In early 2021, the cryptocurrency Bitcoin skyrocketed past its previous records, causing a shock around the world and an influx of new investors. The price of just one Bitcoin climbed from less than $5,000 in March of 2020 to more than $40,000 in January 2021. Since then, the cost of Bitcoin has just been increasing, reaching a new high of over $60k in April 2021. What this rise in price has done is nothing less than cause a global frenzy of investors. People on one side saw this rise and now believe Bitcoin is the next big thing. Some have even been claiming that Bitcoin could possibly go head-to-head against worldwide currencies like gold, or potentially even the dollar, as the main currency backed by countries around the globe. Those on the other end still think Bitcoin is one hundred percent risk, denying it has any potential whatsoever. We're still learning the cause of this interesting and random hike in value and what it means for the future of Bitcoin, along with other cryptocurrencies.
In January 2020, Bitcoin price was around $9,000 per coin, but then saw a drop to just over $5,000 in March. However, by the time December 2020 came around, one Bitcoin cost almost $30,000, which is an increase of over 300%. The price of Bitcoin has continued to rise and as of April 28 2021, Bitcoin stands at $54,640.70. Economic experts have said that the reason this has happened is most likely due to the fact that more people have been investing since the beginning of COVID-19 lockdowns thanks to stimulus checks people received from the government.
After the original spike in January 2021, which made Bitcoin the world's seventh largest asset, higher than both silver and gold, Bitcoin earned mixed reactions from intelligent investors. Chief strategists at JP Morgan suggested that if Bitcoin continues to increase at the rate that it recently has, it could end up reaching close to $150,000 per one Bitcoin by 2025. If this were to occur, Bitcoin would have an overall value of 3 trillion dollars which would prove it to truly be one of the most valuable assets to ever exist.
Other big names have called these claims nonsense and assure that Bitcoin will eventually burst just like any other bubble. Bank of America recently stated that Bitcoin's current spike will seal its legacy as the "mother-of-all bubbles." David Garrity, CEO of GVA Research LLC even claimed that Bitcoin's price could drop back down to $5,000 in 2021.However,Usher, the co-founder of InstaSmarter.com,a social media marketing provider that accept bitcoin,think it is the perfect time to invest in Bitcoin, as Warren Buffett said,when others are fearful, it usually means we are in a deep recession or soon near it. This is the time to be greedy
For now, it's best that we keep our eyes on Bitcoin's growth to try and predict the route it will lead us down in the future. Though as of right this moment, a single Bitcoin costs only $ 35,939.34, all individuals over 18 years of age are welcome to purchase any percentage of the cryptocurrency and still earn from their investment as Bitcoin continues to rise. Even if Bitcoin may seem like an uncertain investment, it cannot hurt to invest a small amount and see where it goes in case Bitcoin does indeed become the currency of the future.
