Bitcoin Continues To Soar… But For How Long?
Bitcoin hit another record high today…
Again.
If you haven’t been following the cryptocurrency space, don’t worry, there is still time for you to invest, but should you?
Bitcoin continues to soar higher and higher each and every day it seems, but at some point it must crash, right?
Currently, we are under an intense bull market, where the price of a coin or stock skyrockets, similar to the price of Bitcoin back in 2017, which shortly after TANKED.
Bitcoin, as of January 2, 2021, hit an all time high of $34,432.49 and has been climbing the charts since Covid-19 first hit the United States.
With larger and larger investors and business tycoons entering the space, it is starting to make people wonder how high it can truly go.
Unlike a regular “stock”, Bitcoin is based on blockchains, and when all of the Bitcoins are mined, that is all there will ever be. Stocks, on the other hand, are a share of the company, as the company does better, so does the stock price; thus, your stock value will increase.
Bitcoin is all determined on the buying and selling price of others holding coins or partial pieces of a coin. When everybody starts selling, similar to when stocks begin to be dumped, the price will start to plummet; as more and more continue to buy, the price will continue to increase.
Obviously, I am no expert in cryptocurrency, but I have kept my eye on it for quite some time now. Looking back to eighth grade, which was the very early days of Bitcoin, my friend told me to buy $100 worth of the coin. I looked at him the same way my uncle looks at me now. No way I was buying some digital coin that had no backing to it.
Today, that investment of $100 would be worth upwards of $42,000,000… Yes, you read that correctly, forty-two MILLION dollars. He always told me, “ hold that $100 investment until we graduate high school, and you will never work a day in your life”, and boy, do I wish I had listened.
But, like every good story, I didn’t…
Here we are today, looking at Bitcoin soar higher and higher as the price seems to have no ceiling. Where will Bitcoin go in 2021? We won’t find out until it is too late.
I keep telling myself the price has to drop at some point, yet every day for the past few weeks, it has seemed to keep reaching new all time highs. Do you buy now? Do you wait and hope it drops?
That is a decision that you must make. While Bitcoin is the most popular crypto out and the most talked about, there are hundreds of other coins that can turn big profits.
Please do not take financial advice from me, the guy who lost out on $42,000,000. But it might be worth looking into cryptocurrency and seeing what all of the hype is about. Who knows, the coin you invest $100 in today might be worth $42,000,000 one day.
Don’t be like me, looking back and saddened at the missed opportunities. Look for the next one.