcoin in this step-by-step guide.

As many likely remember, the global economy crashed as soon as coronavirus started spreading around the world. Even the fiat currencies became endangered due to the governments’ money-printing activities, aimed at helping people through the crisis.

Meanwhile, Bitcoin remained strong and steady. It crashed eventually, yes, but it also recovered very quickly. Meanwhile, many suspect that the crash is the result of correlation with traditional assets, rather than the loss of faith in the coin.

If anything, the quick recovery confirmed that the faith in crypto is still very strong. People in countries that have already suffered from inflation and similar financial issues have decided to buy Bitcoin and give it a chance. Some examples include countries like Venezuela and Turkey.

Some countries found themselves in a financial crisis only now, during the time of the virus outbreak. One example is Argentina. The country was not the most stable financially even before the outbreak, and the economic meltdown had a major impact on it. As a result, its citizens started turning to Bitcoin, and other digital coins.

The same is true for people in African countries, where the financial situation is so bad, that many have to use prepaid mobile minutes as a currency.

In the end, the crypto industry comes as a way for people to use decentralized money that cannot be taken away, frozen, or devalued. This is the first time in history that they can make instant international transactions with nothing else but a click of a button.

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