2021 has been nothing short of amazing for Bitcoin. This cryptocurrency managed to reach new heights; ones that no one thought are possible. Halfway through the year and it seems that this is just the beginning of a massive uprising for Bitcoin.
Since the future is mysterious and we cannot say for sure (but we will predict) what it holds for Bitcoin, we can reflect on some of the biggest upsets that Bitcoin caused this year. Without any further ado, let’s start diving into the details.
Its Record-Breaking Price
It all started in mid-December 2020. Bitcoin topped the 2017 record in value by reaching $20,000 in value. While many stated that Bitcoin cannot go above it, this cryptocurrency proved them wrong. Not only did it maintained its stability, but it continued to go up.
That is the reason why thousands of new traders started registering at trading sites and joined the world of trading. Yes, Bitcoin ATMs are still an option but their problem is the fact that they are not easy to access and come with high fees.
On the other hand, trading sites operate online and can be accessed at any time, place, and from any device. You can trade on your mobile or desktop device, just as long as you have a stable Internet connection.
What’s even more impressive, is the fact that reputable platforms such as BitcoinProfit app even utilize advanced AI systems that collect all the data about Bitcoin from the market and use it to make accurate predictions on its future price.
Speaking of the price, as Bitcoin continued to rise at the beginning of 2021, it reached its peak in April when it topped $63,000 for the first time. Since then, its value has dropped to around $35,000, but this milestone was mesmerizing.
2021 also marked the start of massive institutional interest in Bitcoin, which is one of the factors that allowed its price to continue rising. One of the most talked-about investments is Tesla’s. Back in February, Tesla announced that they will be investing $1.5 billion in Bitcoin, out of nowhere.
Not only did they managed to make a handsome profit out of the investment, but the announcement was welcomed by traders because a few days after it broke the Internet, Bitcoin managed to rise from $47,000 to over $50,000. Not only that, but many companies followed suit and they contributed towards Bitcoin’s growth, which eventually peaked at $63,000, just as we mentioned above.
El Salvador Legalizes Bitcoin
One of the biggest challenges that Bitcoin faced from the beginning was the heavy opposition from authorities who deemed it as an outlaw. But, in the past couple of years, governments have become extremely lenient towards it. That is the reason why many companies, including global brands such as Overstock, Shopify, Expedia, and Microsoft started accepting Bitcoin as a payment method.
But, in the world’s first, El Salvador recently legalized Bitcoin. Its president, NayibBukele, stated that this decision will make it easier for Salvadorans who live abroad to send money to their loved ones. As you may know, El Salvador does not have an official currency. What’s even more impressive, is the fact that every Salvadoran adult received $30 free for Bitcoin trading.
What About the Future?
As we mentioned at the beginning of this article, it is impossible to determine what the future for Bitcoin holds, especially when it comes to the process of global legalization. But, one thing that can be predicted is its future price. The earliest projections state that Bitcoin can reach $100,000 in 2022, then $500,000 in 2030, and ultimately, $1 million in 2037.
Note:- Not financial advice. Please consult your personal advisor.