Bitcoin is still trading near its all-time high, which it reached earlier this month. its current price is around u.s. $34,000, up about 77 percent in the last month and 305 percent in the last year. bitcoin, which was first introduced as a digital currency in 2009, was initially used as a form of digital money on the outskirts of the economy.
it has since gained popularity. today, it is almost entirely used as a form of “digital gold”. however, increasing the supply of money devalues it, causing people to seek out inflation-resistant assets to invest in. in this environment, bitcoin has evolved into a hedge against impending inflation and low returns on other types of assets.
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