Due to its recent sharp price increase, Bitcoin has attracted the attention of speculative investors. On December 31, 2019, the price of bitcoin was $7,167.52. A year later, it had increased by more than 300% to $28,984.98. It kept rising during the first half of 2021, reaching a record high of $68,990 in November of that year. Over the following several months, it steadily declined to hover around $40,000. Its price continues to swing significantly, as previously noted.8
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The price of bitcoin peaked in November 2021 at $68,990.8
Therefore, rather than using Bitcoin as a means of trade, many people buy it for its investment potential. However, there are a number of inherent hazards associated with its acquisition and use due to its digital form and lack of guaranteed value. For instance, the Consumer Financial Protection Bureau (CFPB), the Financial Industry Regulatory Authority (FINRA), and the Securities and Exchange Commission (SEC) have all released many investor advisories on Bitcoin investment.
Controlling Bitcoin
It has been challenging to regulate Bitcoin, as with any new technology. While attempting to regulate Bitcoin, the present administration treads carefully so as not to stifle a sector that is expanding and producing economic benefits.11
According to Biden, he will work to stop Bitcoin from being used illegally while yet promoting its growth. The United States has concentrated especially on controlling cryptocurrencies and its illicit use abroad. This includes imposing sanctions on cryptocurrency exchanges and wallets, as well as retrieving payments made with bitcoin to criminals.11
The regulatory landscape, which will eventually witness several amendments and new legislation, will develop together with Bitcoin and the cryptocurrency industry.
How Much Bitcoin Has Been Sold?
There are 19.51 million Bitcoins in circulation. As of October 10, 2023, there will be around 1.4 million Bitcoins remaining to be mined.12