Everyone Wants Bitcoin, But No One Wants It At An Expensive Rate
When bitcoin first surfaced, many doubted its legitimacy and success rate; only a few fortunate individuals gave it a try. In 2010 bitcoin reached its first prices hike at $0.08 from its previous price of $0.0008 and later moved to $1 in 2011. Even at that point, the crypto world was yet to get its acceptance or attention from the general public. With the pandemic came the significant changes in the cryptocurrency world for bitcoin. It started in the years 2020 at $7,200. Cryptocurrency is free from the influence of the global economy. With the closure of the economy all around the globe, the trust in fiat declined. It led to the diversion of more funds to cryptocurrency as it was free from government control and manipulation. It is pertinent to note that the world’s precious resources’ values began to drop drastically; The oil merchants and refineries sold crude oil barrels next to nothing. Also significant is the rise of Defi — Decentralized Finance in 2020 with over $45B in Market Cap such as Uniswap, Sushiswap, Aave, yearn Finance, DAO, etc. The faith and value cryptocurrency brought to the populace encouraged its steady growth and adoption as it is gradually replacing fiat (paper money), for it is free from government control.
A significant population missed the opportunity to buy bitcoins at cheaper rates early in 2017 when it cost an average of $1000 per Bitcoin. Then it upsurged to almost $20,000 per Bitcoin in the last quarter of the year. In 2019, Bitcoin fell to $3,000 per unit, with many institutional investors missing out to buy due to government regulations’ and Bitcoin high volatility. The decision of time and price to invest in cryptocurrency is of great concern to investors. The long-term investment is an excellent catch to those who invested in 2019 and earlier. They would have earned almost 300% to 6000%, with Bitcoin reaching its all-time high of about $59,000 in Feb 2021. The same is similar for some other cryptocurrency like Dogecoin, Polkadot, Stellar, BNB etc., increasing over 200% since inception.
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