Bitcoin Price Driver: Ownership becomes a Matter of Social Status


The most popular cryptocurrency bitcoin also referred as digital gold, has had an exciting and sumptuous year. Bitcoin’s price grew over 1500 percent in past 12 months, making it one of the best investment options. The digital asset is now used as a social status boosting element due to its escalating price.

Bernstein Research has compared China’s status boosting alcoholic drink Baijiu that could define the economics of bitcoin. To further understand what actually raises demand, the researcher also compares the virtual currency to the traditional Chinese medicine dubbed E Jiao.

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