Long-term stability versus short-term emotions

— Author: Kevin Roberts

The future of Bitcoin is intriguing to say the least. The cryptocurrency pioneer has become a mainstay of the investment industry and continues to regularly break records. In 2010, 10,000 BTC was worth two pizzas, but today a single BTC is worth more than $60,000.

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Let’s take a look at the history of Bitcoin to see if it’s better as a short-term or long-term investment, or if it’s both!

How much is Bitcoin worth today?

Bitcoin has become one of the most well-known investments worldwide. Even if you’re not a tech genius, there’s a good chance you’ve heard of it. Everyone might not understand how it works, but what most people know is that it’s worth a lot of money.

Bitcoin’s rise is still very recent, in the grand scheme of things. Initially, the price of one Bitcoin was $0.00099. That’s right, it’s not even worth a penny. Nowadays, it’s worth more than $60,000.

As a matter of fact, Bitcoin’s all-time high price was $73,835.57, recorded on March 14, 2024. 10,000 BTC bought you two pizzas (about $40) in 2010, but now with just one BTC you can purchase more than 7,300 cakes.

Of course, Bitcoin is used not only for purchasing pizza. It is now recognized as a currency in several countries, including the United States, El Salvador, Japan, India, China and others. You can do many different things with Bitcoin, such as use it for everyday purchases, gamble with it Cryptocurrency accepted casinosand more.

The ups and downs of Bitcoin’s history

We may be able to get a glimpse into Bitcoin’s future by taking a look at the past. It has come a long way since it opened at $0.00099, but it hasn’t been a smooth ride. The price of Bitcoin has been quite high lately, but it has fallen several times in the past.

(source: investing.com)

Bitcoin was worth just under $6 in 2012, but passed the $100 mark in April 2013. It was just under $1,000 at the end of 2013, but fell to around $230 in February 2015. It surpassed $1,000 about two years later (2017), but this time it went up to about $17,000.

Two years after reaching nearly $17,000, Bitcoin suffered a $10,000 drop to finish at around $7,000 in early 2020. That’s when Bitcoin really began to thrive. Many people started investing after the COVID-19 pandemic and the price of Bitcoin rose to over $60,000 for the first time.

Everything started to return to normal shortly after and people decided to sell. The price of Bitcoin dropped to just $17,000 in late December 2022, but has risen steadily since then. Not long after the launch of spot ETF on Bitcoin in the United States, it surpassed its previous record high of $73,835.57 a few weeks ago, and has remained above $62,000 ever since.

What do these ups and downs teach us about Bitcoin? Well, it looks like there’s about an equal chance of it breaking the previous all-time record or crashing again.

Short and long term prospects for Bitcoin

The main thing everyone asks is whether it is worth investing in Bitcoin or not. Truth be told, there is no right or wrong answer. It mostly has to do with personal preferences and the amount of risk you are willing to take.

As we have seen throughout the history of Bitcoin, it seems that the odds of it rising or falling are about equal. Perhaps the recent new all-time high shows that it is in play for the long term, but we can’t exactly guarantee that.

From both a short-term and long-term perspective, Bitcoin should be considered a highly volatile investment. If you strongly believe in blockchain technology and decentralized currency, I recommend investing in Bitcoin. It may be something that helps you get rich quickly, but the future of Bitcoin is not easily predictable.

Image: Unsplash

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