WazirX Blog

5 reasons why Bitcoin prices are on a rise

As of March 2021, the cryptocurrency market is worth around US$1.7 trillion, out of which US$1 trillion is Bitcoin alone. Bitcoin is still so dominant that all altcoins’ collective price action continues to depend on Bitcoin largely. Its value has been increasing since its inception; it has made many millionaires and even Billionaires in the past decade. It seems that Bitcoin’s value will keep on increasing in the foreseeable future. 

This begs the question – why is Bitcoin’s value on the rise, and how to buy Bitcoins in India?

#1 The tech that Bitcoin delivers

Blockchain was first presented to the world in the 90s, but it didn’t gain much traction at that time. Bitcoin was the first successful implementation of the technology. The idea of a trustless and privacy-centric payment system is quite intriguing. 

Bitcoin was followed by thousands of other cryptocurrencies, which either aimed to improve Bitcoin’s technology. This mass adaption was one of the biggest reasons for an increase in Bitcoin’s value. 

#2 Deflationary tokenomics

Bitcoin’s value is always on the rise, not just because of its tech; tokenomics is also equally responsible. Tokenomics is a study of understanding the supply and demand model of a cryptocurrency. Bitcoin has a deflationary model of tokenomics; this means it will reduce the supply with time. 

After every 210,000 blocks of the Bitcoin blockchain has been mined, Bitcoin reduces its supply by 50%. In the early days of Bitcoin, the mining rewards of one block of Bitcoin was 50 BTC, which …
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