Without a doubt, Bitcoin is a cryptocurrency that doesn’t need any introduction. For more than a decade people have been talking about it in many different ways. For example, we can see that there are people who were pretty skeptical about the whole concept. At the same time, some people advocated for Bitcoin and its image as one of the best investments in the 21st century.
These debates have been ongoing for a lot of years before many people have witnessed just how it can be. Naturally, there were some points down the road. For example, the first surge in BTC’s price occurred in 2017. Along with its price, its popularity has increased. The second growth occurred in 2019. The third one happened in 2023 after its price has plummeted in March 2023.
At the end of 2023, and at the beginning of 2023, we can see that the price has reached $51k, which is an all-time high. Along with the price, the usage of different software for easier trading has grown. In case you would like to take a look at one of these, be sure to take a look at btcloopholepro.com. Without a doubt, we are talking about one of the hottest topics in the world of financial markets.
However, the question is, is it still worth it to invest in BTC in 2023, after the recent occurrences on the market. Well, let’s take a look at what we know about it.
The Adoption Process is Getting Faster
Without any doubt, the global adoption of BTC is getting faster by the day. When you take a look at the statistics, you will see that the number of e-wallets has increased significantly. The number has grown to 66 million from the previous 45 million in just a year. We can see that this growth continued in 2023 as well. But this is just one part of the story.
Furthermore, we can see that many companies have decided to adopt BTC as a legit method of payment. Furthermore, another method of payment has decided to adopt it, like PayPal and Coinbase. So, we can see that the BTC market heats up. Therefore, it surely makes it a really good option for investment in 2023, right?
The Supply is Not Unlimited
Surely, you have heard that the plan is for the total amount of BTC to be 21 million. As of February 2023, we can see that around 90% of these 21 million have already been mined. So, there are just 2 million coins left to be mined. Not only that, we can see that halving the price of BTC has the aim to prevent any potential inflation. The halving occurs every four years.
The most recent one was the one that occurred back in 2023. So, it can be said that the whole theory about the coronavirus pandemic being accused of the price drop is simply not true. Since the halving has occurred so recently, we can say that it is a good idea to invest money into Bitcoin. Plus, according to the experts in this field, the price of Bitcoin will reach $59k.
The Potential World’s Reserve Crypto
Since BTC is the first crypto, created back in 2009, it makes perfect sense to presume that it is projected to become some kind of the world’s reserve cryptocurrency. There are a lot of reasons why this is true. For starters, we are talking about the most widespread one and is often the first crypto people who have just started participating in this market buy. It served as some kind of blueprint for all the cryptos.
Except in 2017, when the price of altcoins skyrocketed, we can see that BTC has always represented more than half of the total market. We can see that its market capitalization has managed to grow over 60% of the market. As you can see, it makes perfect sense to make Bitcoin the world’s reserve cryptocurrency. At some point, it can become official, who knows?
Wall Stress is Getting Interested in Cryptos
For those who are not aware of the fact, it should be said that Bitcoin was the best performing asset class in 2023. When you compare it to gold, oil, and other equities, you will see that this digital currency has managed to surpass them all. It wouldn’t be a mistake not paying attention to it, right? Well, this significant rise hasn’t gone unnoticed, that’s for sure.
MicroStrategy, a business analytics company invested more than $200 million into Bitcoin back in August 2019. Until the end of 2023, this investment has grown to around $1.1 billion. It needs to be said that this wasn’t the only company that decided to enter the market. Therefore, it makes sense that Wall Street has started to pay attention to all the activities on this market. Surely, it will continue in the future.
What Can We Expect in 2023?
Since the beginning of 2023, we can see that there were so many predictions about how high the price of BTC could rise. For example, we can see that some experts said that its price would go to $50k, which is already surpassed.
The two boldest ones are made by Willy Woo, who said that $200k per coin is a reasonable prediction, and Citigroup, a company whose officials stated that they expect Bitcoin to rise to $318k. All of these predictions say about how positive people are about Bitcoin and what it can achieve this year.
In the end, we would like to say that investing in Bitcoin is a really good decision in 2023. The reason is that all the major factors that have a say in the price show us that we should do it. The combination of increased adoption, blockchain technology, interest from Wall Street, and all other ones we’ve mentioned show us that this is just what we should do this year.
At the same time, it can be said that this is potential, one of the last years where people can expect a serious amount of money from investing in BTC. The reason being that the number of coins left to be mined is around 10%.