Bitcoin starts the new year with a new record - Economist

- "Bitcoin" currency ended the year 2020 at a very huge increase during the past year, as its value increased by 300% during the year 2020.

- Bitcoin currency crossed the barrier of $ 28,000 for every bitcoin, so before the year ended, it rose by 9% in just one day, which gave a big push to investors and traders to increase their spending on the currency.

December 2020 was the launch month for Bitcoin, as it crossed the $ 20 thousand barriers for the first time on December 16, and its price continued to increase until the end of the year.

The digital currency, Bitcoin, rose on Saturday, January 2, 2021, against the US dollar by more than 10% for the first time in history, to surpass the levels of $ 28,000 achieved at the end of the year, and the price of the cryptocurrency reached $ 31,295.

As a result, the market value of Bitcoin rose to 580 billion dollars out of 812 billion as the total market value of the currency market, which makes its relative weight exceed 70%.

The price of the digital currency BTC during today's trading, Sunday, January 3, 2020, reached $ 32,923, at the time of writing the article, thus increasing by 9.82% over the past 24 hours.

The value of cryptocurrencies is on par with the major global companies

After the significant increase in the price of bitcoin, this cryptocurrency asset is placed on par with other giants such as the Chinese giant Tencent and Alibaba, based on the market value of digital currencies with the value of the companies.

- The digital currency was able to achieve this feat due to its astonishing rise in recent days, which led to an increase in the value of digital assets in general to its highest level ever.

- After the large spread and the rise of the importance of digital currencies, the US Treasury Department proposed new regulations to restrict Bitcoin in particular and cryptocurrencies in general.

This may lead to easy tracking of encryption transactions by the US government, with the exchanges required to store personal information records, in addition to handing over that information to the government upon request.

- The Ministry proposed these provisions due to the existence of multiple concerns about the use of cryptocurrencies and Bitcoin in illegal operations such as arms and drug trade, money laundering, terrorist financing, and others.

- In this context, we clarify that these suggestions are inconsistent with cryptocurrencies, whose most important advantages are the lack of privacy disclosure to the user or the presence of control over his spending.