In July, the Czechs bought cryptocurrencies for about 200 million crowns. This is double that of last year, but at the same time it means a slowdown in growth from the beginning of the year. Since the beginning of the year, those interested in the Czech Republic have bought cryptocurrencies for more than 3.6 billion crowns, and the year-on-year increase is doubled in this case as well. This follows from the data of the largest domestic trader Bit.plus.
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The biggest interest is still in trading bitcoins, which make up the majority of the volume. The bitcoin price has risen from $ 30,000 to more than $ 40,000 in the last three weeks, according to the Kurzy.cz server, ie by a third, and is currently trading around $ 39,000. That’s 250 percent more than a year ago.
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“Bitcoin has been waiting for some positive momentum for most of the month. In the end, this proved to be support from Tesla owner Elon Musek at a conference dedicated to the cryptocurrencies of The B Word or Twitter boss Jack Dorsey, “said Bit.plus director Martin Stránský.
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Further development will depend not only on the statements of large investors, but also on the development of inflation and other indicators of large world economies. A possible rise in inflation or a reduction in interest rates in an effort to support economic growth could support interest in cryptocurrencies as an alternative investment with high returns but also risk.
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Analyst of the consulting company Finlord Boris Tomčiak told ČTK during the July drop in bitcoin prices that the added value of cryptocurrencies is very low. He said that if the whole field were to be shut down now, it would not cause any major problems in the world. According to him, the industry degenerated only to monitor the price of cryptocurrencies, their use in economic transactions, such as payments at merchants, is minimal, he added.
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According to an analyst at the investment company Porto Vratislav Zámiš, Bitcoin brought potential investors more than a 25 percent return this year. The US S&P 500 strengthened by 17.5 percent over the same period.
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“The high volatility of the first seven months has once again shown that bitcoin is an interesting risky investment, but certainly not a sustained value or substitute for gold, as some have tried and still try to claim. The same applies to the so-called altcoins, ie other cryptocurrencies. For example, the price of Etherea rose by more than 480 percent in the first months of 2021 to $ 4,300 in May. In less than two weeks, however, it fell by more than 50 percent below $ 2,000. Currently, Ethereum costs about 2,500 USD and potential investors have appreciated their money by 240 percent since the beginning of the year, “he said.
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