Is investing in Bitcoin still worth it?
If you’re familiar with the age-old investment saying that states “buy low and sell high,” you might feel like you’ve missed out on something when it comes to investing in Bitcoin. Is it still possible to reap significant returns at the current price of Bitcoin, or are the early investors the only ones to benefit?
Well, we have good news for you. Bitcoin could still stand a chance of giving you 2x or even 3x your initial investment, and it could do so sooner rather than later, according to experts.
The crypto industry has made a name for itself as one of the most volatile markets in the world. So, we must let you know that although this is our long term forecast, we are in no way claiming to be financial advisers. We urge you to do your research or invest speculatively to understand the actual functioning of the market.
Bitcoin — What is it and how does it work
In 2009, Bitcoin became one of the first cryptocurrencies to be created following the great recession in the United States. In order to facilitate person to person (peer to peer) transactions, it was designed to be a decentralised digital currency that utilizes an incredibly secure information recording system that cannot be hacked, edited or changed (blockchain). In other words, imagine trade by barter, but instead of it being a linear transaction between two people, everybody witnesses and can see the written record of it so no one person can change it.
The financial crisis was when a lot of people lost their money, their homes, and many other things. Bitcoin gave people control over an asset that did not have any government or regulatory parties involved. Although it would take years before it would be adopted by the public in its entirety. Regardless, the current price of Bitcoin is a testament on how far and fast the coin has grown.
The identity of the creator(s) of Bitcoin is still unknown to this day, but they usually go by the name Satoshi Nakamoto.
Try your luck at buying your first Bitcoin by placing a bid. Bitcoin bid is live! Click here for more.
Here are a few factors that affect the current price of Bitcoin.
There are a number of factors that could affect the price of Bitcoin. As in the case of any asset, it is not an island and may be affected by a number of factors, including the following:
- The supply or demand of Bitcoin: Some cryptocurrencies have a definite collection meaning there is a specific number of them globally, and Bitcoin is one of such. As more people come into crypto, it is possible that the demand for Bitcoin could rise or fall based on their need for it. New Bitcoin is discovered through mining whereby miners would solve complex mathematical puzzles, which is then confirmed by the rest of the network and then the miner is rewarded. It is often a highly costly expenditure like most other real-world mining activities.
- The number of competing crypto: Although Bitcoin is notably more widespread than most other coins in the crypto industry, there are still other competing cryptos such as Ethereum, which became even more popular because of its rising Defi projects/token.
- The government or regulatory bodies: For the most part, Bitcoin has operated openly with little or no regulatory bodies monitoring its activities. This is a pro and con because it could and has also been used for highly criminal activities due to its lack of regulations. This hasn’t gone unnoticed by most governments, and some have gone as far as banning the use of the currency altogether, which could affect the demand and supply.
- The News: Some say there’s no bad press, but negative press could hurt. Just check out our article on what Billionaire, Elon Musk, had to say about it by clicking here.Predictions for Bitcoin in 2022
- According to Analyticsinsight and changelly, It is forecasted to rise within the range of N20,854,500.00($50,000) to N25,025,400.00 ($60,000), almost 2x the current price of Bitcoin. With new exciting technologies such as Taproot coming in to help facilitate its operations, experts believe it could rise above N25,025,400.00 ($60,000) and enter into N41,709,000.00($100,000) soon.
- There is an ongoing bid for Bitcoin, Ethereum and more. Click here to place your bid and stand a chance of buying below the market rate.
Predictions for Bitcoin in 2023
The analytics shows that Bitcoin could reach 65,000 dollars by the end of the second quarter of 2022. It is expected that Bitcoin would rise within ($50,000 to 79,000) by the end of 2023, according to Analyticsinsight and changelly.
Predictions for Bitcoin in 2024
It is expected that the cryptocurrency would surpass the previous year and rise within N32,950,110($79,000) — N36,286,830($87,000). The currency should be worth over $100,000 by the end of the year.
Predictions for Bitcoin in 2025
Whether or not the rising coin would reach N52,553,340 ($126,000) is still debated by experts. However, some have forecasted that the value of Bitcoin in 2025 would most likely even surpass N52,553,340($126,000). This would be a massive win for Bitcoin investors.
Bitcoin is one of the biggest cryptocurrencies in the world right now, and it is even forecasted to go bigger. We could still be in the realm of early investors with the possibility of gain 2x or initial deposits although proceeding with adequate knolwedge or reasearch is adviced. You could join our community of investors and get exclusive information on the price, bid and news on different coins in the market. Simply register by clicking here.