Soaring price of crypto and present corona world.

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Greetings friends!


(Image source: pixabay.com)

I had no idea that cryptos one day will be accepted globally and their price would surpass every speculation. I started my crypto journey very late, only after I joined Steem platform in 2018. Since then, I made a few hundred USD worth investment and now my crypto asset has inflated a bit. So, I gained something from my investment.

But, crypto price is increasing leaps and bounds these days. This has surpassed the crypto boom of later 2017 and beginning of 2018. So, Bitcoin, Etherium, BNB all are enjoying their highest price ever and this mark is changing again and again in a short span of time. Alt coins are following Bitcoin and many have gained significant market share. It is amazing yet, it is very surprising, especially in a world where many countries have put ban or restrictions on buying and selling of cryptos.

This is unusual but, not as it seems.

This is very unusual from the perspective of a human being. In one hand governments are trying everything to control or destroy decentralized money. Banks are against it and there has been innumerous scams but, this has not dwindled the faith of crypto enthusiasts. Encouraging words from billionaire like Elon Musk have made its impact. Even he encouraged meme coin Dogecoin to be one of the top five crypto according to the market share. One other reason is the hope of the investors. They think that Bitcoin price will go to the moon one day and so is the price of alts. But, the most suitable reason may be that people have lost their faith on banks and government owned financial institutions. They think that as the government owned fiats are highly centralized, it is only beneficial for the rich and powerful people. It is making rich richer while making poor poorer. So, fiats are meant for the big scammers who take huge amount of loans from the banks and do not pay it. So, ultimately is is the system of looting the common people who also have to pay exorbitant taxes on their incomes and also are looted indirectly through indirect taxes. People also think that crptos are good things for investment as economies are shrinking in the present corona period and they don't think it is safe to invest in traditional investing tools like shares and real estate.

So, despite of shrinking economies and hopelessness created by corona, people are happy to invest in cryptos and thus crypto prices are going up and up everyday.

Thank you for reading.
@akdx

Posted Using LeoFinance Beta



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2 comments
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Interesting to see bitcoin slump while Litecoin and ether pump

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This is because crypto market is driven by big players. They can manipulate it as per their wish.

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