Bitcoin is one of the biggest phenomena that we’ve seen, especially since it’s only just over a decade old. Since beginning the cryptocurrency market back in 2009, Bitcoin has seen exponential growth, something that the major financial forecasters didn’t see coming.
When it was first released, it was widely considered that people would have an initial interest in Bitcoin but then it would slowly drop off, eliminating the cryptocurrency market. However, Bitcoin has surpassed all expectations, even its own, by becoming one of the most well-known and widely used currencies in the world with over 100 million adults owning Bitcoin.
During 2021, Bitcoin has experienced both a mini financial crash and a record-breaking value per coin. At one point in the spring of this year, Bitcoin was worth between £50,000 to £60,000 per coin. But why are so many people turning to Bitcoin over more traditional currencies that they’re already established to?
Why Bitcoin is so popular
There are a few reasons why Bitcoin is so popular, and one of those is because it’s finite and therefore, in time, there will be a limit of Bitcoins in circulation. This means that people know how valuable a single Bitcoin is, especially if at one point, they will own one of the only ones in existence. So this drives more people to invest in Bitcoin and in turn, the value of the Bitcoin goes up.
Another reason for Bitcoin’s massive popularity is the fact there are now five trading platforms that can be used by any investor. These include: Coinbase, Kraken and Bittrex, which all allow you to trade with cryptocurrencies including Bitcoin and its rivals Litecoin and Ethereum. More interestingly, trading platform Coinbase was recently added to NASDAC, showing that these stocks are more valuable than first thought.
Bitcoin’s also very well liked because it’s one of the safest and most secure currencies that you can own. With the high-tech encryption and the extra safe “e-wallet” where all your Bitcoins are kept, it’s considered very unlikely that any online scammers or hackers would be able to access any of your funds.
Famous investors in Bitcoin
One of the biggest and most influential of the famous Bitcoin investors is serial entrepreneur Elon Musk. He’s openly told his Twitter followers and spoken on podcasts about how much faith he has in cryptocurrency, especially Bitcoin, and why he believes we should all be investing. To back his point, he’s even shared that he bought 1.3 billion dollars of Bitcoin and gave it to his company, Tesla, which is now set to make more from this investment than their overall yearly sales.
More shockingly, Shark Tank’s harshest shark and venture capitalist Kevin O’Leary is always promoting Bitcoin investments. Initially, he was skeptical, making comments about how cryptocurrency wasn’t ‘here to last’ and was ‘too risky of an investment’. However, it seems O’Leary has changed his mind as he’s actively adding Bitcoin investments to “The O’Leary Investment Fund”. He now claims that 3% of his personal wealth is all from Bitcoin investments.
The future of Bitcoin
Although Bitcoin has so many advantages to the more traditional currencies, there are some questions being raised around the mining process of the coins. For example, many people are asking if the coins are being mined in countries that adhere to ethical and sustainability policies. For the most part, they’ve found that they don’t, so many investors are now actively checking that the Bitcoins they buy are from countries that adhere to these policies. Once the sustainability issue has been solved, it seems that a multitude of governmental bodies, mutual fund companies and pension fund companies are looking to use Bitcoin.
By the end of 2021, it’s estimated that Bitcoin will reach its highest ever value, meaning it will break every record it’s currently set. Why? Because since the announcement that many companies will start to allow Bitcoin to be used as a payment method, alongside the Japanese government being the first to validate cryptocurrency, it seems many more are likely to follow suit. And also, the trading bots are also contributing to the rise of bitcoin trade. This is because the process of trading is very simple and effortless when you employ bots to trade. For example, check this bitcoin circuit ergebnisse 2021 review which talks about one such trending bot named Bitcoin circuit and its performance level. Registering for bot has 3 simple steps to follow and at the end you can start trading Bitcoin using the bot.
Should you still invest in Bitcoin?
Despite having suffered two financial crashes, Bitcoin has managed to not only bounce back from both, but impressively increase its value after the crashes than it had prior to the crashes. So even if it suffers another, your Bitcoin will seemingly soar in value again!
Investing in Bitcoin has made thousands of people tons of money, with many Bitcoin millionaires and even some Bitcoin billionaires. It’s an easy investment, mainly because the market isn’t as volatile as other investment opportunities, and there are plenty of platforms to help you trade and invest.
With value set to increase and a new surge in people wanting to buy Bitcoin, now is definitely the time to invest, even with a small initial fund. Who knows how much it might be worth by the end of the year?