RATE Group | Bank of China’s New Infographic Shows Why Bitcoin Price Is Going Up
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Bank of China’s New Infographic Shows Why Bitcoin Price Is Going Up

27 Jul Bank of China’s New Infographic Shows Why Bitcoin Price Is Going Up

Posted at 09:21h in Bitcoin News by

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The Chinese central bank released on its website an infographic illustrating what is Bitcoin (BTC), how it works and why it’s valuable on July 26.

A brief story: from Bitcoin to Libra

The infographic illustrates the story of Bitcoin, starting with the publication of its whitepaper in 2008, the mining of the first 50 BTC in 2009, 10,000 BTC having been spent for pizza in 2010, and other major milestones for the system, ending with the announcement of Facebook’s Libra.

“Yesterday the Bank of China posted up an article about Bitcoin,” commented Blockstream CSO, Samson Mow. “They explained how BTC works, why the price is going up, and why it’s valuable. Never thought I’d see that happen. #Bullish”

The factors behind Bitcoin’s rise

Another part of the infographic is dedicated to explaining why Bitcoin’s value is increasing, and it cites limited supply, increased mining difficulty, that it is used as a medium of exchange and anti-inflation safe haven. 

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