Bit Coin increases in value…Again!
You probably have heard this a lot on the news and will continue to hear it… Bit coin raises in value again!
I remember just a few months ago it sat at 800$ per bitcoin You can looking up here.
If you would have bought 10 bitcoin at 8000$ that would now be worth over 42,000$ by todays value (this will change immediately after writing this!) That is a growth of 5 times, in just 7 months!
Why is the price of bitcoin rising?
The price of the bitcoin is regulated but the supply and demand of the currency. At present their are 16 million Bitcoins in circulation, and a cap of 21 million so they are becoming more and more limited.
Couple this with the fact they are becoming hard to mine, becoming much more popular and know amongst the general population and also more and more places.
So to put it simply, supply and demand dictates the price of Bitcoin.
As more and more people become aware of Bitcoin, its technologies, its implications on the future and that it is here to stay demand goes up.
No one can really tell when this will stop going up (and yes it will go down as well as up overtime but the overall trend is definitely up!
When we think back to the Dotcom boom, the early adopters made a lot of money, and now many believe that we are before the stages of even early adoption making Bitcoin a very exciting opportunity.
The price of Bitcoin is driven up a lot more currently on speculation that anything else. People are buying expecting it to go up in price so it is basically an investment for them, and rightly so as the opportunity here is HUGE! People are buying into the future potential of Bitcoin.
Are you an early adopter?
Just think, in 1995 only 0.3% of the worlds population was using the internet, despite being 15 years old!
Now some of the top online entrepreneurs believe that bitcoin could reach 500,00$ by 2030, with some like paypals director thinking it could reach a lot more, faster (have a look here)
To that, bitcoin must grow at an average of 2000$ per month!!!!
So just by buying and sitting on bitcoin you could potentially make a LOT of money.
Of course all this is speculation and you have to do your own research but I know what I will be doing.