What is The Current State of Bitcoin?
2021 has been quite a productive year for Bitcoin as this cryptocurrency managed to reach the highest heights. Thanks to the massive surge in value, thousands of traders are registering to its network with each passing day and they are more than open to investing and making money with it.
Not only that, but as we are about to see, the institutional interest for this cryptocurrency has been on the rise, which is a good sign as it increases Bitcoin’s potential to become the first globally legal cryptocurrency. That would be a massive achievement. Let’s take a look at where Bitcoin currently stands and whether it can reach the aforementioned milestone.
Profiting With Bitcoin in 2021
At the moment, Bitcoin is valued at around $40,000, which puts it at the same level as gold. Not only that, but back in April, Bitcoin peaked at over $63,000 which is its highest recorded value. Bitcoin’s price tag is second to none, which is why it remains the most popular cryptocurrency on the market.
Not only that, but Bitcoin has greater liquidity, is far more stable, and provides users with better security than other cryptocurrencies. Thanks to the massive rise in value, trading sites have been recording a lot of new traders each day.
The massive popularity of Bitcoin is what motivated trading sites to tailor their services specifically to this digital asset. Yes, they support other cryptocurrencies as well, but their focus is on Bitcoin. Not only that, but platforms such as the Bitcoin Profit website utilize advanced AI systems that are able to scan the market for the latest Bitcoin developments and use the data to make accurate predictions on its future fluctuations.
There’s no denying the fact that trading with Bitcoin has recorded a massive surge in 2021. The two main reasons are the peak in value, as well as the fact that trading sites became extremely effective and efficient.
Institutional and Government Interest
Currently, Bitcoin is in a stable state because the interest from institutions is massive. When we talk about institutions, we are not just talking about local companies that accept Bitcoin payments. Many global brands such as Shopify, Expedia, Microsoft, and Overstock accept Bitcoin payments, hence people can use this cryptocurrency to book a vacation, buy the latest Xbox, and even pay for their coffee at Starbucks.
And if that is not enough, one of the latest developments shocked the world in a positive way, as El Salvador became the first country to legalize Bitcoin. El Salvador does not have an official currency, which is why Congress voted for the legalization of this cryptocurrency. 62 out of the 84 members voted in favour of Bitcoin and the cryptocurrency became legal.
End of Year Projections
The latest developments helped Bitcoin rise in value to an extent. But, experts believe that this is just the beginning. Research shows that Bitcoin will keep rising in 2021, even though it recorded a drop in value in the past two months.
Projections state that it will most likely hit the $100,000 mark in November or December. If the six-figure number is not reached in 2021, then it will definitely be reached in 2021. That is why the number of Bitcoin traders has been on the rise lately.
What About the Distant Future?
When it comes to Bitcoin’s distant future, there’s no way to tell whether this cryptocurrency will be accepted globally. But, one thing that can be predicted is its price. Studies show that by 2030, Bitcoin’s value will most likely reach $500,000. That value will be doubled by 2037. Additionally, all Bitcoins will be mined in 2140.
