The New York Times, an American daily newspaper, highlighted Bitcoin’s recent 6.5% rise and said that both cryptocurrency bulls and bears were interested in this development, according to Cointelegraph.
Bitcoin (BTC) has apparently maintained a value between $19,000 and $20,000 despite the USD’s onslaught of equities, commodities, and alternative currencies. This has assured that mainstream media often include BTC in its headlines, according to Cointelegraph.
The New York Times, an American daily newspaper, highlighted Bitcoin’s 6.5% gain over the previous week and said that both cryptocurrency bulls and bears were interested in this development, according to Cointelegraph. The cryptocurrency arm of Fortune Magazine has compared Bitcoin’s exceptional performance to that of other assets, including the Chinese yuan, Japanese yuan, gold, euro, and pound, among others. The mainstream media has looked to Bitcoin (BTC) for solid performances when fiat currencies like the euro and the Great British pound sterling fail to sustain their value against the United States Dollar (USD).
Media outlet Proactive highlighted the significance of Bitcoin in their headline based on information provided by Cointelegraph. The article’s author emphasized that most institutional investors want to put an end to the effects of the current cryptocurrency winter. Speaking about speakers who are positive about Bitcoin and blockchain-based use cases, news.com.au of Australia said that some even predicted that the price of BTC may hit a new all-time high of $100,000.
Additionally, Cointelegraph pointed out that Bitcoin’s restricted supply may provide it an edge over the pound given that the value of the British pound has fallen to a new low versus the US dollar. According to data from the financial website Porkopolis Economics, the issuance rate of the pound has been 11.2% annually since 1970, whereas the rate for bitcoin is 1.7%. This difference in issuance rates gives bitcoin a lower supply and has the potential to widen the gap between the two currencies. It was previously mentioned in the media that Ethereum has switched to a proof-of-stake (PoS) consensus method.
