Bitcoin has apparently become the most valuable Cryptocurrency or let’s say currency in the world. People have been heavily investing in bitcoin and other cryptocurrencies for a while now and yes for many it has been fruitful. Many who started at nothing turned into millionaires but all those who thought good years ahead got bad news when the governments from multiple countries started raining on the cryptocurrency investment calling it illegal.
Related News: IMF warns El Salvador legalizing Bitcoin; states illegal
About 30,000 bitcoin millionaires have completely disappeared from the crypto market. Reason? The developments taking place in the bitcoin digital market over the last three months. The value of the bitcoin, which was $ 69,000 in November, recently reached $ 36,000. Not to mention that many countries’ control over cryptocurrency, geopolitical unrest, volatile markets, and corona conditions all contribute to this.
According to the portal FinBold, between October and January, wallets containing more than $ 1 million worth of bitcoin fell by 28,186 (24.26 percent). Especially in these three months, many people who were rich through bitcoin in the past have incurred huge losses and might have ended up homeless for reckless investment in hopes of a greater amount of returns.
In addition, wallets over $ 100,000 fell 30.04 percent to 353,763 from 505,711. One million dollars and above fell 23.5 percent to 80,945 from 105,820 to 80,945. $ 10 million, or more, fell 32.08 percent to 7,008 from 10,319.
However, some economists describe bitcoin as a protection against rising inflation. Saying not to take into account the damage done by bitcoin predicts a better future ahead. However, Bitcoin and other digital cryptocurrencies reached a record low of $ 1 trillion in the global cryptocurrency market.
Also Read: Rising Demand For EV; Tesla Launching Roadster Sooner
