Each day, thousands of people register to Bitcoin’s network as they are keen on starting their crypto journey. The reason why Bitcoin remains such a popular choice is that it is by far the most dominant cryptocurrency on the market. Out of the recorded 7 million crypto users globally, around five are using Bitcoin only.
We will take a closer look into this cryptocurrency and explain a thing or two that will help you understand whether it is worth investing in Bitcoin or not. Without any further ado, let’s dive into the details, starting with its current price.
The Current Value of Bitcoin
Back in April 2021, Bitcoin reached its peak value as it had a price tag of over $64,800. That made it more valuable than gold. But, in the following few months, it dropped down and is currently hovering around $62,000. Even though the drop in value has been significant, that shouldn’t scare investors off as the value is still at an all-time high.
Trading Sites As Marketplaces
Up until a few years ago, when people were trading Bitcoin, the only option at their disposal was Bitcoin ATMs. But, they came with extremely high fees and were not easy to access, which is why a change was needed. That change goes by the name of trading sites, and they are far superior to Bitcoin ATMs.
Not only can you access them at any time and place, but they also utilize the latest HTML5 technology, and that makes them compatible with both desktop and mobile devices. Additionally, trading sites are very secure, which means that sensitive data will be kept out of harm’s way.
And if that is not enough, reputable platforms such as Bitcoin Profit utilize advanced software for trading Bitcoin based on AI systems that track the market and are able to turn the latest developments into accurate predictions on Bitcoin’s future price. These predictions are accurate, which is why the profitability rate at the aforementioned platform is high.
As stated earlier, the current value of Bitcoin ranges between $60,000 and $62,000, but all of that is likely to change as early at the end of 2021. Many experts believe that Bitcoin can reach $100,000 by the end of the year or in early 2022.
Moreover, since Bitcoin is a finite cryptocurrency, the supply will decrease, while demand will remain the same or increase. That is why it will continue to rise in value in the next decade or so. Research suggests that 99% of this cryptocurrency will be mined by 2032, which is why it will reach a price of $500,000 during this period. Moreover, Bitcoin will be much harder to mine then, making it rarer and more valuable. With that being said, it is likely that Bitcoin will reach $1 million in 2037.
High Institutional Interest
Lastly, the institutional interest in Bitcoin is extremely big as there are numerous global brands such as Microsoft, Expedia, Starbucks, and Overstock that accept it as a payment method. This is very important because the higher the institutional interest in it is, the more stable it will be. Hence its value will increase.
And if that is not enough, countries from all around the world are becoming more lenient than ever. Canada, the USA, and the EU already allow their residents to trade with Bitcoin. And if that is not enough, El Salvador recently became the first country to legalize Bitcoin in its entirety.
So, Bitcoin has a plethora of fantastic benefits. What’s more important is the fact that it has massive future potential. All of these factors still make Bitcoin a fantastic investment.