Is Bitcoin a Currency?

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February 27, 2024 • 11 mins

In today's episode we'll deal with an important question, considering what is happening in the markets.

Today BTC crossed the price milestone of $57,000 USD/coin.

So, what I plan to explore is the question: Is Bitcoin a currency?

Throughout its recent history, Bitcoin has been a truly loved topic of conversation.

One of the resons behind this, is that fact that it has managed to polarize people - Some hate it with their life, while others love it with their life.

Some believe in the technology, but not in the asset that is traded.

Some are very confused about what it means.

While others remain clueless even after it has been explained to them like 500 times.

One of the reasons it has entered people's imagination is it's wide price fluctuations. If you haven't followed it, here's an example:

In Jan, 2016, it traded to $428 (USD)
In Jan, 2017, it traded to $940 (USD)
In Dec, 2017, it reached a near-term peak of $19,862 (USD)
In Jan, 2019, it reached a near-term through of $3,359 (USD)
In Nov, 2021, it reached the currently standing all-time high of $68,906 (USD)
In Nov, 2022, it reached a near-term through of $15,516 (USD)
Currently, it appears to be moving higher to $56,986 (USD)

One of the other reason it also grabs so much of attention is the fact that people find it very difficult to define as to what it is:

Is it a security?
Is it a commodity?
Is it a currency?

If they don't know they just keep debating.

So, is Bitcoin a Currency? What do you think?

Credits:

Narrated by Sid Barthakur
Music by Alexi Action from Pixabay

Disclaimer:

Please note this is not an investment advice. Your investment philosophy shall be based on your risk profile and financial goals. Please seek investment advice from your own investment advisor. This article/podcast has been produced only with the intension of sharing observations from research.

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