Its 2021 and cryptocurrency is the talk of the town. Bitcoin is the most sought-after cryptocurrency in the world. It is also the first cryptocurrency in the world, which emerged in 2009 after an anonymous user developed it, who remains unknown to this day. At the end of 2009, Bitcoin was for $0.30, a mere amount of currency that almost no one thought would make a difference. Only a handful of people around the world actually believed in Bitcoin to hit the ceiling one day. In 2010, a pizza joint offered people to buy pizza in exchange for Bitcoin. This was the first turning point in the history of the currency, and since, the rocky journey has seen Bitcoin reach sky high and go drastically low. In February 2011, Bitcoin cost $1.10. In February 2021, a whole 10 years later, Bitcoin cost $51,000. Even though that sounds monstrous, it’s not even an exaggeration. Let’s say you purchased $100 worth of Bitcoins back in 2011. In February 2021, you’d have $5.1 million
How Volatile is Bitcoin?
To elaborate further on how volatile Bitcoin has really been, a simple note to understand; today, in June 2021, it is valued $35,000. In just four months, the currency fell short of $16,000. In economics terms, that’s a drastic fall four such a small time. However, the extreme volatility that Bitcoin offers also has advantages. In just 10 years, the currency has seen an extremely unlikely and impossible rise in its value. While common and normal investors believe that Bitcoin is a risky investment, it’s far from being a “waste of money” as stated back in 2010 or 2011. Initially, Bitcoin had its fair share of criticism, with most organizations, banks, and companies around the world almost deeming it an abomination. The ordinary man begs the question why? Bitcoin, and all other cryptocurrencies, are not valued against a physical asset. It’s untraceable, because it’s based on blockchain.
Should Bitcoin Be Invested in?
Bitcoin experts around the world believe that Bitcoin has the potential to go further up in the market value. Currently valued at $35,000, Bitcoin is predicted to be anywhere in the range of $100,000 to $400,000, while some optimistic figures also predict it to go to $500,000. Huge companies around the world now accept payment in Bitcoin as a legit form of transaction. Tesla, being the biggest name. the multi-billion-dollar enterprise believes Bitcoin to go upwards in the six-figure range soon. Elon Musk, founder and CEO of Tesla, has personally showed a huge interest in investing in cryptocurrency, with accusations of almost controlling the worldwide single-handedly. Musk has huge popularity on Twitter, and his tweets about, in favour of, or against any currency has seen the value of various currencies go up or down. The most recent example is that of Dogecoin. The currency, after being tweeted about by Musk, has become a topic of huge interest with several hundred thousand crypto investors around the world rushing in to buy it. Tesla has personally officially invested $1.5bn in Bitcoins. Another giant, Visa, is also developing an API that will enable banks around the world to deal with cryptocurrency customers. By the end of 2021, Visa will become one of the first financial services providers in the world that will host Bitcoin and other cryptocurrencies on its platform.
So, for new users who are looking to invest in cryptocurrency, or more specifically Bitcoin, here’s your answer. With experts around the world looking forward to seeing another enormous rise in the prices, and with worldwide giants hopping on the train, it’s not too late to invest in Bitcoin. However, for those who are looking to invest their lifelong savings into this, take caution. Cryptocurrencies are extremely volatile, and it’s best to invest an amount that which you can lose on a bad day. Anything above that will cost you dearly, so it’s better to invest carefully.
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