After months and months of high speculation and reading tons of expert’s opinions, Bitcoin has finally reached the biggest milestone in its history – it reached a value of over $20,000 and broke the 2017 record that left millions of people in awe.
This milestone did not come easy though. After Bitcoin peaked in late-2017, it plunged in 2 days and spent the whole of 2018 and most of 2019 trying to stabilize itself. The volatility was very high and the price for 1 Bitcoin had many ups and downs on a daily basis. But, by the end of 2019, the cryptocurrency was showing good signs of progress and it finally stabilized.
Like we just mentioned, this is a historical moment, which is why we wanted to take a look back and explain all of the factors which led to this moment. We are also going to name a few reasons as to why you should start trading with Bitcoin right now.
The Deciding Factors
There are a few factors which lead many experts to believe that Bitcoin truly has the potential to top the 2017 record and reach a value of over $20,000. The first factor was the growing infrastructure. Ever since Bitcoin stabilized, the number of traders started going up. Each day, countless new people were signing up to trade with Bitcoins in hopes to make money.
The second and probably one of the most important factors that came into play is the low volatility rate. The second-lowest rate, to be more precise. Several months ago, Bitcoin reached its second-lowest volatility rate in history. The record-breaker was achieved in 2017, shortly before Bitcoin reached a value of over $19,000.
Additionally, Bitcoin was by far the most stable cryptocurrency on the market, the institutional interest in it was growing, and its hash rate which measures the computing power has finally stabilized after almost 2 years.
Many miners saw the potential, which is why they started investing tons of time and effort into earning Bitcoins. The process of collecting them is completed by mining, an activity in which miners record every Bitcoin transaction into the log (blockchain). After they earn their Bitcoins, comes the hard part of selling time.
Since miners cannot predict the future price of Bitcoin, they resorted to expert sites which can do it for them. One of those sites is https://bitcoinera.app/, a platform which uses an AI-powered system which takes various information, turns it into useful data, and based on that data, predicts the price, thus helping miners earn the highest possible profit.
The most interesting part about the whole story is that many experts believe that Bitcoin will continue to rise. Some even stated that it has the potential to top $50,000 very shortly, which is more than a reason as to why you should invest in this cryptocurrency.
Reasons Why You Should Use Bitcoin
Speaking of reasons as to why you should invest/use Bitcoin, there are plenty more than the fact that it can make you a lot of money. First of all, Bitcoin is a self-sustainable, meaning that no government or bank controls it. This is a huge advantage since people can escape various hidden or added taxes that are often implied by the banks. In doing so, they save a lot of money.
Secondly, by using Bitcoin, people increase their online security, which is a big advantage, considering the fact that we live in an era where online scams are taking place each day and thousands of people fall victim every several hours.
Bitcoin is also fully optimized for online use and every transaction using this cryptocurrency is instant. To take into consideration how powerful this advantage is, take credit and debit cards. Whenever we make an online transaction with them, it can take up to several days before the funds are processed and transferred between the parties involved. That is not the case with Bitcoin. Its potential leads many experts to believe that it can even become the universal currency and payment method in the world some time in the future.
These factors, combined with the chance that Bitcoin could climb higher and top $50,000 in value are more than enough to motivate you to start using it.