Bitcoin is once again headlining the news as it managed to top the 2017 record in value. This cryptocurrency is used by millions of people who are looking for a chance to become overnight millionaires. Thanks to its great value, Bitcoin became very popular, very fast.
Considering the fact that this cryptocurrency was created in late-2008 and the first transaction was completed in 2009. We can say that it came a long way. The successes that it accumulated in such a short period are unparalleled. That is one of the reasons why many experts believe that Bitcoin even has the potential to become the universal currency and payment method in the future. After all, it boasts some serious advantages over the FIAT currencies.
These same experts believe that even though Bitcoin managed to break the 2017 record in value, it will not stop there. On the contrary, its value will continue to rise and reach sky-high levels. We decided to take a look into this matter and update you on how much Bitcoin is valued now and what are the projections. But first, let’s see how people manage to make money with it.
Where do people trade with Bitcoins?
People earn Bitcoin through the process called mining. This method includes verifying transaction information. The more transactions people verify, the more they are rewarded. After they earn their Bitcoins, comes the second difficult part – trading with them and making money.
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While many would argue that this is simple, it is quite a complicated and risky process due to the fact that Bitcoin’s price fluctuates quite often. The fluctuations mean that this cryptocurrency has a high volatility rate. It can go up and down day by day. Determining what the future price of 1 Bitcoin will be is a difficult task, even for the most experienced traders.
So, what do they do? They go to the experts which specialize in this area. Trading sites are platforms that use AI-powered algorithms that can determine what the future price of Bitcoins will be. One of the most reputable sites of this type is bitcoinera app, a platform that has thousands of users from around the world, and a huge daily profitability rate.
Sites like the ones we mentioned allow registered users to use their intel and check what the future price of Bitcoin will be, thus maximizing their profits.
Now that we’ve gotten this cleared. Let’s check what the current state of Bitcoin is and how high can it climb.
The current state
Bitcoin has been the top news in the past week or so. Thanks to the fact that it finally managed to break the 2017 record in value and top $20,000. As of late December, the price of 1 Bitcoin is a little less than $27,000.
For many researchers, the surge in price was actually expected because many factors indicated that Bitcoin will have the potential to achieve one more historical moment. First off, Bitcoin recorded its second-lowest volatility rate in 2020. The first one was in 2017, shortly before reaching its peak value then.
Additionally, the infrastructure and the institutional interest was rising rapidly and it was much better than the one in 2017. The hash rate, which measures the computing power of Bitcoin was finally stabilized after trying to reach that goal for more than a year.
These factors, combined with the fact that Bitcoin is the most popular cryptocurrency, led many experts to believe that it cannot only reach the 2017 record in value but surpass it with great ease. And as you can see, they were right.
Although many would’ve thought that once Bitcoin would break the record and top $20,000, the price would plunge in a matter of days, as it did in 2017, that was not the case. In fact, the price kept getting higher and higher. Right now it stands somewhere around $27,000.
In the past couple of months, experts believed that Bitcoin actually has the power to climb high and not only top $20,000 but reach as high as $50,000 in value, which is quite a bold statement. While we may have laughed at this statement a few months ago, now we can see that Bitcoin does have the potential to keep rising and write history.
Time will tell whether Bitcoin will make this historical landmark and we can only wait and see. What are your projections – do you think that Bitcoin has what it takes to reach as high as $50,000? If you do, now’s the time to invest in this cryptocurrency and make the most out of it.