The Reasons Why Bitcoin Continues to Grow

Yale economist Prof. Aleh Tsyvinski explains how despite years of predictions of a crash, bitcoin continues to grow exponentially.

For a long time, Bitcoin has been debated to be on it’s way to a crash, but that has been proved wrong. On February 21, at its peak, the price of a single Bitcoin reached $57,489. That’s more than 700% higher than it was a year prior in the beginning of 2020.

Tsyvinski explains that any currency that is not backed by a commodity like gold or silver, in fact, functions in it’s own bubble. Research showed that there are two reasons why Bitcoin is able to maintain itself and grow; simply the attention people are giving it and the momentum that creates.