Abstract： Can Bitcoin reach $100,000?
Bitcoin has been struggling to reach $50,000 despite maintaining strong support. The acceptance of Bitcoin has risen but that is not helping it rise. Recently El Salvador became the first country to allow Bitcoin as legal tender. However, the decision has been marred by protests across the country.
The biggest factor that is aiding the price decline of Bitcoin is an environmental concern. Recently economists from the Dutch central bank and MIT showcased that a single bitcoin transaction generates the same amount of electronic waste as throwing away two iPhones.
However, people are still hopeful of Bitcoin reaching $100,000.
There are three primary ways of obtaining Bitcoins: buying them on an exchange, accepting them for goods and services and mining new ones. Mining is a process of adding transaction records to the Bitcoin’s public ledger called the Blockchain.
With Bitcoin's rally under pause, Litecoin has picked up the torch – pressing to yearly highs as the performance of some key cryptocurrencies continue to outpace other assets in 2019.