When bitcoin originated and boomed, everyone expected the rise to be short-lived, or at least to die down after a year or so, or even that other currencies would eventually match up to the extreme success that bitcoin seemed to have. When you look at any cryptocurrency blog today, you will realize that not only is bitcoin still the leader among all cryptos but is also achieving new heights time and again, if not every day. Many favorable and huge investors have made it a point to invest in bitcoins and have a helping hand in making it a huge asset. The currency touched heights in the middle of 2021 and the shockingly exponential increase in the price of bitcoins has only led to an increase in faith among its investors.
Popularity during the pandemic – Bitcoin’s value seemed to suffer a huge blow in 2018 when the prices crashed greatly. BTC prices saw a plateau and the discussion around this successful crypto was dormant for a major portion of 2019, however, the pace started to gather during 2020. While the world was battling with one of the most unsettling times it has seen in history, its impact was not unseen in the world of finance. The mainstream assets took a big blow and the ever-increasing fear revolving around regular assets was the perfect environment that was needed for the revival of bitcoin. This currency was written off by the experts and investors for almost a year and it was being brought back into action all over again as millions of people from countries all across the globe scrambled to get their hands on a BTC.
Reasons for the popularity of bitcoin – There was a strong reason why bitcoin prices don’t matter when people are looking to purchase them. Experts have deemed them as a better and bigger global investment asset and the embracing and acceptance of this digital coin as an alternative asset as compared to other existing ones like – gold, stocks, land, etc, was increasing.
- Limited supply – The craze behind this cryptocurrency could be immensely owing to the limited supply of coins. The value of bitcoins is predicted to rise even more in the coming years as the supply becomes even more scarce.
- Support and backing – Bitcoin was one of the first currencies that was accepted and popularized much farther than simply individual investments. Companies started viewing bitcoins as a source of investment along with also using BTCs as their medium of trading within the companies. Tesla decided to start accepting payments in bitcoins. When bigger industrial giants express their support for certain aspects, the general public and investors automatically begin to back it as well.
- It’s future – Not only is bitcoin deemed the future but it is also said to have a great future in its developments and upgrades. Bitcoin is innovation and many people do believe that it will soon displace fiat currencies. This use of blockchain technology has experts believing that it has more potential to transform the economic and social sectors of the world. The constant upgrades in the overall ecosystem that bitcoin operates upon are working to deal with the certain shortcomings that the blockchain has.
Future of bitcoins – Analysts and experts in the field say that it is not a matter of it, but when the prices of bitcoin will hit the mark of 100,000 dollars. Despite a trajectory of several highs and lows, several studies have shown promising results regarding the future of bitcoins worldwide. The volatility and crashes are nothing new to cryptocurrencies, however, the depletion of mining bitcoins is not something that the world has had to experience yet. Experts predict huge booms in the value of bitcoins during this time that may arrive soon in the future. 2023 is said to be the year for bitcoins. The steep fall in the price suggests that it might take some time for the market and BTC value to recover from the overall shock and dip. However, crypto investors are expected to bounce back into the field with vigor to increase their investment in this sector.
It is unlikely that the future of bitcoins is bleak. Trends and expert analyses, in fact, point toward the opposite and predict an upward trajectory soon in the future. Having a fair amount of BTCs in your portfolio could probably do you some good. Check the prices and make your purchase at a suitable time.
