The current price of Bitcoin is $8,700. It has been on a steady decline since reaching its all-time high of $19,783 in December 2017.
Despite this, Bitcoin remains the most well-known and valuable cryptocurrency in existence. Its popularity and price are both a result of its unique properties.
Bitcoin is often referred to as digital gold. This is because it shares many similarities with gold. Both are scarce, durable, and have a decentralized market. Gold is scarce because it is difficult to produce and there is a limited supply.
Bitcoin is also difficult to produce, as it requires specialized hardware and a lot of electricity. There is a limited supply of 21 million Bitcoin that will ever be created. This makes Bitcoin scarce as well.
Durability is another similarity between Bitcoin and gold. Gold does not corrode and can last for centuries.
Bitcoin also has the ability to last forever. It is not susceptible to inflation like fiat currencies are, so its purchasing power will not be eroded over time.
The final similarity between Bitcoin and gold is that they both have a decentralized market. There is no central authority that controls either asset.
This allows for price discovery to occur organically through market forces like supply and demand.
The unique properties of Bitcoin make it a valuable asset with real-world use cases. Its scarcity, durability, and decentralization make it an attractive investment for those looking to store value outside of the traditional financial system.