Back in 2017 we saw the first big stomp in the price of Bitcoin and the world began to talk about the future of finance. By the end of 2018 however, Bitcoin crashed down to the $2,000 mark after reaching highs of $20,000 and many thought that the hype was over. Towards the end of last year however Bitcoin once again surged and in February of this year, the price hit an all time high of $60,000. Much like what happened back in 2017, many people jumped onto Bitcoin in the hope to make some cash, something which experts like Robert Testagrossa had already done because of how early they got in.
The question that many are asking, as Bitcoin sits at a price of $32,000, is whether or not this kind of investment is worthwhile, let’s take a look.
General View of Bitcoin
When it comes to the future of crypto and in particular Bitcoin, most of those who are investing believe that this is very much going to be the future of money. With this in mind then, there are a lot of people who honestly believe that $32,000 is a ridiculously low price for the coin, and that one day in the next 5 or 10 years, Bitcoin could go as high as $500,000. One thing is for sure, this year looks far better than things did in 2017, because there is much more investment from outside.
The Best Approach
If you are looking to get rich quick, this is probably not the way to go about it, this is a volatile market but for a low level investor, this will be a long term strategy. There are many alt coins which may offer you a smarter route if you are looking for big gains quickly, but these are far from guaranteed. What many will look to do is use Bitcoin as a savings account, gradually filling it up with investment and waiting for the price to balloon. This who do this will focus on a long term strategy and will simply invest without really looking at the price. When it comes to investing, it really is down to what you are looking to get out of this.
Will The Price Rise?
Despite what those people who love crypto may think, the reality is that there are no guarantees whatsoever that the price of crypto is going to rise, in fact it could crash entirely. It is important to remember that there is sill a lot of fear around crypto and there is also a lot of mistrust from banks and lenders. This is why there is so much uncertainty and why we cannot guarantee that anything will happen with the price. Any investment is a risk, yet it is fair to say at this stage that crypto is a larger risk than many other areas of potential investment.
Will you be investing? What do you think will happen to the price of Bitcoin?