After May 2018, this is the first time that the price of Bitcoin has gone up, way up! This dramatic increase has many of us asking if this is pure chance or has the change been brought about by factors that are much bigger such as Calibra?
What do we mean by bigger factors? The fact that Facebook just announced that it is launching Libra and Calibra – the digital currency of Facebook and wallet. Owing to the announcement made by Facebook, Bitcoin has gone up by 140% as compared to the start of this year. Many experts are saying that it was about time that Bitcoin regained its momentum and bounced back.
The cryptocurrency had a terrible year where it lost 70% of its value. It was not the only digital currency that was taking the damage, though. Many other digital currencies also saw a drop in 2018. However, all of them are on the rise once again. In fact, Ether has doubled, and XRP is up by 23% as compared to last year. Everything seems to be going well for the digital currencies.
According to experts, the reason for the rise in the value of these cryptocurrencies is because of global and well-known companies such as Facebook and AT&T entering the fold of digital currency. By doing so, these companies are bringing some semblance of legitimacy to the digital currencies. So far, cryptocurrencies have been hypothetically considered synonymous with illegal activity, regulatory scrutiny, and even inexplicable trading.
AT&T stated last month that it would be accepting Bitcoin payments via a partnership with BitPay has added a vote of confidence to the digital currency. Calibra is Facebook’s digital currency and is scheduled to be launched in 2020. We will have to wait and see how the cryptocurrencies perform until then and after the launch of Facebook’s digital currency.