Bitcoin has experienced enough change during the beginning of 2020, there was a pullback in the price of Bitcoin because of the pandemic COVID-19. At one point, the lowest price was $3900. Many people couldn’t hold to the extent that they were tempted or forced to sell all their online assets including Bitcoin. But then you will know why people should embrace bitcoin instead of converting all their assets to fiats. There is a great development in bitcoin and new things happening concerning the adoption of bitcoin.
Increase in the price: Today Bitcoin spiked to $8,700 and remained there. People without fear, uncertainty, and doubt are holding to their Bitcoin. Many believe that Bitcoin will surpass this stage and get to $10,000 by the first week of June. In my opinion, this is happening as a result of the bitcoin Halving. Despite the Pandemic, Bitcoin has made $4000 in profit compared to the $3900 difference at the beginning of the pandemic. There is a massive growth in Bitcoin, but nobody can 100% predict the next move unless you are a big whale making a big move. Maybe it will dump or spikes during the bitcoin halving that will hold in 7 days in May.
Bitcoin halving: The last Bitcoin halving was Four years ago. It is an event that takes place every four years, that marks the creation of new bitcoins (Just like a digital Gold) bitcoin has a finite supply. Most people in the cryptocurrency market await this event. There is a trend going on concerning bitcoin halving all over the internet. Many believe it’s the best time to hold bitcoin because we are reaching the maximum supply limit of 21 million coins. A lot of buyers will buy bitcoins before the event happening soon expecting their coins to rise in price. Buyers might stop buying after the halving, which might cause the bitcoin price to remain the same. The price might gradually increase months by months when people start buying bitcoin until then the price will begin to increase.
In summary, there are so many institutions and companies that are seeking to buy lots of Bitcoin for cheap prices, for the purpose of investing expecting greater returns and using it as a payment method and currency. Bitcoin is experiencing mini bull time, showing that some new investors chose bitcoin over fiat. They know it’s faster, cheaper, and freer and to make transactions with bitcoin. No doubt fiat currencies are getting inflated and oil losing its price to zero. So bitcoin is a very attractive as an investment these days.