Bitcoin is so expensive if it will be converted to my country's currency it will cost hundred of thousands.
Why bitcoin worth that much even its only a cryptocurrency can someone give me an idea.
Before it was just same price as a 1 dollar I think?( Correct me if I'm wrong) but now it is worth 6,073.84 as of 12:48 pm 10/31/17 here in my country. So how it became so expensive? Simply because years had past and the popularity of bitcoins have increased and became widely used globally so obviously the demand for this coins have increased drastically and the price will surely increased as the demand increased. Just think about the tulips on 17th century, the Dutch golden age in the history, the tulips became popular that it cost much more expensive.
Bitcoin is so expensive because of the huge investment from all over the world. the more the investment the high will be the price. When there is a little bit decrease in investment the price of bitcoin falls because the market value of bitcoin is due to its investment and with the huge investment the price will automatically go up. It is the rules of economics. When the demand for anything increases the price of that particular thing also increases.