Bitcoin is surging exponentially: Here’s what you need to know!

Extending its wild 2020 rally that has seen more than tripling in its value, cryptocurrency Bitcoin on Thursday hit an all-time high of $23,421, after having only surpassed the $20,000 milestone for the first time on Wednesday. The surge was almost 12 per cent from Wednesday to Thursday.
Notably, Bitcoin rose to over 200 per cent on a year-to-date basis and has been clocking its one-way rally after a severe crash in March that saw it lose 25 per cent amid the outbreak of COVID-19. As investors continue to lap up the new asset, the trading community is beginning to call Bitcoin the digital gold.
To put things in a specific perspective, players in India believe the bitcoin price may go up to ₹1 crore (INR) in the short term, owing to institutional demand.
Bitcoin’s exponential rise year-on-year basis. (Graph: coindesk) Bitcoin and its acceptance  It is not clear exactly what motivated Bitcoin, a privately-created cryptocurrency based on blockchain technology that is reputed to have its supply restrained by its digital design but the 2020 boom, after the COVID-19 induced fall, that began to spawn trillions of dollars of extra cash has been too spectacular to ignore.
Bitcoin is a digital or virtual currency created in 2009, by a person or group that goes by the name Satoshi Nakamoto, which uses peer-to-peer technology to facilitate instant payments.
Nakamoto published a white paper about a peer-to-peer electronic cash system, which would “allow online payments to be sent directly from one party to another without going through a financial institution.” According to Bitcoin.org, a website originally co-owned by Nakamoto, Bitcoin from a user’s perspective is “nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and allows a user to send and receive Bitcoins with them.”