Since 2009, Bitcoin has been the most up and coming currency in the world, leading people to believe that more traditional currencies will soon be a thing of the past. The question is, are they right? Financial experts predict that cryptocurrency will be a validated currency in multiple countries in the next one to three years, especially since Japan announced that they have now accepted it as valid currency.
Combine that with the fact that Bitcoin is continuously on the up; more users buying, selling and investing in Bitcoin and therefore, more growth and higher value, there’s never been a better time to invest in the crypto giant. If you’re not convinced, take this as an example. Early investors of Bitcoin who bought it when it first emerged onto the market have since made ten times their original buying price when selling their Bitcoin which is almost unheard of for standard investments.
Why is Bitcoin so popular?
Over the past ten years, Bitcoin has pathed the way for a new and innovative way to handle money and transactions. It’s been so popular due to its blockchain technology and therefore, extra levels of security and safety, that it’s expected to take over cash and card payments and ultimately, the way we bank as we know it.
One of the biggest advantages that Bitcoin users say made them opt for the cryptocurrency is the fact that it cannot be controlled by their country’s government. For example, governments can create new policies to change the fluctuation and therefore the pricing of standard currencies, which naturally impacts the value and people’s investments in these currencies. We know this from turbulence we currently see today in the Forex market, something that Bitcoin users definitely don’t want on the cryptocurrency market. Since Bitcoin is doing an impressive job, investing in Bitcoin stocks could give you high returns. Check this bitcoin aktien 2021 blog to learn about investing in Bitcoin stocks. The blog provides you with details about where to buy Bitcoin stocks and also recommends reliable brokers.
A further advantage of this is that it means that Bitcoin users, dubbed “miners” are the ones that validate it, ultimately preventing the “double spending” problems. Miners of Bitcoin earn Bitcoin “tokens” and make the process even more secure and honest by constantly verifying Bitcoin transactions. On average, it’s reported that it takes 10 minutes to mine one Bitcoin.
People and companies that invest in Bitcoin
There’s plenty of famous people that have invested in Bitcoin, from A-list celebrities like Gwyneth Paltrow, to tech entrepreneur Elon Musk, the media is never short of a Bitcoin millionaire story when it comes to the rich and famous. However, it’s not just these that have invested and made a huge profit from buying Bitcoin; some of the most influential companies in the world have started to buy Bitcoin to diversify their investment portfolios. Why, you might ask? Mainly because Bitcoin’s value consistently increases year on year, and gives them extra leverage on any other investments that they are reliant on.
Take Greyscale Investment Fund as a prime example. They’re a hugely popular and widely-used investment company that has made a dedicated cryptocurrency fund after seeing the value of Bitcoin for other big companies. Dubbed the “Grayscale Bitcoin Trust Fund” has billions of dollars worth of Bitcoin investment, meaning this is a long-term investment for them, and not a “get rich quick scheme” that some people consider Bitcoin investments to be.
Other famous company owners that have invested in Bitcoin include Shark Tank’s Kevin O’Leary who once openly spoke about his dislike of Bitcoin, before seeing how well it has performed on the market over the past five years which has since changed his mind. Now, he claims that over 3% of his overall personal wealth is in Bitcoin, making him one of biggest owners of the cryptocurrency in the world.
Is Bitcoin still doing well?
Since cryptocurrency trading platforms have been approved by countries like the US and Canada, the market has increased exponentially. This means that Bitcoin users can feel safer when trading as it’s a validated market that has full-proof regulations in place. Popular trading platforms include eToro and Robinhood, both of which have seen a massive boost in users over the past 12 months. They’re not the big news story of the year though; when trading platform Coinbase went live this year, and featured on the NASDAQ exchange, it was reported to be worth over $40 billion . The value of these platforms aren’t just in the money; they provide both inexperienced and professional investors with everything they need to trade effectively on the market, without having or needing any prior knowledge of cryptocurrency.
Sustainability of Bitcoin mining
With this extra usage, a boost in people opting to invest in Bitcoin and added attention comes a new issue – the sustainability of Bitcoin mining. It’s reported that a lot of the current Bitcoins on the market are from countries that haven’t met the standard of ethics that global investment companies have set. Since this has come to light, more and more people are becoming aware of where their Bitcoin is from and only buying it from countries that meet these standards.
Should you still invest in Bitcoin?
Over 100 million adults across the world now own Bitcoin, with many of them self-made Bitcoin millionaires (and there’s even Bitcoin billionaires!). The good news for you is that there’s never been a better time to invest in this popular cryptocurrency, mainly as it’s expected to reach a record-breaking value by the end of 2021. This means that if you invest in Bitcoin now, come the end of the year, your money should have at least doubled in value. If you’re worried about the fluctuations in the market, remember that Bitcoin has survived two major crashes in 2018 and 2021 respectively, and has bounced back successfully from both, equaling and even increasing on their previous value before the crashes.