As usual, Bitcoin’s price is fluctuating somewhere in-between the $6,000 and $7,000 range. A value that isn’t very impressive next to the all-time high of $19,783 that it reached during December of last year.
Since then, the leader of cryptocurrency has corrected its price by 70%, causing some investors to lose interest, but not necessarily the ones that matter…
Many governments and major corporations are now backing Bitcoin more than ever before!
Here’s why and what it means for the future valuation of this digital currency as well as whatever shares you may have tied to it.
It seems as if every week, there’s a new wave of negativity crashing down on crypto from the media and while some of these headlines aren’t necessarily false in their claim about the poor performance of cryptocurrency, it’s expected.
Remember, Bitcoin is still a relatively new phenomenon so these drastic price swings should not come as a surprise.
In theory, everything is going according to plan. We’re simply in an awkward stage of the game, where this digital currency is trying to get a feel for its true valuation.
So, why bother with the current volatility? Wouldn’t it be a smart move to just wait until an accurate Bitcoin price tag is agreed upon?
There’s no denying the fact that crypto investments go hand-in-hand with risk. Still, governments and big-name companies are drawn to them… Why though?
Out of all the valid explanations for this attraction, the argument that crypto is a more secure form of currency arguably outweighs them all.
It’s technically indestructible. As long as the internet lives, so will Bitcoin. Also, there has never been an instance of counterfeit involving digital currencies. EVER.
It’s no mystery as to why multi-million dollar companies, like Microsoft (MSFT), and governments from all around the globe are reaching out to harness the potential of cryptocurrency for themselves.
This adoption simply proves that Bitcoin is slowly but surely becoming a legitimate world-wide currency. In short, nations and globally recognized companies within them have a favorable view on this particular currency.
But why should you care?
As you may have guessed, this growing support for Bitcoin tends to cause investors to hop on the bandwagon and as the saying goes… “the more the merrier”.
This recent growth suggests that more and more people are continuing to show substantial interest in Bitcoin.
There are currently 3 million active Bitcoin users in the world; however, if just 1% of the population with internet access was added to the pool, that number would rise to 42 million!
That’s a 1,300% increase, which would effectively push Bitcoin’s price to $91,000!
Now, I know this is all theoretical, but it paints a pretty picture for the type of crypto returns that could be underway.
Remember, Bitcoin is still in the very early stages of adoption and this support is expected to pick up as time goes on.
If the Bitcoin userbase continues to gain traction, then this 1,300% profit may be closer than you think.
