Why Bitcoin rose in 2021 and how to make the most of the cryptocurrency boom
07/19/2021, New York, NY // PRODIGY: Feature Story //
If you find bitcoin trading signals confusing with more loops than a roller-coaster, you’re not alone. Bitcoins are currently valued at approximately thirty-two thousand USD, which is a significant drop from the sixty-four thousand it fetched back in April. While projected gains see the cryptocurrency reaching levels upwards of three- to four-hundred thousand in 2030, the fact is that we are seeing significant drops in recent times and it all boils down to one notable and highly powerful individual: Elon Musk.
After announcing that Bitcoin payments were accepted for Tesla cars in February of 2021, the company changed tactics overnight and went back on their initial announcement. Come May 2021, the company used climate concerns to rescind on their original arrangements, indirectly causing a crash in the Bitcoin market.
In Musk’s own words, “cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a great cost to the environment.”
However, cynics are not so easily swayed. Word on the internet is that the billionaire is using his influence to exploit the market in his favor. Rumor has it that the entrepreneur used his company to increase the value of Bitcoin and purposely threw support behind Dogecoin as Bitcoin reached an all time high to capitalize on his gains and devaluing the Bitcoin in order the purchase more when it comes to a more agreeable price. However, these claims are all purely speculative, but cynics are holding out calling his bluff on the topic and his continued attempts at influencing the industry, as he’s done many times before.
Following Tesla’s backtracking move, China has also weighed in on the topic and banned all Bitcoin mining efforts in the country which will come as another major blow to the cryptocurrency industry.
However, this doesn’t mean that the cryptocurrency industry is coming to a close. Quite the opposite. According to various professional crypto traders, cryptocurrency will continue to fluctuate and be volatile even well after being established as a mainstream asset class.
To many hardened investors, these price dips are known as buying opportunities, especially in assets that have continued to surge in price over the past few years, going from virtually worthless to well over tens of thousands of USD.
While there will continue to be tiny dips in the value of Bitcoin, it is still closer to a hundred thousand than it is to zero, and if you are able to set aside a sum of money that you need not touch in the years to come, you may be able to see your wealth increase ten- or even a hundred-fold. So the advice here is to keep holding until such a day comes when you want to cash out because Bitcoin will continue to climb in the next decade and beyond. Having been around for more than a decade itself, and actively in use in the past few years, it is a technology and initiative that has proven itself several times over.
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