Four factors that are pushing investors into buying bitcoins

Bitcoin proved itself to be the star of 2020, multiplying its value four times over since the start of the year. After a brief dip in March 2020, the cryptocurrency has surged forward, breaking its previous all-time high of around $20,000 per bitcoin in 2017 to cross the $34,000 mark in the first week of January 2021. Investors who entered at the very peak of the last rally find themselves with a 50% return in just three years.

However, investors whom Mint spoke to build a case for bitcoin apart from just momentum. In this piece, we look at the reasons for their interest in the cryptocurrency.

Gold rose around 27% in 2020. It has a been a traditional favourite among Indian households, but its return has been far outstripped by the four-time rise of bitcoin in 2020.