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bitcoin has fluctuated widely in value since its inception. in about 100 words, outline the reasons...

bitcoin has fluctuated widely in value since its inception. in about 100 words, outline the reasons that a crypotocurrency might fluctuate to a greater degree than most other currencies

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ANSWER: (103 words)

Bitcoin is a commodity that is used for trading and for services and the value of bitcoin depends upon the intensity of demand and supply and since the supply is limited to 21 million , therefore price mostly depends upon the demand and since many countries have adapted like australia and japan , therefore it is termed as a mode of payment in these countries while sometimes it is used in ponzi schemes and therefore the effect is negative on the bitcoin price and since it is in the early stage , there are rumours and regulation issues which leads towards fluctuation in the bitcoin price.

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