4 Reasons the Bitcoin Market is Growing
Not long ago, the idea of digital currency seemed like a fuss. One could reject it in a second knowing they were putting their hard-earned money on the internet, digitally, without any guarantees or promises.
If you’ve been following the prices of bitcoins in 2019, you might as well know that it was a rough start until the second half of May 2019. Bitcoin price exceeded $8000 on May 24 — a sudden increase after the summer of 2018.
Bitcoin Market
Considering the ever-evolving economy and unexpected fluctuations in bitcoin price, many people are raising questions about its integrity. First thing first, if you’re worried about losing your money because you’re thinking to invest in bitcoins, think again.
According to an article on Forbes, people made up to 150% profit from the first trading day of September 2019 as bitcoin price increased from $3890 to $10,383.
That’s a huge number, isn’t it?
After staying low for a year, the leading cryptocurrency medium bitcoin is coming back again. Overall, the value of Bitcoin has only increased from the start, following a tragic journey.
Reasons the Bitcoin Market is Growing
The growing price of bitcoin has raised many questions. People are still confused about its integrity and whether it is a good choice to invest in the bitcoin market. But there has been a significant increase in searched queries like “how to get bitcoins,” “how to buy bitcoin,” “how bitcoins work,” “bitcoin price” and more.
In this regard, here are 4 reasons the bitcoin market is growing:
1. Advancement of Cryptocurrency
It is said that the increased popularity of cryptocurrency, especially bitcoin, can reduce the need for financial institutions. With most of the cash saved electric and the ability to pay for most of the things online makes it a legit currency. In fact, there are some online marketplaces that accept bitcoins payment besides PayPal, Mastercard, and Visa card.
Though the blockchain industry still has a long journey to cover to reach its full potential, it has developed much from the past 2–3 years. There are now dozens of reliable cryptocurrency wallets, cryptocurrency exchange, and mining pools available online. Thus, say goodbye to filling bulky bank forms and taxation because you’re just a few steps behind at saving your hard-earned money online.
2. Some Historical Instances
Cryptocurrency is like a new breakthrough in the financial world. Though it has been on the market for years, its full potential is still limited to the techy guys. In fact, only technical nerds are supporting it in hard times.
This is because the sudden fluctuations in bitcoin price are too much for the general public. Still, bitcoin is now gaining enough popularity among entrepreneurs, celebrities, businessmen, and personal brand owners. Did you know that your favorite celebrities are also investing in cryptocurrency? That’s another reason to believe in the growing bitcoin market.