Bitcoin has crossed $23K…Now what?
Many people thought that this scenario was still a long way off.
They were wrong.
Others thought (and still think) that Bitcoin prices will crash in the same way and manner that they did in 2017/2018.
However, this argument doesn’t hold water because of several reasons.
The first of these reasons is the current global chaos that is currently at play.
Cryptocurrencies tend to do very well during times of crisis.
The only difference is that this time the trend is happening globally.
The Global Chaos in 2020 has Helped Bitcoin Prices
2020 began with a bang.
Most people thought that this would be the year when all their dreams will come true.
The opposite happened from the get-go.
For the first time in over 100 years, a global pandemic spread like wildfire.
What we now know as COVID-19 became the world’s biggest problem.
Traditional financial markets crumbled.
The world went into a tailspin.
Almost everything came to a standstill.
At some point, even the cryptocurrency markets went haywire.
However, the reason for the March 2020 cryptocurrency markets crash didn’t have anything to do with the COVID-19 pandemic.
The Crypto space Got New Members
Then everyone started taking a look at cryptocurrencies and their underlying technologies.
Bitcoin prices started rising as new entrants came into the crypto space.
The Altcoins followed.
Along the line, global protests started from America to Nigeria to even Thailand.
Bold new investors rushed to buy Bitcoin.
Bitcoin prices soared.
Bitcoin Becomes Part of Popular Culture
As with all things technology, Bitcoin and the Altcoins were at best fringe concepts, and most people brushed them aside with a wave of the hand.
When the COVID-19 pandemic refused to go away (like many ignorant people thought it would), everyone started focusing on new ways to diversify their investments.
Ditto the crypto space.
There has been quite a bit of information on the crypto space.
This information also covers many benefits that cryptocurrencies have to offer.
Everyone started talking about these benefits.
More people then joined the crypto space because of what they had read, watched, and listened to.
Bitcoin prices rose further.
Global chaos ensued as the world still struggled to find a vaccine against the novel virus.
Political chaos became the order of the day, as incomes dwindled across the board.
The big guns then realized that Bitcoin and other cryptocurrencies provided a unique opportunity for hedging.
In came the big guns.
Institutional Investments Drove Bitcoin Prices Even Higher
The big dogs at this point saw that cryptocurrencies are now a thing and offer several advantages.
They moved into the crypto space; making splashes here and there with obscene amounts of capital.
Bitcoin prices responded by ticking towards $20,000.
When the average Joes and Janes saw that Bitcoin prices were reversing, they too wanted a piece of the action and came in for their share.
Heck, even Wall Street saw this as an opportunity to profit and hedge.
They too have become members of the crypto space.
Bitcoin prices still kept rising.
Early HODLers Smile to the Bank
Several of the parties who saw the potential in Bitcoin early enough though that this is time to cash out and exit the space.
That is what they did.
They took their profits and left.
Prices struggled around and below $20,000 for a bit.
But because the concepts that surround cryptocurrencies are clear, others stuck to their guns.
There are lots of rules now that govern how cryptocurrencies operate in many countries.
Bitcoin prices kept climbing.
New HODLers saw that this may be the first wave in the rise of Bitcoin prices.
They decided to give it a go.
Bitcoin Surprises Everyone and Crosses $22,000
Bitcoin prices have risen faster than anyone thought possible.
The great thing though is that many people now understand though vaguely what cryptocurrencies are and what they can do.
Then all of a sudden BOOM!
Bitcoin prices reached a new all-time high of $21,000.
Everyone is buzzed, but some people still think that this is 2017 all over again.
Although this time, it seems that prices are somewhat steady.
The great thing, though is that there are rock-solid fundamentals.
There is greater knowledge about what cryptocurrencies are and how they work.
Regulators all over the world have implemented rules for everyone’s safety.
Cryptocurrencies have become part of popular culture.
Bitcoin even has an emoji on Twitter!
The big guns have taken notice of the cryptocurrency movement.
Heck! Even PayPal wants a piece of the pie.
Bitcoin Prices Won’t Crash this Time Around
As a result of the above and even more factors, Bitcoin prices won’t crash this time.
We are going to see further Bitcoin adoption as the Altcoins go mainstream.
We are going to see faster adoption rates.
People are going to create new cool digital assets that rock.
Cryptocurrencies are going to fulfill their mandate of being the fastest growing assets in human history.