Is it too late for you to get a piece of the pie? You missed the gold rush, will you miss this too?
Bitcoin was only 8 cents ($.08) in 2010 and now, as of the time of this writing, the price is over 63 thousand dollars ($63,000)! – [14 April, 2021]
This means that if you had invested $100 at $.08 in Bitcoin in 2010, that investment would be worth over 787 million dollars today. And that’s if you did nothing but hold the coins and did no trading whatsoever.
Let’s do the math.
$1,000 / .08 = 1,250 Bitcoins
1,250 x $63,000 = $78,750,000
Crazy Right! Do your calculation here https://dca.bitnob.com
Before we proceed, kindly note that I have no license or certification in finance or investment. The ideas and investment I share are for entertainment and information purposes only. I am online a digital marketing and internet fanatic.
All investment strategies and investments involve the risk of loss. Nothing contained in this article should be construed as investment advice. Any reference to an investment’s past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.
What is Bitcoin?
It is a decentralized digital currency without a single administrator or central bank. The currency can be sent from user to user without the need for intermediaries.
The transactions are verified and recorded in a public distributed ledger called a blockchain.
Bitcoins are generated via a process called mining. Basically, by lending your computing power to support and manage the blockchain, you will receive Bitcoins as a reward. In 2010, it was still easy for single users to mine Bitcoins; now, it is almost impossible to mine from a normal PC.
In 2010 buying Bitcoins (BTC) was very tricky. There were only limited exchange platforms for BTC. People were mining cryptocurrency.
Sometimes seeing a visual helps to illustrate better what you’re dealing with. The trajectory of the price of Bitcoin from 2012 to 2021 has been less than $0.01 to a high of over $57,000.
Image generated by Author on Coinmarketcap.com
What’s driving the price of Bitcoin
An article on CNBC points out the findings of a 2018 Harris poll that show only about 5% of Americans owned Bitcoin in 2018.
A more recent Harris Poll found that about 1 in 3 Americans are interested in and moving towards conviction regarding Bitcoin in 2020.
The cryptocurrency market, as of November 2020, has a global market capitalization of $510 billion. Additionally, mainstream conglomerates have jumped on the Bitcoin train recently.
Today as I write this on 14 April 2021, the global market capitalization is at $1.1 Trillion.
For instance, PayPal and Square are adding Bitcoin and other cryptocurrencies to their platforms as alternatives forms of currency exchange. At least 26 million merchants in PayPal’s network accept cryptocurrencies, according to Bloomberg.
Other mainstream examples of Bitcoin’s adoption include trading and banking apps like Robinhood and Revolut, investment companies like Fidelity Investments and Ark Investment Management.
Central banks such as the European Central Bank and the Federal Reserve are exploring avenues on how to digitize currencies and utilize the blockchain.
More major companies that accept Bitcoin are Tesla, BMW, Microsoft, Overstock, Home Depot, Starbucks, and more.
Most recently, the price of bitcoin has been driven by high-profile support. In February 2021, Bank of New York Mellon said it would provide custody services for digital assets, citing growing client demand.
Earlier in that week, Mastercard also said it would begin to offer support for cryptocurrencies on its network this year. And, Tesla announced that it had bought $1.5 billion of bitcoin and that it would soon start to accept the currency as payment.
Is It Too Late to Get Into Bitcoin?
I would say the answer to this question is — no.
This is my opinion, but how could it ever be too late to invest in something that has shown consistent uptrends since its inception?
Citibank projections predict the price of Bitcoin to go up to $318,000 in 2021.
So, if you had invested your $1000 in 2015, you’d be holding 2.78 Bitcoins. With an increase to $318,000 that investment would be worth $884,040.
Hey, I believe it could happen.
I’m not so sure if I believe just yet that the price of Bitcoin will reach $318,000 in 2021.
But I do believe that it will probably do so within the next five years, just like Bitcoin went from $.08 to $360 in five years. That’s a 4500x increase!
So, if history keeps repeating itself, the price of Bitcoin will continue to increase, particularly since it is now moving into the mainstream.
I will share more details in my book Secrets of Crypto Millionaire, and the potential cryptocurrencies that can make you a millionaire in 10 years. You can join my weekly newsletter so you get access to this.
Should You Invest in Bitcoin?
That, my friend, is for you to decide.
But, I know I definitely am and have been for a couple of years now. I don’t have as much as I would like to have, but I am growing my Bitcoin collection consistently. And I’ve earned a lot more than I could have with the stock market.
If you want to learn more about Bitcoin and cryptocurrencies, then I suggest doing some self-study on Google and YouTube, where you can get all the information you need for free.
Just remember if you decide to invest, do so wisely. Investing in cryptocurrency carries some risks, as with any market investments.
One good investment strategy that works for me and by buying bitcoin in small bits regardless of the global market price leveraging the Dollar Cost Averaging method. You can easily do the same by using the Bitnob App
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In 2010, no one in his right mind would have invested $500 in Bitcoins, yet $1000. It is incredible to see the development of this new concept of currency.
Bitcoins paved the way for many other cryptocurrencies to rise on the market and gain attraction. Ripples, Etherium, and Litecoin are some of the alternative cryptocurrencies (Altcoin).
And where does it go from here? Well, we have to wait and see. However, a Citibank analyst thinks that Bitcoin may surpass $300K by the end of 2021.