Cryptocurrencies and the technology underpinning it is dramatically changing the whole global economy and reshaping the world as we know it. The price of Bitcoin was worth $950 at the start of the year, and by the end, it had reached around $9,000. These figures are quite impressive and should excite digital currency enthusiasts. Bitcoin is a revolutionary concept similar to the internet which changed the whole world when it was introduce. The recent Bitcoin spike clearly shows the revolution’s next phase and in the coming years, this digital currency will rule the global financial market.
Bitcoin Goes Mainstream
Bitcoin has provoked panic in the past. Since its inception in 2009, Bitcoin’s price is highly volatile. In one stretch, Bitcoin’s price surged 85 times over and the following year it crashed significantly due to the hack on the exchange and it shook the confidence of millions of Bitcoin users. But it was around 2017 that Bitcoin started hitting the tipping point of its popularity. By the end of 2017 Bitcoin was making news all over the globe, thanks to its price increasing every day. By November of last year, the popular Bitcoin exchange, Coinbase signed up around 12 million customers, surpassing all its previous records. What’s more, is that within a week’s time, the Coinbase app was among the most downloaded app. Bitcoin was a talking point everywhere and every individual wanted to invest in this new digital currency.
It was a time that generated huge wealth and almost every individual wanted to invest in Bitcoins. Cryptocurrencies slowly started making news and grabbing the attention of users from around the world; Bitcoin has always had that advantage over traditional currencies, making it instantly popular. Bitcoin is a unique, peer to peer reviewed, and decentralized currency system which has its own fan base. With time top businesses around the world starting to accept Bitcoin as payment. The appeal for Bitcoin is seen more among the younger generation, as they can instantly make payments from their Smartphones, tablets or laptops. Use of traditional currency is a thing of the past, it’s now the era of digital currencies.
Bitcoin Users Should Be Used To The Volatility
Following the price surge of Bitcoin’s value, Bitcoin started falling rapidly in early 2018 and now it is somewhere around $8,000. Bitcoin market experts believe this is nothing out of the ordinary. There is no doubt that Bitcoin grabbed the attention of everyone when its price was increasing, but its price fall is also part of it’s volatile nature. Millions of digital currency enthusiasts are concerned about the recent price fall, but experts believe that this digital currency will turn around and rule the market again in days to come. Just look at its history over the years! Every time its value plunged, it came up hard and broke all previous records. The Bitcoin value jumped after UK’s Brexit vote in 2016 and then again after Donald Trump became president. Such events are playing their role in helping Bitcoin prices fall and increase over time.
What’s Next For Bitcoin?
Predicting the price trend of Bitcoin is tough, but experts believe that this time the crypto bubble will hit $10 trillion-that’s almost 20 times more than the price is today. Are you concerned about the recent price fall? All major revolutions go through tough phases, the same holds true for Bitcoin.. Slowly and over time, people around the world are understanding its impact and showing interest in it.
The more Bitcoin price runs ahead, it’s more likely that this technology will catch up to the hype. Financial speculations are going on all over the place. People nowadays are eager to know about Bitcoin prospects and its potential, something which clearly shows its popularity and why people are so eager to invest. However, most people are still worried about the volatile nature of Bitcoin and it should be taken into consideration when you are investing.