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Click here for cryptocurrency Links What Determines the Price of 1 Bitcoin? FACEBOOK TWITTER LINKEDIN By ANDREW BLOOMENTHAL Reviewed By SOMER ANDERSON Updated Jun 16, 2020 Bitcoin is a cryptocurrency developed in 2009 by Satoshi Nakamoto, the name given to the unknown creator (or creators) of this virtual currency. Transactions are recorded in a blockchain, which shows the transaction history for each unit and is used to prove ownership. Buying a bitcoin is different than purchasing a stock or bond because bitcoin is not a corporation. Consequently, there are no corporate balance sheets or Form 10-Ks to review. And unlike investing in traditional currencies, bitcoin it is not issued by a central bank or backed by a government, therefore the monetary policy, inflation rates, and economic growth measurements that typically influence the value of currency do not apply to bitcoin. Contrarily, bitcoin prices are influenced by the following factors: The supply of bitcoin and market demand for it The cost of producing a bitcoin...