Countries all over the globe are lifting the lockdowns they installed in 2020. This is a new opportunity for businesses and individuals to kick start their economical lives that were adversely affected by Covid-19. In a bid to do this, entrepreneurs are looking and analyzing ways of making more money. One of these ways is investing in Bitcoin. The cryptocurrency can be a very lucrative source of income for you. However, you need to understand its journey to the top if you are going to bet your money on it.
The invention of Bitcoin
Bitcoin was invented and mined for the first time in 2008 by Satoshi Nakamoto. To this day, no one knows the physical identity of the now cryptocurrency billionaire. Satoshi Nakamoto was not worth much when he/she invented Bitcoin. The cryptocurrency, at the time, was unheard of and did not value anything in terms of money. However, BTC surfaced in 2009, January. Crypto enthusiasts made some Bitcoin coins exchanges. Whether the exchanges were done as a nerd hobby or business, no one knows. However, the exchanges drew some attention to the crypto, and it started getting some monetary value, although was worth far much less than a dollar. In 2010, a transaction with 10,000 Bitcoins was conducted in Florida to buy pizza. The Bitcoin was worth one United States dollar in 2011 February.
The happy moments of Bitcoin owners
After Bitcoin received monetary value, it became popular and was worth $31 in 2011. The financial crisis experienced in Europe in 2013 did BTC good. The crypto shot to $266 in April and $1000 in November. It became so popular that companies started using and accepting the coins in 2015. One such company was 21 Inc. This move by companies made banks follow suit. Countries started making it legal, with Japan doing so in 2017. This initiative made the BTC even more popular. It was worth $5000 that September. 2017 was Bitcoin’s best year ever, and it was worth $19,700 in December that year. To this day, that is the highest Bitcoin value against the USD to have ever been achieved.
The low moments of BTC
Bitcoin, in its glory, has been through some tough times too. The cryptocurrency lost over $16,400 in value in 2018 alone. While the events that led to this loss are still unclear, financial analysts blame the numerous BTC cash-ins that were undertaken throughout the world between December 2017 and December 2018. While 2018 was the cryptocurrency’s worst year, BTC has also had some huge value losses in other periods during its existence. These bad moments were experienced in 2011, 2014, and 2017.
Should you invest in Bitcoin?
Yes. The probability of the cryptocurrency to continue growing in value in 2021 is very high. Despite the emergence of the coronavirus in 2019 and the events that followed the virus, BTC has been experiencing a steady climb in price. Economic development is expected to be higher this year, and so is the value of Bitcoin.