Bitcoin, one of the world’s leading cryptocurrencies, has made waves in the financial industry ever since its debut in 2009. Since its introduction, its value has skyrocketed rapidly, drawing both investors and individuals alike into its fold. Most recently, experts predict even greater gains for Bitcoin by 2024 – in this blog post we explore why.
Bitcoin’s Historical Performance
To understand why Bitcoin may continue its rise, let’s review its historical performance. Since its inception, Bitcoin has experienced several price cycles that saw rapid expansion followed by periods of corrective measures; each cycle saw Bitcoin reach new all-time highs.
Bitcoin experienced its most dramatic price rally ever in 2017, soaring from under $1,000 to almost $20,000. Though subsequent price corrections caused its value to drop considerably,
Bitcoin continued to recover and set new records – with one such bull run propelling its price beyond $41,000 firmly cementing itself as an invaluable investment asset.
One of the driving forces behind Bitcoin’s predicted surge is increasing institutional adoption. In recent years, renowned companies and financial institutions have started incorporating Bitcoin into their investment portfolios. This move not only adds credibility to Bitcoin as a viable investment option but also increases its overall demand.
Notably, notable institutional players like MicroStrategy and Tesla have invested significant sums into Bitcoin, adding weight to the belief that more institutions will follow suit. As the number of institutions adopting Bitcoin continues to grow, so does the potential for its price to reach new heights.
Monetary Policies and Economic Uncertainty
Another factor playing a significant role in Bitcoin’s predicted surge is global economic uncertainty and loose monetary policies. With the ongoing COVID-19 pandemic, governments and central banks worldwide are employing expansionary monetary policies to stimulate their economies. Concerns have arisen regarding inflation and the dilution of traditional fiat currencies’ values.
Bitcoin provides an alternative that cannot be manipulated or devalued by governments, becoming an attractive solution to individuals and institutions looking to protect against inflation and diversify portfolios. As more individuals and institutions look for hedges against inflation and diversify portfolios, bitcoin becomes more appealing. Economic uncertainty could push its price past $100,000 or beyond.
Bitcoin operates according to a fixed supply schedule known as “halving events”, which occur roughly every four years and reduce miners’ block rewards by half in order to slow the pace at which new coins enter circulation over time. This mechanism works effectively as it works to stave off future increases in coin supply over time.
Historically, Bitcoin’s price has shown significant appreciation in the months or years following a halving event. The most recent halving occurred in May 2020, and since then, Bitcoin has experienced remarkable growth. By 2024, when the next halving is expected, the reduced supply of newly minted Bitcoins could drive up its price even further.
How to Buy Bitcoin (BTC USDT)
Step 1: Find the Bitcoin Exchange That’s Right For You
Do your research and find an exchange that provides you with a safe, secure, and cheap way to make your first Bitcoin purchase. For this example, we’ll use Toobit.
Step 2: Sign up for a Toobit Account
You’ll need to sign up for an account on Toobit. Fill in your details, create a secure password, and complete the registration process. Ensure to verify your email address to activate your account.
Step 3: Complete the Verification Process
Toobit takes user privacy seriously, so it’s not mandatory to require users to complete a verification process. Although, to deposit and withdraw large amount of USDT, you will require verification. Therefore, it is encouraged to complete your verification. This usually requires providing proof of identity (such as a government-issued ID) and address proof, such as a utility bill. Read How to Complete Identification on Toobit for more instructions.
Step 4: Navigate to Bitcoin Market
Once your account is funded, go to the Toobit platform and navigate to the Bitcoin market. You can click “Markets” in the left corner of the homepage. And then click “BTC/USDT”. On the Bitcoin market page, you will be able to see the current price of Bitcoin and other relevant information.
Step 5: Make Your First Bitcoin Purchase
To buy Bitcoin, you have several options: market order, limit order, trigger order, or TP/SL order. A market order will execute immediately at the current market price. A limit order allows you to set a specific price at which you want to buy Bitcoin. Please read Order Operation Instruction on Toobit for further guidance before selecting an order type that meets your preferences and inputting the amount you’d like to purchase.
Bitcoin’s journey from obscurity to mainstream acceptance has been exciting and dramatic. Since cryptocurrency’s rising recognition and adoption, its value has skyrocketed. With increasing institutional adoption, economic uncertainty, and the fixed supply mechanism of halving events, Bitcoin is poised to reach new price highs. It is entirely plausible to expect Bitcoin to hit $100,000 or more by 2024, making it a promising investment option for those looking to participate in the digital currency revolution.
People May Ask:
What Other Tokens Will Have More Potential?
Several different sources have provided predictions on tokens with potential for growth in popularity amongst traders. According to Crypto News’ report, Toobit predicts that Ethereum (ETH), Memecoins, BNB, CyberConnect (CYBER), and Solana (SOL) are to be considered among those with the greatest promise besides Bitcoin (BTC). This token provides deflationary tokenomics with attractive staking rewards and boasts an investment-friendly presale strategy and structured presale strategy to make it attractive for investors.
Where to Buy Ethereum (ETH USDT)