Bitcoin has undoubtedly seen dramatic price growth and adoption in recent years. That’s because of the increasing demand after many traders started to accept it. In addition, media reports about Bitcoin have caught the attention of many people and made them want to invest in Bitcoin.
Bitcoin has had its record years since 2017. For example, Bitcoin’s volatile growth moved from $ 6,300 to $ 900 between early 2017 and October. However, skeptics ignored this growth and assumed that the cryptocurrency would experience a bubble. Others hoped that a scam would reduce people’s trust in this digital currency.
However, some investors believe that the price of Bitcoin will continue to rise. Some even argue that Bitcoin will be worth more than $ 55,000 in the next five years. Because of this, Bitcoin could be a high-growth investment for many people.
Exploding Bitcoin adoption
Many people around the world use Bitcoin as a medium of exchange and investment. Bitcoin became an official payment method in Japan in 2017. Today over 260,000 retail stores and establishments accept Bitcoin. The widespread adoption of this cryptocurrency in Japan is setting a positive precedent for many countries. Nowadays, many governments are considering ways to approach cryptocurrencies. And this could be the start of Bitcoin’s success.
Bitcoin trading volume has also increased on platforms like Bitcoin champion. Here people buy Bitcoin with fiat money and sell it for a profit. In addition to increasing trading volume, total Bitcoin transactions increased 55% in 2017. At the same time, people were creating 30,000 bitcoin wallets every day. All of these factors point to the increasing adoption of this virtual currency.
Possible formal regulatory oversight
The world could see a dramatic increase in formal regulation and oversight for digital currencies. As a result, traditional financial institutions could invest billions in these digital assets. The widely accepted move by the US Securities & Exchange Commission to approve ETFs could lead financial institutions to invest in the crypto space. Some of these institutions could offer their clients more investment opportunities. That way, large groups of investors would access cryptocurrency, especially those who are uncomfortable with the idea of buying and storing Bitcoin.
Persistent disruption of the status quo
It’s no secret that inventions like Airbnb and Uber turned the major sectors upside down almost overnight. Many experts predict that Bitcoin will do the same thing as the traditional monetary system. Blockchain is the underlying technology for Bitcoin. And experts argue that this technology is rapidly expanding and is going to be revolutionary.
There are currently more than 1,200 cryptocurrency variants worldwide. All of these use blockchain technology to solve the problems of the conventional monetary system. In addition, this technology can be used in various industries. And this shows how the way people do business and transfer funds is likely to change.
Increase in Bitcoin accessibility
Initially, Bitcoin was a peer-to-peer system. Some people thought it was meant for tech savvy and hardworking people because a lot of people couldn’t understand how it worked. Today, many platforms share information about this digital currency. There are many websites and blogs on the internet devoted to exchanging data about Bitcoin. As a result, many people can easily research and start trading or investing in Bitcoin.
Buying bitcoin online is also easy. In addition, many merchants around the world accept bitcoin payments. Countries like El Salvador are enacting laws to make Bitcoin legal tender.
The bottom line
Bitcoin is slowly developing into a medium of exchange and a store of value in many parts of the world. In addition, despite its volatility, its value has increased over the years. All of these factors point to the possibility that Bitcoin will become a high growth investment for the people who buy it now.