Bitcoin has been out there for more than 10 years. The price of bitcoin has exploded over the years and people are now wondering if the crypto space can still make huge profits or if it’s too late.
Well, like with any other missed trains, there is another one coming…
Bitcoin’s public sale price was $1 = 1300 BTC in October 2009. After some negotiation on a forum, a deal was made to buy a pizza with 10000 Bitcoins(a bad decision I would say, but nobody expected what happened in 2017).
After the public sale ended, the price went up to 0.03$, continued to rise up to 0.08$ and ultimately to 0.50$ in 2010, when the BTC’s Market Cap reached 1 Million Dollars.
In 2011 the ATH (All-Time-High) of Bitcoin was $31. A correction came quickly afterwards. The bear market lasted until 2013 when it hit a new ATH of $1242. Since 2013, the value ranged between $300 to $700 until 2017 when it slowly grew every month until eventually reaching an ATH of nearly $20k before retracing. The bottom seems to have been reached at around $3340 in 2019, currently the price being at $3945 (25th of March).
Bitcoin made many millionaires and billionaires. Just by investing 1$ in 2009 would be enough to make a return of around $2M at the ATH in 2017.
Now, by seeing this type of returns, people saw the potential and they are asking everywhere if Bitcoin is still a good investment or if there is anything else like it. Well… It’s not that simple.
According to CoinGecko, there are around 4263 Cryptocurrencies out there. Thinking about the future, probably only around 5% will survive. It’s hard to say which ones or if there will be something like Bitcoin ever again though, but I am convinced that there are strong projects which have the potential to give good returns, or even make someone a millionaire with just a few thousand USD invested at the moment.
About Bitcoin… I am pretty sure it’s not over yet, we are still in the early stages, just like the internet was 20 years ago. BTC price is expected to reach $100k in a few years or sooner. Crypto is the future if you ask me.
Why is Cryptocurrency the future?
The current payment methods are slow and costly. Think of cash for example. It’s been around for hundreds of years. You can easily lose the notes or get cheated with fake notes. The notes get very dirty by going from hand to hand in general. Some tests have revealed thousands of bacteria, drugs or worse, being present on the average Banknote. Fiat is old and disgusting.
Another bad example would be the use of a credit card. You can easily get your details stolen at a cash machine or online.
Online payment platforms charge big fees (sometimes easy to penetrate by hackers). Currency conversion and transfer rates, as well as platforms like PayPal charging around 3% for selling an item, should stop.
By using a Crypto Wallet on the smartphone, the user does not have to worry about anything as long as he has the Private Key stored in a safe place. For online purchases, Smart Contracts could be used to solve any trust issue and have a great transaction experience in general.
“Is it too late to invest in Cryptocurrencies?”
I strongly believe Bitcoin is the future and will continue to be number one because it was the first and it’s like a “brand” for Crypto. Once adoption comes, we will see really high prices and the market should eventually become stable.
To answer the question in one sentence… No, I do not believe it’s too late to invest in Cryptocurrencies. I actually think it’s still early and there are plenty of good ‘trains to catch’. I’d say, if somebody makes a lot of research on the current projects, it’s impossible not to find one that can provide great returns in the long term.
This is not financial advice. The above article is strictly my opinion and you must always do your own due diligence before investing in bitcoin or any other cryptocurrency.