But what are the real determinants of this non-cryptocurrency price?
Price / demand ratio
Like gold, the price of Bitcoin depends largely on demand. If it is mined a lot and availability is good but demand is low at the moment, it also affects the value of the cryptocurrency accordingly. However, if there are a lot of people interested in acquiring Bitcoin, this is reflected in the correspondingly non-cryptographic value curve.
It should also be borne in mind that the maximum value of the Bitcoin currency in circulation is limited and this may also affect the value of the currency at certain times.
As Bitcoin is an independent currency, it is not directly linked to any national legislation. Therefore, it is up to each country to determine how Bitcoins are used and what restrictions or incentives are set.
For example, the popularity of Bitcoins in Japan soared when the country approved its use in 2017 and many stores adopted it as an official payment instrument. Such steps have a significant impact on the value of Bitcoin currency.
Like positive regulation, Bitcoin's value is affected by negative decisions. For example, in 2017, the Chinese state banned a number of non-cryptocurrency trading platforms and their closure had a significant impact on the market.
Media coverage also has a significant impact on Bitcoin. The more this publication is talked about, the more interest it will attract potential investors. Media popularity also helps raise awareness and interest in Bitcoins trading.
In addition, the impact of social media cannot be overlooked. Delivering news or tips can have a significant effect and influence the price in one direction or another.
World TOP expert Bobby Lee, who has been the founder of China's first cryptocurrency exchange platform, will share at the conference how Bitcoin ownership depends on other assets and what are the main mistakes when investing in cryptocurrency.
In addition, Richard Heart, a well-known speaker, blogger and crypto enthusiast, gives an in-depth look at the factors influencing cryptocurrency pricing, and expert Vytautas Karalevičius shares how cryptocurrencies can change the money paradigm.