From a recent study on the progress of cryptocurrency, it has come out that since the beginning of the year, Bitcoin has climbed 31% more than all other fiat currencies. With many investors and prominent organizations embracing the power of blockchain in their transactions, bitcoin can only continue outperforming all other fiat currencies. Due to its independence from government regulations and woes, Bitcoin provides a desirable alternative to fiat currencies hence contributing to its growth.
The study shows that bitcoin prices have experienced more growth than popular stocks like Apple, Facebook, and Google.
Blockchain gaining all over the place
From the study, Bitcoin is not even the best performing cryptocurrency so far. With other blockchain applications like Ethereum and dash doing better than bitcoin, it goes to show the much impact blockchain has made in the business world. From the look of things, only Tesla and MoneyGram stocks saw a bigger increase than bitcoin although bitcoin is currently edging closer rapidly.
Who are the competitors?
The top three fiat currencies competing with Bitcoin that saw a slight increase in stocks include the Mexican peso increasing shares by 11%, Russian ruble at 10% and the Japanese yen 6%. Compared to the 31% by bitcoin, it is clear that cryptocurrency is here to change things. It is at this juncture that traditional investors have started paying more attention to cryptocurrency and see an avenue to clinch an advantage over their other stock competitors.
The future ambitions of bitcoin
While the growth of bitcoin can mostly get attributed to its favorable nature as compared to fiat currencies, the biggest reason for its growth has to stem from the increasing possibility of segregated witness (SegWit). The technology raises network transaction throughput which will help alleviate scaling limitations for bitcoin users. With SegWit breaking through, bitcoin prices might continue rising throughout the year. Click these links for more information.