In recent years the world faced a pandemic that was never seen. The world came to a standstill, the roads were empty, the industries were shut down, and people died. Everything just went down and collapsed. However, one thing that grew in recent times was Bitcoin. Bitcoin is known as the new digital currency which was earlier just Rs.6, 00,000 that has risen up to Rs.43, 00,000.
There were many cryptocurrencies or the new digital currencies that rose the amount of growth in Bitcoin was plethora. The craze and the transactions of Bitcoin have increased in recent years and people have been joining many pools in order to mine or to invest.
Many investors and startups, for instance, the Coin Switch Kuber has been recognized as one of the fastest-growing startups in terms of Bitcoin trading and finances. Many people who did not have any idea regarding the cryptocurrency or basically the Bitcoin has now joined the wagon wheel of transactions of Bitcoin.
The market is transient. It is a very famous saying and indeed true to the core. No one can predict the exact situation of the market. Yet experts can just predict the future scenarios and what’s going to happen according to the stats and may tell whether the value of Bitcoin will drop or go up.
In recent times the Bitcoin has risen to a very large scale and many experts think that the value of Bitcoin will continue to grow. While the other predictions also claim a slight degradation in the price of Bitcoin. Yet we can just presume the outcomes and let the market play its turns.
The Growth of Bitcoin
Bitcoin was firstly introduced in the year 2009, with a hope to compete against the traditional ways of finance and open a gateway of a digital currency through which people can carry out transactions easily. In the early stages, the value of a Bitcoin was $0. Yet many people would mine it just as to collect them. Later Bitcoin pizza transactions came into being and people started noticing Bitcoin as an alternative.
In the year 2013, the value of Bitcoin reached the mark of $1000 and gained some limelight. After the event of halving the price of Bitcoin went straight to the mark of $19,000. Later due to the seasons of pandemic and several other kinds of stuff the value of the Bitcoin dropped and then settled to almost $5000 at the beginning of the pandemic. The 2 events were basically-
- Covid pandemic-Many people thought of Bitcoin as a source to lift up the diminishing economic status and the crisis due to the pandemic. Most of the top investors like Tesla and other brands took interest in Bitcoin as it would avoid inflation.
2. The event of Halving of Bitcoin- The halving of Bitcoins comes up in four years where the rewards get half. When the halving began the value of the 12.5 Bitcoins went straight down to 6.25.
At the beginning of October in the year 2020, the value of Bitcoin touched new heights, and to date, it crossed around $54,500 all around the world.
Can Bitcoin make it to $1, 00,000?
The cryptocurrency which was once in a mysterious form gained popularity and value in recent years. Many of the giants who run the market like PayPal, JP Morgan now offer the services of Bitcoin. These retailers are interested in buying Bitcoin nowadays so the value will definitely go up. Despite all the ups and downs, Bitcoin retained its value and trend all around the globe. It gained popularity with the help of many investors also. They now want their flat cash to be converted into Bitcoins so that they can tackle any upcoming crises.
There are many competitors of Bitcoin in the market which surely give tough competition in the market and diverts the channels of many investors. But Bitcoin has become so popular that many cryptocurrencies are out of the race, It is significant in the market and many banks invest in it. For instance, Bank of America, JP Morgan showed interest in the Bitcoin transactions.
The Bitcoin may also reach the $1,00,000 mark. The possibility is very high seeing the statistics and the predictions by the experts. The predictions say that if the trends of Bitcoin go like this, soon till the end of 2021 the value of Bitcoin may reach $1,00,000.
Can We Still Invest in Bitcoins?
Bitcoin has emerged as the leading digital currency leaving behind all the norms and shackles that pull them. Since the beginning of October 2020, Bitcoin did not stop to grow. It crossed the lofty mark of $50,000 and with this flow in the recent months, it may also cross the mark of $60,000.
The perfect time to enter this market was around 2020, but it does not mean that you cannot invest now. The main thing you should keep in your mind is the amount you can afford. The market is volatile and if the prices go down you may become bankrupt. So, it all depends on your financial conditions that lead to your investment in Bitcoins. Click here to learn about the bitcoin news trader app and start trading.
The value of Bitcoin is very volatile and can shift in any direction. So, it is even hard for the experts to predict the nature of the tide of Bitcoin. As a wise investor, you should be prepared for the worst too. The market can go down at any time so you should invest only if you are prepared to handle a big loss.
There is a rise in the prices of Bitcoin now but we can just predict that it would go up or down. Maybe in the next few years, it goes down, and the market collapses. If we have to predict the value of Bitcoin seeing the current data and analysis there are bright chances of the rise in the value of Bitcoin.