Bitcoin is an exceptional cryptocurrency, surpassing all original financial forecasters expectations, surviving two big crashes (2018 and 2021 respectively) and making multi-millionaires out of thousands of its investors. Considering crypto is still to this day a reasonably “new” concept, it’s almost unbelievable that it’s achieved the heights that it has in just over a decade. But what has made Bitcoin so popular?
History would tell us that it’s a variety of things; the fact it uses blockchain technology that makes it super safe and secure, unlike any other currency on the market, it continues to grow in value year on year, and the fact it has some of the world’s biggest names advocating its use. Put all of these together alongside the fact it’s so easy to trade with, the emergence of third party technologies that make investing in Bitcoin incredibly easy and the idea that Bitcoin will be worth a potential million dollars by the end of 2021 and you can see for yourself why it’s continuing to be the most popular cryptocurrency on the market.
Big Investors in Bitcoin
Famous names associated with Bitcoin include Microsoft’s Bill Gates, Tesla’s Elon Musk, and self-declared Bitcoin millionaire, 50 Cent. Contrary to popular belief, however, being a Bitcoin millionaire isn’t that rare, especially since the first Bitcoin billionaires were reported, Cameron and Tyler Winklevoss, aptly dubbed “the Bitcoin billionaire twins”. It’s estimated that the Winklevoss brothers own around 100,000 Bitcoin, and continue to grow their Bitcoin wealth.
Early investors that have made huge profits from Bitcoin such as Dan Morehead, are some of the most successful Bitcoin owners there are. Morehead was the first person to bring cryptocurrency to the American market, and managed to nab Bitcoin when it was just over $60 per coin, just a mere fraction of what Bitcoin is now.
It’s not just early investors or famous celebrities that are seeing a profit with Bitcoin, there’s been a huge growth in public companies also investing in the cryptocurrency and seeing huge rewards. Tech company MicroStrategy is a perfect example, with its CEO claiming to have invested 1,000 dollars in Bitcoin every single second. The outcome? An estimated 3 billion dollar Bitcoin reserve for the company.
The biggest surge has come from investment fund companies holding Bitcoin for its clients, and popular pension companies, which has drawn massive media attention. With more and more companies investing and using Bitcoin, it’s speculated that governments will follow the likes of Japan and make cryptocurrencies a valid currency and therefore accept it as a payment method.
What is the Value of Bitcoin Today
Bitcoin, much like all currencies, crypto or otherwise, fluctuates on a daily basis. The key to investing at the right time is to keep an avid watch on the market so you can get Bitcoin at the best price. As of May 2021, Bitcoin is worth over 58,000 dollars per coin, compared to this time last year when it was worth just over 8,000 dollars per coin. This is extra impressive considering that Bitcoin has suffered two major crashes in the space of 3 years, both times wiping billions of dollars off of the cryptocurrency financial market. In April 2021 alone, Bitcoin lost a fifth of its value in less than two weeks, with many claiming it was the end. Bitcoin was never going to fall this easily, however, and bounced back bigger than ever with the current 58,000 dollar estimated coin value.
The value of Bitcoin has continued to increase year on year, and with more companies and users widely using and investing in Bitcoin, it’s inevitable that it will continue to grow. It’s broken its own value records time and time again and it’s reported that by the end of 2021, it could potentially be worth a million dollars per coin.
The Future of Bitcoin
Bitcoin has so far managed to successfully see off its biggest cryptocurrency rivals like Ethereum and LiteCoin, despite both doing reasonably well on the market. This is due to the fact that most people consider Bitcoin to be the safest, most secure currency in the world, due to its encryption for each coin. Its watertight security measures stop hackers and scammers from being able to access the e-wallets, and ensure that users’ funds are always protected. As the need for better security grows, Bitcoin’s investment into its security grows in unison, meaning people are consistently trusting Bitcoin with their money.
The future of Bitcoin is even brighter since the Japanese government allowed cryptocurrency to be a legal form of payment, with many other countries speculated to follow suit by the end of the year. If the likes of the US, where 14% of the population own Bitcoin, also allow Bitcoin to be a validated currency, it will be one of the biggest turning points for crypto since its inception. The impact on the world would be huge, and it would undoubtedly make neighbouring countries allow crypto too.
So should you invest in Bitcoin? The answer is always yes. Bitcoin is continuing to grow and it isn’t likely to slow down anytime soon. People are forecasting that we will be using cryptocurrency to actively buy and sell within just a few years time so now would be the time to buy into Bitcoin before the price skyrockets even further. Better yet, if you’re looking for an easy and fruitful investment opportunity, Bitcoin is one of the most risk-free and low-effort ways to invest. Use one of the third party auto-trading platforms and make a passive income today.