Written by Christopher W. Dumm, The Law Office of Christopher W. Dumm
Even those who pay only passive attention to financial news cannot help but have heard that the value of Bitcoin has spiked. The flagship cryptocurrency hit a year low of $4,748 in mid-March of 2020 then, despite US-China tensions, Brexit, and the global health crisis, began a meteoric rise that saw its value hit nearly $30,000 by the end of the year.
Through 2021 Bitcoin’s value has continued to rise, hitting over $50,000 by mid-February and reaching a peak of more than $63,000 by mid-April. While this rush has since plateaued, Bitcoin’s gains have driven the rise in other cryptocurrencies’ values as well. Naturally, this rapid growth has caught a lot of people’s attention.
Not long ago, the popular view on cryptocurrencies was that they were risky in the extreme and a fringe idea. Now, with major investors like Elon Musk asserting strong support (despite his recent wavering on Bitcoin) and large companies like PayPal adopting their use, it seems like mainstream acceptance is near. Many people are understandably thus wondering what, exactly, cryptocurrency is and whether they should be buying in.
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