Bears And Bulls of Bitcoin

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I understand many might argue that Bitcoin isn't the best coin but it is still the main anchor to the entire cryptocurrency world. This year has been an interesting ride for Bitcoin and it seems we haven't seen it all just yet even with it peaking at $44000 this morning a big difference from it's $60000 price earlier this year. The major Bear began early this year when Tesla Inc announced it's removal of Bitcoin as a payment option just when this famous coin was sitting pretty at $60000. According to Elon Musk it's CEO, the means by which most mining occurred was by coal, a type of power generating system capable of doubling the amount of carbon dioxide released into the environment and therefore putting the entire world in increased danger of global warming. It is worthy to note that Bitcoin mining activities occur majorly in China and 80% of these operations are run by coal.

This would have not been a problem 10 years ago when people hadn't realized the potentials Bitcoin held but now that they do it has caused increased mining activities and off course increase in the amount of coal exhausted and carbon dioxide released into the atmosphere.This news came less than two months after Tesla Inc started accepting it as a payment option causing the Bitcoin market to dump as low as 10%. Even though the electric car making company revealed they bought $1.5 billion worth of Bitcoin. Recently there have been speculations about Tesla Inc adopting a new crypto currency but Elon Musk has hinted that it would still be Bitcoin which pushed the market above $30000.

Then came the China mining saga another Bear in Bitcoins growing path and although some might argue that it had no effect on the market, the chart says otherwise. The crackdown on miners in Beijing China's capital caused the market to plunge further after the Tesla Bear blow. Experts believe it was an attempt by China to grow it's e-currency "yuan" and help reboot it's international financial system. China believed that by internationalizing it's digital currency, dependence on the dollar dominate global banking system could be reduced. Before the crack down on miners, China had the largest population of Bitcoin miners in the world and we watched Bitcoin plunge even further reaching as low as $28000.

This further discouraged newbies who got in just when things started to get rosy to sell out because they were in losses and seemed like the final straw in the cryptocurrency journey. Not until two weeks ago did things start to go to the Bulls when miners shifted base and chose more eco-friendly means of power. This helped the mining market to evolve as well as open doors of opportunities for other countries which helped to stabilize the market and is obvious in the recent break Bitcoin appears to be having after reaching as high as $44000 today. Although many countries are still frowning on cryptos because of their inability to control it, we hope it doesn't take longer before they realize that digital currencies like cryptocurrency are the future of the world.