i AM A NEWBIE AS FAR AS THIS CRYPTOCURRENCY BUSINESS GOES. BEING SOMEWHAT FAMILIAR WITH BASIC ECONOMICS, CAN ANYONE HELP ME WITH AN ANSWER TO MY VERY ELEMENTARY QUESTION, WHICH IS;
WHAT ARE THE MAIN DRIVERS OF BITCOIN PRICE?
The biggest and perhaps most fundamental factor in bitcoins price what gave a price at all, in fact, and what will continue to drive its growth and adoption is its usefulness as a value-transfer network that can exist without the approval of any government or central authority. The second big driver of bitcoins value is an increasing interest among institutional investors and high net worth individuals. Government regulations are another important factor in bitcoins long-term price performance.
Below is a link to an interesting article about what drives the price of Bitcoin: