Bitcoin, the original cryptocurrency, has been around since its creation in 2009. Bitcoin is notoriously volatile such that the price can increase at night and decrease significantly in the morning. However, Bitcoin is more than just a cryptocurrency because it has become an obsession for many people. Below are reasons why people are going crazy over this electronic currency. If you are looking to invest or trade cryptos you can start buying and selling Bitcoin by clicking on this https://www.bitiq.org/.
Volatility is Very Thrilling
Bitcoin volatility may be thrilling for some people, but it can also be dangerous. The value of this digital asset can go up or down rapidly, leaving investors with a lot of uncertainty. On the other hand, the volatility of this digital asset is one of the main reasons people hesitate to invest in this digital asset.
It Gives People Hope
One of the reasons people are obsessed with this virtual money is its mysteriousness. Some people don’t know what it is, but they know that their lives would be better if they had some. It gives them hope for a brighter future and an escape from their current financial situations, which can often seem bleak or onerous to bear on any given day.
Gets Influenced by Social Media
Bitcoin is a new innovative technology, and as such, it has captured people’s interest worldwide. Social media has played a massive role in fueling the obsession with platforms like Twitter and Reddit providing a forum for people to discuss Bitcoin and its potential.
As a result, more and more people are getting interested in this digital money because they see people all over talking about it, including their family and friends.
Bitcoin Offers You a Chance to Control Your Financial Destiny
Bitcoin allows you to control your own money without any other authority or third-party control, which is a massive benefit for people who don’t like giving away power over their financial matters.
Since there is no need to trust anyone else with your Bitcoins and because they don’t link to real identities and reputations, users can implement protective measures against theft and fraud.
There are risks involved once you invest in this electronic money because Bitcoin is a new and very volatile digital asset. However, people prefer this electronic money because of its more secure, cheap, and faster transactions. It helps people from undeveloped countries who cannot access financial institutions such as banks and gain access to alternative forms of money.
And this might play a vital role in financial inclusion at home and internationally. Additionally, Bitcoin is here to stay, and it could even replace some current forms of payment.
Price of Bitcoin Could Match that of Gold
Bitcoin’s price has already surged more than 700% since the beginning of the covid pandemic, reaching a three-year high in November 2020. By 2021, Bitcoin was worth $37, 367.90 while the market capitalization of gold is around $10 trillion. On the other hand, the market capitalization of this virtual asset is $647.2 billion. As a result, the market cap of gold is about 15.5 times that of this virtual currency. However, Bitcoin went from just $ 5000 in March 2020 to $ 40,000 in January 2021. The different exciting prices of this digital asset have contributed to why people are crazy about this digital asset.
Generally, these are enough convincing reasons why these people are so obsessed with this digital asset. Also, people forget that the digital asset’s price can also be affected by a single tweet from a very influential person such as Elon Musk.