Is Bitcoin going to crash in 2021, why is it falling today?
Hmmm, this is a worrying question most investors has been asking lately. So I took out some of my time to do some research and gather some information. Even apart from the research I did, their are some news here that talked about Bitcoin falling.
According to some news in this website, it was recently reviewed that the EU is planning to make Bitcoin and other cryptocurrency traceable.
Also, China stopped mining Bitcoin because its testing her Central Bank Digital Currency (CBDC), Yuan. And as we all know that China obtain 65% of cryptos mining activities. So as they embarked in introducing their digital currency and stopped mining activities, the price of Bitcoin falls.
Furthermore, Nigeria, which is known as the top peer to peer Cryptos exchanger ban Bitcoin and its activities on 5th of February, 2021. The Central Bank Of Nigeria (CBN), released a circular addressed to banks and other financial institutions with the directive that transactions in cryptocurrencies and facilitating payment for cryptocurrency exchanges were prohibited.
CBN further instructed that any bank or financial institutions that facilitate any form of transactions using Bitcoin and other Cryptos, her licence will be withdrawn.
At first, CBN did not give any reason for the unexpected ban. After some complain and opinion of the people in the country, it was later disclosed that cryptocurrencies transaction was devoid of proper regulation and prone to financial crimes.
Finally, the Central Bank of Nigeria (CBN) had announced that it will launch pilot scheme for her digital currency (E-Naira) in October 1st, 2021. The currency will work the same like cryptocurrency do.
All these news are disclosed in this website.
Furthermore, according to my research, Bitcoin fell below $30,000 for the first time since Jun. 22 dragging other digital coins lower. This plunge was due to the mining industries that shot down unexpectedly. That is China, home for 65% crypto mining activities stopped mining and ban crypto trading in the country.
Digital Yuan has been introduced to replace Bitcoin and other Cryptos. Many Newspaper and Magazine has disclosed this as major reason why Bitcoin price is falling today.
Now the question is will Bitcoin crash in 2021 or in the coming year?
According to many research and News up and down, it has been revealed that many countries are planning to launch their digital currency, so there for, this really caused Bitcoin to experience trends in diminishing value (falling of Bitcoin price) these days.
Not only China, Nigeria and EU’s is planning their digital currency, USA, Morocco, Senegal, South Africa and many more are also planning to introduce their Central Bank Digital Currency (CBDC).
To look thing the way its going, many countries will also embark in this journey when they see their neighbouring country launching the E-money.
So, I can say it’s 80% possible Bitcoin crash and nobody will remember cryptocurrency for transaction anymore.
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