From the humble beginnings in 2009, Bitcoin grew to become one of the smartest investments in the 21st century, with the price reaching almost 20.000 dollars in 2017. Since then, the price significantly fell to a somewhat stable 7.000 per Bitcoin with a rising tendency. At the end of the first quartal of 2024 global market value of Bitcoin is 117.81 billion USD, which is far from the 237.62 billion USD peak at the end of 2017, but much higher than it was last year.
Probably the easiest way to understand the value growth of the most well-known cryptocurrency is to compare two examples. In March of 2010, Laszlo Hanyecz paid with 10.000 Bitcoins for two pizzas, valued around 45 million dollars, translated into today’s worth. That incident remained written in history as a Bitcoin pizza day. The other example shows us twelve years old Erik Finman, who invested 1.000 to buy Bitcoin, and now he is a millionaire with 401 Bitcoins.
These are two most familiar examples in the history of this cryptocurrency after the price of Bitcoin skyrocketed in 2017, but what can we expect in the future, and most importantly, what can we expect from Bitcoin market in this turbulent year.
The most simple possible answer is its potential growth. Although there were quite a few complex researches about this year’s Bitcoin market, everything fell apart because of the Covid-19 pandemic, and all the rules changed, but Bitcoin’s value is still rising. At the beginning of this year, the price of BTC was 7.200 USD. But now, there are many indications that we will have a much higher BTC value at the end of 2024. Also, the market of this crypto is probably going to have a notable expansion, and here are the reasons why.
The first and most important thing is that these are some very troublesome times, and much of the safety we had, perished in a blink of an eye. When times are tough, the Bitcoin trade is getting higher, and as an example, in the middle of the crisis between Iran and the USA, the BTC market got grew 8 percent. Also, no government in the World can interfere in Bitcoin value, which is much more significant today than it was before the virus outbreak. We also shouldn’t forget that Bitcoin can’t be affected by inflation, unlike traditional currencies used in the global finance market.
Bitcoin is free from anyone, and so many people are taking that opportunity to invest in this cryptocurrency, which became one of the more reliable currencies in the World, if not the most reliable one. Also, with so many people quarantined, and at home, there are a lot of new possible buyers of Bitcoin. The market benefits from all the advantages Bitcoin trading gives to potential users such as real-time trading at any place and any given time without any transaction fee. Your Bitcoins are safely stashed in your wallet, and with blockchain protection almost impossible to hack.
A lot of people listen to experts, and experts suggest that now is the time to buy as many Bitcoins as you can because there are opinions of its tremendous growth. Some charts even anticipate the value of BTC reaching 20.000 USD in December this year, and 340.000 USD by the end of 2025. The most optimistic Bitcoin gurus suggest the value getting up to 100.000 until the end of the year, and this is important because people believe in experts, and the Bitcoin market is benefiting from that.
Almost everyone wants easy money, and so many people were disappointed in 2017 when they missed their opportunity to become rich. Most of those people are still carefully looking at Bitcoin price and ready to invest because there is already a steady growth this year, and as you know, everything is worth as much as someone is willing to pay for it.
Bitcoin market growth is further expanded because so many companies started accepting this cryptocurrency as a legitimate way of paying for goods and services. The most recent research made in October 2019. shows that almost 16.000 companies decided to modernize themselves in that way. A big boost to this breakthrough is given by governments of certain countries when they legalized the use of Bitcoins in their national markets. Bitcoin ATMs boosted the BTC market a lot, especially in the US and Canada, where there are more than 4.000 ATMs. That also shows how the market in those countries accepted the use of Bitcoins.
We shouldn’t forget mining. As almost every Bitcoin trader knows, there are 17 million bitcoins in the market, and we have 4 million more to be gathered from mining. After the global pandemic, some people will look into mining as some kind of investment for the future, and those people will join thousands and millions of others who are regularly mining for this cryptocurrency for years.
There are ways of slowing down Bitcoin mining, and the most notable one is the infamous halving, which occurs every four years when the amount of BTCs mined gets halved. The halving most recently happened in May when it dropped from 12.5 to 6.25. Even though this will delay the date of the last Bitcoin mined, that day will eventually come. And when mining comes to an end, there will be no more new Bitcoins to find, which will inevitably skyrocket the value of Bitcoin once again because when the supply can’t meet the demands, only the person willing to pay more can get the prize.
Cryptocurrency as an example of starting a new monetary revolution is probably going to be in the future history books, and with Bitcoin as a symbol for that. After the booming end of 2017, and the start of 2018 a significant fall occurred, but after that, this modern way of investment is continually growing and creating a much bigger market than ever before. Even the global pandemic of COVID-19 couldn’t prevent the market growth of Bitcoin, and the market started growing even faster.
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