The #1 Thing People Get Wrong About Bitcoin (BTC)
This year has witnessed an unprecedented surge in the value of cryptocurrencies. We have seen the price of bitcoin rise above $60,000 for the first time in history, which has led to various speculations on cryptocurrency.
It is not only Bitcoin that has been affected; we have also seen altcoin values increase within the year. The value of most altcoins has risen above 5000%, leading to questions on the future of cryptocurrency.
This surge has drawn in lots of investors who are looking to exploit the opportunities in cryptocurrency.
Amongst these things, we also witnessed what most people could call a tsunami in May when the price crashed to an all-time low of $30k, leading to loss of investments.
The market seems to be bouncing back presently, with the price of BTC rising above $45,000.
Join me as I enlighten you on the most crucial things that people get wrong about Bitcoin, as it is about to break the $45,000 price benchmark, and walk you through the bitcoin price movement since the white paper was unveiled in 2009.
Bitcoin’s Price Movement
We have witnessed the rise and fall of Bitcoin’s price since it was first launched in 2009. Some of those price movements led to loss of investment while some led to more gains on investment. Let’s look at the crucial moments of BTC price movement since inception
Below are the times in history when bitcoin experienced a rise past its prediction and over its volatility. This rise and fall are known as a ‘bubble.’
The first one since its creation was in 2011. The cryptocurrency experienced a jump from $1 in April to a value of $32 in June. It was a peak gain of 3,200% within the space of three months. In November that same year, it experienced a sharp dip to $2.
Between May — August 15, 2012, it experienced a rise from $4.80 to $13.20. Then at the beginning of October, the cryptocurrency was trading at $123.20, and it experienced an increase to $1,156.10, but it fell to $760 three days after.
The fall from 2012 went on until it reached as low as $315 in early 2015.
The next bubble was in 2017. At the beginning of the year, bitcoin increased to $1,000. Then two months later, from March 25 to December 17, bitcoin went from $975.70 to $20,089. This surge brought bitcoin into the limelight and also to the attention of both financial and government agencies.
In June 2019, the price transcended to $10,000 and brought hope back to bitcoin holders and investors. Unfortunately, it fell to $7,112.73 in December that same year.
The pandemic had effects on bitcoin’s price, at the beginning of 2020, Bitcoin was valued at $7,200. Close to the end of the year, on November 23, Bitcoin was selling for $18,353. Then, bitcoin rose to $24,000 in December. That is a 224% increment of the year’s starting price.
Gradually, from January 2021, bitcoin rose to $40,000. Then, in March of 2021, bitcoin prices suppressed their known peak by reaching a value of $60,000. That was not all, bitcoin reached an all-time peak of $64,000 on April 14th. Then by summer, it experienced a massive 50% dip to $32,000. Currently, it is experiencing a surging rise, suppressing $44,000 and heading to $50,000.
https://twitter.com/AltcoinGordon/status/1443964555009404928?s=19
From @AltcoinGordon’s review, should we expect more surge in the price? Let’s wait and see. If the price of bitcoin reaches $72,0000 next week, that will be the highest peak it has ever reached.
The #1 Thing People Get Wrong About Bitcoin, As It Is About to Skyrocket Above $44,000
Your investment decision should be independent of the rising price. If you plan on holding bitcoin for the long term, do not let the price affect your decision to sell. Also, it mustn’t influence your decision to buy bitcoin. All decisions should be based on strategic thinking and void of emotions and hearsay.
Here Are Things People Get Wrong About Bitcoin
Bitcoin is volatile:
It will always experience a rise and fall. If you decide to hold on to it, you will still make a profit from it regardless.
https://twitter.com/scottmelker/status/1443984458353451038?s=19
The bitcoin success rate is equivalent to a High Dollars Price:
If the price of dollars is equivalent to bitcoin, it rises too quickly and will lose its credibility as a currency. The reason is that there will be scarcity. Most traders and users will decide to horde the coins with the hope of it rising. Hence, it is inappropriate to measure the success of bitcoin with its dollars equivalence. It should rather be by the population who own and use the currency.
You feel you know it all about bitcoin: it’s no lie that this cryptocurrency has been around for 13 years. Now, if it is termed “relatively new,” it is by far a correct statement. You learn new things about bitcoin every day. There is still a lot of confusion about when to buy or sell it. What you have to do is ensure you make proper investigation and observations before engaging in any trade.
https://twitter.com/danheld/status/1443950103010623498?s=19
There will always be a rise and fall, all you have to do is make sure that you’re making the right decision — and not because of the crowd.
