The Mania of Cryptocurrency and Bitcoin

The Mania of Cryptocurrency and Bitcoin

 

Investing in cryptocurrencies is always the best treat for your investments. It was created initially by software people trying to hack all of the financial worlds in order to have a good system when the market collapsed back in 2008. The currency is available 24/7 and is always moving. Moreover, this technology is helping practical applications that will permit combat corruption in governments and transparency in developing nations. But this isn’t it in fact; a majority of the times, the investor is at high risk of loss as the fluctuations are unpredictable and a lot.

So why is there so much craze of cryptocurrency and bitcoin among people?

Rising prices

The interest in bitcoin cryptocurrency is mainly fuelled due to the huge rise in price. It hit $10,000 on November 28 for the first time and the next week it went to $12,000. Because of this rising prices, the media attention and awareness is way too much. The cryptocurrency was on the front page of the Financial Times the day it first it $10,000. It said 850 per cent increase in value since January as its citing. One of the largest cryptocurrency exchanges CEO also asked people to invest responsibly. Also, that the website might be unable to cope up with a number of people selling and buying on peak times.

Bitcoin as currency:

Undoubtedly, it is the best alternative to existing currencies owing to its high price and the fact that it points to less number of merchants outside the dark web accepting bitcoins for services and goods.

Hard mentality or other benefits? Both!

Moreover, since everyone is so much interested in bitcoin cryptocurrency is because everyone else is. People tend to follow what everyone around them does.  It is becoming more familiar day by day to wide media coverage. However, its huge benefits have overweighed everything else. There is no need of carrying out around physically which means you can free up your precious pocket space. More places have started to accept it now be it real estate owners or just a coffee shop. It is gaining worldwide acceptance being a currency gaining traction. There is also no requirement for a 3rd party to take care of the transactions and then take a piece of it.

The future:

The Bitcoin, and other cryptocurrencies values are predicted to have an immense rise with a forecast as high as $100,000 in 2018 which means that each unit worth of $12,000 would increase eight times more than its current value. Even though it seems unlikely, the analyst who predicted this has always been right. The bank analyst in 2016 said that Bitcoin will increase thrice its current value in 2017 when the Danish firm Saxo Bank released its annual list called “Outrageous Predictions” for the upcoming year. It all became true in spring of 2017 and the bitcoin cryptocurrency increased from $900 to $18,000.

With all of that said, there isn’t much of a reason to let go of such a precious chance.

 

References:

Tuttle, B. (2018, January 16). Bitcoin 2018 Predictions: Cryptocurrency Could Hit $100,000 | Money. Retrieved March 16, 2018, from http://time.com/money/5103946/bitcoin-predictions-cryptocurrency-rise-value-2018/

What is your assessment of Bitcoin? | JRW Investments. (n.d.). Retrieved March 16, 2018, from https://www.jrwinvestments.com/q-a/currencies/should-i-invest-in-bitcoin/

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