Back in March, the price of bitcoin fell by almost 50% within 24 hours. However, the most cryptocurrency is back in business as interest intensifies in Africa. BTC price has now broken the $7,000 barrier.
When the most valuable digital asset lost its value by a massive 50%, investors were afraid to venture into the cryptocurrency market. Nevertheless, the market has finally stabilized and we hope BTC keeps the momentum to reach its all time high of $20,000 back in 2017.
BTC interest intensifies in Africa
According to a crypto analyst at ARK Invest, Yassine Elmandjra, Google search engine figures for the term BTC are almost nearing its all time high in many African and South American countries. This interest rate has surged over the last two weeks according to the analyst. Among the African countries mentioned include: Kenya, Nigeria, Zambia and Burkina Faso.
Although analysts all over the world are still debating on whether BT$7,000, there are several facts that raise the optimism and hopes of bitcoin investors. These facts include:
- Intensified interest in BTC in Africa.
- Stablecoin crypto firms have been minting millions of dollars worth of digital currencies over the recent weeks.
- Bitcoin halving is fast approaching which will hike the scarcity of the world’s most popular cryptocurrency raising its value.
- Massive retail and institutional investments into bitcoin lately.
- Central banks printing more money to help save the economy by giving subsidies and increasing the expenditure levels.
The co-founder of Morgan Creek Digital, Anthony Pompliano described the upcoming bitcoin halving and the central banks trying feeding more money into the economy; as the “rocket fuel” to power bitcoin price to it’s all time high.