Whether you’re interested in cryptocurrency or not, you’ve probably already heard of Bitcoin. When the cryptocurrency first launched it was worth less than a dollar, but over the years that price has fluctuated reaching astronomical numbers that no one could have expected.
The high volatility Bitcoin carries has made it one of the hottest commodities someone can obtain right now, and while nothing is ever certain with something like Bitcoin, people can’t help but invest in it and hope for the best.
Despite the risk that comes with acquiring Bitcoin, Bitcoin trading is now a popular way for people to try and secure their financial future. But why are so many people so sure that Bitcoin will bring them nothing but profit? To answer this question we’re going to need to look into how Bitcoin is faring now, and some of the predictions people have made for the future.
What Affects Bitcoin Prices
Some of the most interesting things about Bitcoin are the circumstances around its fluctuating price. Surprisingly enough, it seems that Bitcoin’s worth works in the opposite direction to fiat currencies. Bitcoin’s price often rises by quite a lot whenever tensions arise and people feel unsure about the political climate in the western world, and globally.
Another interesting thing you might not have known about Bitcoin is that it’s finite. While Bitcoin mining is still alive and well, the amount miners can procure is narrowing as time goes on. This is due to something called Bitcoin halving. Every four years the pace at which new Bitcoin is created gets cut in half which makes it harder for miners to get Bitcoin at the same rates as before. Like with most things, when Bitcoin becomes rarer, it’s only logical for its price to increase.
The Bitcoin Trading Boom
Anyone can get into Bitcoin trading today. Thanks to a slew of helpful Bitcoin trading apps and websites, even you can try your hand at Bitcoin trading. One way to potentially profit off of Bitcoin is by using AI automated trading apps. You can find a great example of this on https://www.bitcoinera.app. With the help of their smart trading robot, you can scour the market and make informed decisions on how and where to trade, and if that seems like too much work, you can let the app do it for you!
Bitcoin trading has gained a lot of traction in the past couple of years. While Bitcoin used to be a currency for the tech-savvy and those who wished to remain in the shadows, more and more average Joe’s are taking an interest in the popular cryptocurrency. The simple fact that interest in Bitcoin grew brought a lot of changes to the currency’s worth, some good, some bad, but ultimately made the cryptocurrency a lot easier to access.
Bitcoin Now and in the Future
So how do all of these things mentioned before influence the profitability of Bitcoin in the future? It’s simple and complicated at the same time. The latest Bitcoin halving event happened in May of 2020! While there might not have been a significant price drop or increase right after the event, a lot of people believe that the price of Bitcoin will keep rising little by little and end up reaching up to 13.000$ by the end of the year.
Another thing that has had quite an impact on the price of Bitcoin this year has been the unfortunate rise of the global pandemic. As we mentioned before, Bitcoin seems to rise whenever something like this tends to happen, but this time things didn’t work out that way.
The price of Bitcoin dropped significantly during the pandemic which put a damper in the plans of many investors. While the price was still nothing to frown over, it was nowhere near what people might have expected.
Things are starting to look up though. With vaccines currently in the works, people are starting to get their hope back. This is good news on more than one front. Thanks to the words effort to prevent further spread with some valiant efforts, the price of Bitcoin has been getting back on track.
Predictions for Bitcoin for further on into the future are so insanely high that most people can’t even fathom them. According to an onslaught of Bitcoin predictions for 2020 and beyond, there’s nothing to worry about other than missing out on the chance to invest in Bitcoin sooner!