Bitcoins have been creating a lot of noise in the crypto industry. As an investor, you should keep a keen eye on the market. If so, you must know that the price of Bitcoin is rising.
During COVID, the price of a Bitcoin came down to four thousand dollars but soon after the market stabilized, the prices of Bitcoins started rising.
As of January 2021, the price of a bitcoin is $35,000, which is an all-time high. Investors are predicting that by the end of the decade, the price of Bitcoin is going to hit 50,000, which is very much possible.
I am a bitcoin trader myself, and I have been investing in bitcoins for the last five years.
Bitcoin’s Volatile Pricing History
People who have been investing in Bitcoins know how volatile Bitcoins are. Bitcoins now are at an all-time high of a staggering $35,000. During the COVID-19, the market crashed, and Bitcoins fell to $3,800.
It all depends on the purchases and investing people do. During the COVID-19 period, when people were losing their jobs and dying of Coronavirus, investors panicked and started selling all their Bitcoins in a rush. But people who had a strong vision held on to their Bitcoins and purchased more Bitcoins as the prices were low and now, they are highly rewarded.
During October, when the second phase of the Corona Virus hit us, people again started selling their Bitcoins, and again the price of Bitcoins fell. But from November onwards, it started rising and pushed $14,000, and now it has reached the highest that Bitcoins ever went.
Why is Bitcoin doing so well?
There are several reasons why Bitcoin is doing so well. Back in the day, people used to invest in precious metals like gold, but not anymore.
The thing with Gold is that you can only invest in Gold; very rarely is it possible to use Gold as an accepted means of payment; this is why the prices of gold are crashing. But enough about Gold, let us take a look at the factors why the prices of Bitcoins are increasing day by day.
● Use of Bitcoins as a mode of payment
Bitcoins are accepted as a mode of payment in many parts of the world. In many European countries, Governments have also legalized Bitcoins. Very recently.
The founders of Paypal in an interview revealed that they are soon offering their users and merchants to buy, hold, and sell Bitcoins on their platform. Paypal has officially said that it will recognize Bitcoins as a legitimate form of payment.
Just after the interview was telecasted, investors started investing in Bitcoins more and more. As a result, the prices of Bitcoins started rising. The user base of Paypal is around 400 million users, and now they all will be able to buy store, and use Bitcoins.
● Lucrative Source of Investment
Bitcoin is undoubtedly a very lucrative source of investment. The trend of investing in Bitcoins has never been more alive. If you are a new investor, I suggest you use thebitcoincode.io it will definitely make the investing process a lot easier.
Rumours have it that companies are going to convert cash into Bitcoins treasuries so that they can be in profit. In fact, a company called MicroStrategy converted whooping cash worth $425 million into Bitcoins treasury. The famous payment company called Square purchased Bitcoins worth $50million.
These two are the prime reason for the surge in Bitcoin’s price.
All in all, financial experts have predicted that the prices of Bitcoins are expected to reach further heights by the end of 2030.
Bitcoins offer a lot of advantages that the normal currency does not, and therefore, it will soon have to be accepted by the Governments and the regulator as a valid mode of payment.