As you might have already heard, you can trade cryptocurrencies on irontrade.com now. Cryptocurrencies have their booms from time to time when the prices reach new maximums. For example, one of the biggest booms was in 2017 when Bitcoin reached an unbelievable height of 20000$. Later it dropped to 3500$, causing a market crash similar to the Dotcom bubble collapse in 2000.
Many people still believe that cryptocurrencies are just a bubble and not a real thing, but as we can see, their prices only grow over time. Another part of people has already made millions by trading, holding, and selling bitcoins consistently through the years. In 2020, Bitcoin started to grow again, and now it costs more than 65000$. We always warn new traders that it should be their own decision whether to start trading bitcoins or not. Here we present a couple of points to consider when making a decision.
Bitcoins (and other coins) may soon become widely acceptable
There are already a lot of companies that accept crypto payments for their services. For example, Paypal has recently started its own crypto wallet, which helps people from the US buy or sell bitcoins directly to their Paypal account. They told the media that this decision was made because of the spreading popularity of crypto money recently.
Another good example is Tesla. Recently they confirmed a purchase of 1.5$ billion worth of bitcoins. Also, it has been rumored that Tesla is going to accept bitcoins as a payment method for their cars and other products. If it happens soon, the price of bitcoin will rise enormously.
Even ordinary banks slowly try to stay in trend by using crypto assets. All this indicates rising interest in cryptocurrencies from big market players, making them more accessible. So, ordinary people are getting more and more interested in it now.
Bitcoins are limited
Don’t forget that by design, BTCs are limited to 21 million, and almost 19 million bitcoins have already been mined.
However, it is believed that the maximum amount will not be in circulation any time soon. The supply decreases, and the demand grows. A spiking demand for cryptocurrencies might boost a bitcoin price even more, especially with its mass adoption.
Crypto may be a safe haven asset against inflation
As we can see, the fiat currencies (like USD and EUR) are getting lower due to the pandemic, while the price of goods is rising. Even major investment companies consider Bitcoin a hedge against inflation because it can not be devalued by nature like ordinary currencies.
High risk
The next reason why cryptos become more and more attractive is their high volatility. The periods of rising are so quick and significant, so many ordinary people got rich in minutes. Of course, all these spikes are followed by rapid declines. Still, if a trader learns about their nature and how to predict them, he can quickly take advantage of them. It is not true for all cryptocurrencies, but Bitcoin is undoubtedly the one that takes this volatile movement.
There are lots of investors who predict that bitcoin will cost 100000$ or even 150000$ soon. But it does not matter how big you are as an investor; you need to perform your own research before taking any actions and diversifying your portfolio.
You can always predict bitcoin price on Irontrade and get good incomes during periods of clear trends. Try it!
