Bitcoin was created in 2009 by an anonymous person or group using the title Satoshi Nakamoto. Ever since, Bitcoin was at all time high amounting $64,863.10 in 2021. However, the price have dropped significantly in 2022, Bitcoin is highly volatile and can fluctuate significantly over short periods of time
There are 21 million Bitcoins in total and more than 19 million coins have been mined. The reason why this digital currency is so popular is because of it decentralized properties. Thus, allowing individuals to transact directly without the need for intermediaries like banks or governments.
The Philippines has a growing community of tech-savvy individuals who are interested in blockchain tech. This is due to the country’s relatively underdeveloped banking and financial infrastructure.
Bitcoin nearing $29,000 may spark interest from investors, which could lead to more investment opportunities and job creation in Philippines. Additionally, BTC USD trading is getting popular among traders due to it’s high risk and volatility.
Bitcoin reached a daily high record of $28,729.84 on March 24, 2023, and many investors are considering it a positive buy signal. This is likely due to the collapse of banks in the US and Europe, which has caused fear among investors for traditional banking business.
*27 March 2023 UPDATE – BTC Price $27,775.39
Other Digital Currencies to take note
#1 Ethereum
#2 XRP
#3 Cardano
#4 Binance
These Digital currencies have significant growth in the month of March 2023. However, do take note the market is extremely volatile. Therefore, do you own research before making any investment with real money.
Find out what is CFD and how can you trade CFD in the Philippines
On the other hand, the Securities and Exchange Commission (SEC) in the Philippines is seeking to expand its authority to better regulate the digital currency industry. This will enable them to effectively investigate and penalize those engaged in illegal activities such as fraud and scams. With the digital currencies industry’s continued growth in the Philippines, these efforts aim to create a more secure market for investors.
Ultimately, the Web3.0 era is inevitable, and most of us will experience the changes it brings. It will be shaped by digital currencies, AI technologies, DAO, and DeFi, and will have a significant impact on us. However, it is important to note that this should not be taken as investment advice, as the financial risk involved is not determined by the future usability of these technologies.
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