BitFury: Investors are realizing Bitcoin is the ‘safest’ cryptocurrency on the market

Bitcoin is establishing its credibility as a global currency. Without major media coverage, Bitcoin prices have achieved continuous growth, surpassing the market capitalization of many reserve currencies, while Bitcoin price volatility has continued to decline over the past year, demonstrating its role as a stable global currency.

Bitcoin prices have recently been in the range of $765 to $777, with trading volume remaining in the same range for nearly nine trading days. Compared to many large reserve currencies, such as the British pound, Bitcoin exhibits lower volatility and provides higher liquidity for those struggling with capital controls and asset trading restrictions.

Bitcoin is the most secure cryptocurrency on the market

Some investors and analysts, including BitFury Group Vice Chairman George Kikvadze, believe that Bitcoin’s market capitalization and price are beginning to stabilize, perhaps because investors are beginning to realize that Bitcoin is the safest cryptocurrency currently on the market.

Investors are beginning to realize that Bitcoin is the strongest and most secure cryptocurrency out there - George Kikvadze

Other CEOs and cryptocurrency experts, such as Digital Currency Group CEO Barry Silbert, have similarly recognized Bitcoin’s strong performance, praising its value growth without sensational headlines and media coverage.

In most cases, the reason behind Bitcoin’s price stability can be attributed to its characteristics as a safe-haven asset. Bitcoin’s decentralized nature, transparent ledger, unprecedented security, and transaction settlement efficiency all make it an alternative to the current financial system, providing investors and traders with a wealth protection system.

Bitcoin demand surges

For example, Cointelegraph and other mainstream media have repeatedly reported on the surge in demand for Bitcoin amid global market instability. India's demonetization has led to a surge in Bitcoin trading volume, the depreciation of the RMB and the local government's crackdown on financial products are important factors that have led to the rise in Bitcoin prices. Recently, Venezuela suddenly announced that it would abolish the largest denomination banknotes after 3 days, which further hit people's confidence in the country's legal tender. Bitcoin can be said to be the safest global currency at present, better than gold, because the Indian government is rumored to be considering confiscating private gold, and the decentralized nature of Bitcoin determines that it cannot be abolished or easily confiscated. There is no doubt that Bitcoin is the safest global safe-haven asset at present. This safety lies not only in the design of Bitcoin itself, but also in the fact that Bitcoin cannot be abolished like legal tender or confiscated like gold.

As large economies grapple with a fragile, inefficient and constrained financial system, there is no need for exaggerated media coverage and sensational hype for the price of Bitcoin to rise.

Bitcoin's stability and low volatility are also making the mainstream user base and the general public gradually rely on this cryptocurrency as a digital alternative to cash, constantly attracting investors, households, businesses and traders.