Bitcoin’s value has soared massively since the beginning of the year and the cryptocurrency seems to be keeping up the trend despite a few bumps along the way. Today, there are more Ugandans investing in Bitcoin in large numbers because of the boom in the digital currency’s value.
Also read: Bitcoin currently trading at $30,000 hits all-time high.
A report from Nile Post shows that data from a cryptocurrency data analysis firm indicates that about 100,000 Ugandans investing in Bitcoin own over $1,000,000 worth of Bitcoin. Today, 1 Bitcoin is equivalent to UGX 170,536,400 ($46,195).
Could the pandemic be why there are more Ugandans investing in Bitcoin?
There are a number of reasons that can be attributed to its continuous increase in value though its hard to pinpoint an exact reason. Due to the pandemic, it is likely that more people took interest in digital currency and started to purchase Bitcoins at a high rate which caused the demand to go up.
Even as the value increases there are a few lows for the digital currency where the value drops. This isn’t such bad news since it becomes cheaper for those waiting to invest to finally have their turn on the Bitcoin trend.
Just like investing in shares and stocks, Bitcoin too is a risky investment but could be worth it with its current trend since its performing beyond many people’s expectations. Another reason for Ugandans to consider investing in the digital currency is the growing number of companies that are endorsing the crypto currency.
Companies like Tesla and Mastercard have shown support for cryptocurrency as Tesla went ahead to buy $1.5 billion coins worth of Bitcoin and has even communicated about plans to accept the digital currency as payment for its products.
The year started with a peak value for the cryptocurrency where its value was at $30,000. This was an all-time high since Bitcoin had suffered terribly in 2020 where it once traded at $9000. Analysts predicted that the value would go as high as $100,000 this year as it might compete with gold in value.
Whether its Elon Musk’s controversial tweets making the value go up or just simply the laws of demand and supply doing their thing, there’s no denying that this could be a great year for those who haven’t started investing yet to join the volumes of Ugandans investing in Bitcoin.