Why Bitcoin's Value Keeps Going Up

Bitcoin's value has been on an upward trajectory for years. This phenomenon can be attributed to its inherent scarcity and the growing demand for the cryptocurrency. Crypto expert Willy Woo shed light on this concept in a recent social media post.

The Scarcity Debate

Woo disagreed with the notion that Bitcoin is merely finite, arguing instead that its scarcity is evident in its price surge from near zero to over $100,000. He emphasized that the increasing demand over time underscores Bitcoin's scarcity.

The debate surrounding Bitcoin's scarcity is not new. Some argue that other cryptocurrencies like Ethereum and Solana also exhibit scarcity due to their fixed supply. However, their scarcity, like Bitcoin's, is ultimately dictated by demand.

Bitcoin's Unique Features

Bitcoin stands out with a hard cap of 21 million coins. Additionally, it undergoes events called halving, where the rate of new coin creation decreases, further enhancing its scarcity over time.

The Role of Decentralization

While other blockchains can create coins with a fixed supply, the effectiveness of this scarcity depends on the network's decentralization. A truly decentralized network ensures that no single entity controls the supply, maintaining the integrity of scarcity.

Current Market Status

As of the latest update, Bitcoin's price hovers around $91,203, showing a slight increase in the last 24 hours.