2024 is the year of Bitcoin. The original cryptocurrency started to break records as soon as the year’s first quarter opened. The first growth spurt happened in the wake of the Securities and Exchange Commission’s approval of the exchange-traded spot for BTC funds. As early as March, BTC was up to $70,000.
During the entirety of 2024, it was stable, only to once again go up during Donald Trump’s election win, reaching $80,000 in early November. The growth didn’t stop in the coming weeks, and only this Monday was it up north of $90,000. Those who firmly believe in BTC claim that this is only the beginning of its rise due to the more BTC-friendly administration President Trump is going to instill.
Investors today believe that you can build wealth through Bitcoin as well as through any other investment. There are even people advocating for the US government to create a federal reserve in Bitcoin. While these thoughts sound utopian, only a decade ago, when Bitcoin was new to the market, individual investors stayed away from it. Volatility didn’t help in considering Bitcoin as a serious investing asset. Oh, how turntables.
In the last few years, BTC has become one of the more acceptable ways of investing. People today feel comfortable around BTC, as it is the most used asset in every dedicated Bitcoin casino, which is an establishment that uses cryptocurrencies instead of regular deposit methods. By using online crypto casinos for gambling, one can multiply one’s BTC in one or more ways. BTC has gone a long way from a digital currency that’s being scrutinized to the financial behemoth that it is today.
Because of everything we said above, people started wondering if now is the right moment to invest in Bitcoin and cryptocurrencies.
Where Your Investment Would Go
Here is a short history lesson. BTC was created by anonymous entity Satoshi Nakamoto in 2009. It is the best-known digital coin because it is also the oldest. Its creator swore that there would never be more than 21 million Bitcoins.
The value of Bitcoin is in stored value. Unlike other goods and services or natural resources, supply and demand are worth only what people are willing to pay for. Thus, investing in BTC and other crypto comes with volatile prices and high risks. While everyone remembers the moments when the cost of Bitcoin skyrocketed, people often forget how often it skydived. Let’s move the pendulum back a little and go to 2021. From November of 2021 to November of 2022, its price went down a staggering 75%. Do you remember when BTC went from $64,455 to $16,196? We do. This is why people often say that investing in crypto is a gamble. No wonder some intelligent people got the idea to create and run crypto casinos.
Currently, BTC is not a legal tender in most parts of the world. Despite this, it is called currency and used like money. So, only some things add up when it comes to digital currencies, and thus, the question about the smartness of investing in crypto always lingers among investors. Furthermore, buying and selling BTC itself and items purchased by it is more straightforward. Also, when you need to put it on your tax return slip, it can complicate things. So, why invest in Bitcoin?
BTC Will Continue to Jump Up
According to various sources, we have yet to see the heights BTC will reach. According to CryptoQuant’s weekly report, the overvaluation of BTC is expected to reach $146k in the coming months. While BTC went almost up to $95,000 a few days ago, it settled back at $91,000. Despite this rise and fall in games, some experts claim that the BTC bull market is still on the run.
The same report claims that the predicted target for BTC during this cycle is $146,000. It is set higher than at any point in BTC history. While these estimations might be overboard, it is no secret that BTC is closing in on the $100,000 mark. The way the crypto market is trending these days, we shouldn’t be surprised if the price of BTC continues to go up and pulls some of the closest competitors with it, as it is hard to expect that ETH and Solana will stand still while BTC is flying high.
Where to Slot BTC in Your Portfolio?
The standard portfolio for most individual investors is focused on investments that can aid an individual in buying a house, starting a family, or paying for university tuition. This is where BTC needs to fit the bill. Wise investors are advocating against using Bitcoin investments for any goal as close as five years. No one should use crypto for short-term savings as it is a highly volatile asset. The best route is to allocate a small part of your portfolio to cryptocurrencies such as Bitcoin and ensure it takes up most of your entire fund. Some, even less aggressive investors, claim that you should stay within 3%.
So many investors avoid it because of its volatility. It is hard to predict its movement, and thus, sometimes, the risk is not worth it. Yet, when one sees the jump that BTC has made in recent weeks, it is hard not to see it as an investment with a massive upside and immeasurable potential.
What to Know Before Investing
We can’t say whether we’re pro or against BTC as an investment. It is an individual decision. If you remain unsure of what route to take, you need to ask yourself a few questions. The first one should be regarding a potential BTC drop. What would you do if it dropped by 50%? It can happen. Would you be left in a pinch? If that’s the case, you need to avoid digital currencies in any scope.
Many professional and seasoned investors still see Bitcoin as a gamble. Not even the new US government’s potential regulations or friendly outlook won’t lower the crypto investment risks. Is BTC a risk you’re willing to take? Are you a gambling man? If you are, you can invest in digital currencies and gamble in crypto casinos. In both cases, you need to be able to estimate the risks you’re taking and whether you are ready to take those risks and do it all within your delegate bankroll.
If you decide to enter the BTC frenzy, don’t do it when it’s peeking. Do it when it settles down. Also, remember to have an exit strategy. It is a downfall for many new crypto investors. No exit strategy means you’re stuck with your investment. Keep that in mind at all times. Plan carefully, invest safely and bet accordingly.