It’s undeniable that you can’t get away from talk of Bitcoin, wherever you are in the world. You’ll always hear of someone investing in Bitcoin, making money from Bitcoin or just speaking in wonderment and how this cryptocurrency has completely taken the world by storm in less than a decade.
The financial experts are equally taken aback with thousands and thousands of people across the world become multimillionaires by simply investing in Bitcoin. Over the years, these same experts expected to see the phenomena around Bitcoin die down, causing its value to, in turn, decrease. We now know, however, that the opposite has happened and the phenomena around Bitcoin has continued to grow, especially as new and emerging cryptocurrencies are nowhere near as popular as Bitcoin. So this poses the question, why has Bitcoin become so popular and can you still make money from it?
In 2021, millions more people are investing in Bitcoin, especially since more and more companies are accepting cryptocurrency as a valid payment method. Pair this with the Japanese government officially declaring it a currency that they accept and Bitcoin has had a huge boost. So contrary to popular belief, Bitcoin is definitely still worth investing in, especially if you want to make quick and easy money.
The Rise And Fall Of Bitcoin
Much like all currencies, cryptocurrencies’ value also fluctuates depending on the success of the market and Bitcoin is no exception. A “make money guarantee” can never be made on any financial investment, especially since crashes can nearly almost never be foreseen. Bitcoin, however, has remained reasonably stable since its inception in 2009, with only two major crashes to note. Some may argue that two big crashes in the space of a decade is substantial but never has there been a new currency in a completely new method (i.e. technology) emerge and make a success of itself like Bitcoin in such a short amount of time. You’d expect, as many did, that the first crash would come far earlier than 2018 and that Bitcoin would undoubtedly never recover, but they did. Again when the second most-talked about Bitcoin crash came in early 2021, the experts again rang the bell saying “it’s all over for Bitcoin” and yet again, it’s not. So how did Bitcoin manage to not only recover from these crashes but increase their value to decade-breaking best?
The Bitcoin crash of 2018 dubbed “the cryptocurrency bubble” was deemed to have lost more money than the 2002 “Dot-com bubble” that most people considered to be the worst crash that we’d see in our lifetimes. During this time, Bitcoin lost 80% of its value, and come the end of 2018, Bitcoin was worth so little that financial forecasters were predicting the end of cryptocurrency completely. But somehow, Bitcoin managed to build itself back up, getting more and more people to invest in them and eventually, they saw their value match what it had previously been before the crash.
For the few years after 2018, Bitcoin was having a global impact in the way people used cryptocurrency and the way people invested. Governments were discussing ways to implement cryptocurrency into their countries, people were finding ways to buy using Bitcoin and there was a surge in 3rd party platforms that you can use to buy and trade in Bitcoin. But this all came to a halt with Bitcoin’s second biggest crash since its inception, the crash of 2021.
In April 2021, Bitcoin took a massive hit to its value, losing a 5th of it in a week. This spurred other cryptocurrencies to be hit too with the likes of popular Etherium also seeing a huge value deduction. With such a huge decline, it’s suggested that the market saw a loss of over 250 billion dollars.
The Surge Of Bitcoin Platforms
Bitcoin itself would never have proven so popular or successful without the emergence of the Bitcoin trading platforms. Clever business owners saw a gap in the market for making trading with Bitcoin easier for the user, and made automated cryptocurrency trading platforms that require little or no effort. And so was born hundreds of these platforms, all giving a new lease of life to Bitcoin and opening up its trading opportunities to a wider market; mainly those who were new to investing and had little or no prior knowledge of investing or those who didn’t have the time to do manual trading.
These Bitcoin trading platforms have proven so popular, in fact, that there are estimated to be hundreds of thousands of people across the world using them to trade and invest with Bitcoin. Reports show that people who invest with as little as $250 have managed to make 10 times their initial deposit in less than 7 days by using the auto-trading cryptocurrency trading platforms which has given Bitcoin an even greater spotlight for investors and those looking to make a profit.
Investment In Bitcoin Across The Globe
So how many people really are buying and investing in Bitcoin, you ask? For the US alone, it’s estimated that nearly 14% of their entire population have bought Bitcoin at one stage or another, and over 20 million adults in the country are purchasing Bitcoin. Worldwide, however,it’s speculated that close to 100 million adults use some form of cryptocurrency whether that’s Bitcoin or one of its crypto competitors.These are massive figures considering the whole crypto market is still new and growing, with continuous work going on in the background to ensure that it’s safe, stable and secure for all users.
People And Companies That Have Invested In Bitcoin
Over the past 5 years in particular, Bitcoin has seen many famous companies invest in them, especially those from the technology industry. From Tesla to Paris Hilton, the O’Leary Fund to 50 Cent, there’s been a vast expanse of famous people that have found Bitcoin to be a huge investment opportunity for them. Arguably, this is fantastic press for Bitcoin, especially since most fans of celebrities will trust in their judgement and in turn, look into the likes of Bitcoin.
One of Bitcoin’s biggest fans of Bitcoin is world-renowned entrepreneur, Elon Musk. He speaks openly about his trust in cryptocurrency and how he believes it will be the “future in which we pay”. He’s such an ambassador of Bitcoin, in fact, that he bought Tesla 1.5 billion dollars worth of Bitcoin to put on their books. The outcome? Tesla is set to make more from this billion dollar investment than from their own car sales this year.
Elon Musk isn’t the only recognisable name when it comes to entrepreneur’s speaking out about Bitcoin. Shark Tank’s famous participant Kevin O’Leary once considered the cryptocurrency garbage and wanted nothing to do with it. However, in the years that have followed, O’Leary seems to have changed his mind completely after investing millions in Bitcoin and seeing a huge return. Interestingly, over 3% of his entire wealth is now held in cryptocurrency.
What’s The Future For Bitcoin?
The future for Bitcoin is undoubtedly bright, especially since they bounced back so convincingly from the April 2021 crash. Their value has soared once again, their users are at an all time high and their investors are set to increase rapidly in the coming months. There’s simply no better time to invest, especially since the cryptomarket is stabilized and a financial crash of any such magnitude of the one seen this year is almost impossible.
Will other cryptocurrencies take over from Bitcoin and dominate the market? It’s unlikely, but some financial experts put their money on Ethereum to start making headway in the crypto market. That being said, with so many millions of people across the globe making huge profits from Bitcoin and more and more governments discussing the possibility of using Bitcoin as a standard way of paying, it seems that Bitcoin will be the market leader for a good long while yet. So should you invest in Bitcoin? The answer is quite simply, yes. You will see your money increase, just make sure you watch the market trends, or use a 3rd party Bitcoin platform to do that for you, and make the most informed decisions on your investments.