Is Bitcoin Really On A Death Bed? [5 Things You Missed]

When talking about cryptocurrencies, it’s hard not to mention Bitcoin, as it is the first cryptocurrency to be ever developed. Even though it was introduced to the public in 2009 by its founder, Satoshi Nakamoto, Bitcoin still earns a rank in the list of the best cryptocurrencies in the market today. Over the years, this cryptocurrency has shown great consistency and high values, which makes it one of the favourites of investors and traders. However, this year was not in favour of Bitcoin because it has been very unstable this year, along with the red charts shown by other cryptos in the crypto market. With the decline in its values, people are wondering, is bitcoin really on a deathbed? Here are five things that you should know.

Bitcoin: The First Cryptocurrency

The development of Bitcoin has inspired the emergence of thousands of altcoins in the market, but despite the increasing number of other cryptocurrencies, investors and traders nowadays still prefer to add bitcoin to their portfolios. Among its long list of advantages, what crypto enthusiasts love most is that this crypto is not associated with the government or bank, which leads to lower fees and smooth transaction processes.

Since its birth in 2009, Bitcoin has consistently shown positive signs that it is indeed profitable – it has even produced a list of Bitcoin millionaires. If you are one of the Bitcoin believers and still want to invest regardless of the recent news you are free to do it by logging in to Bitcoin UP and then you will be connected to a reliable broker. The trading software has a lot of helpful features, which could be checked on their website’s page.

5 Things You Missed About Bitcoin

There’s never a dull moment in the cryptocurrency field, and plenty of interesting happenings happened over the past years. In case you missed the news about Bitcoin, we’ve compiled five things that happened in the crypto field involving Bitcoin.

1. Bitcoin’s 9-week losing streak

In the past two months of the year 2022, Bitcoin’s chart has shown red flags and down arrows as it entered a record-breaking nine weeks of consecutive losses. Bitcoins investors had been predicting a rebound but were proven wrong for nine weeks. Since January, bitcoin suffered a -16.68% decline, followed by a 12.21% increase in February, only to go down to 5.39% in March. April and May continued the downward trend with values of -17.3% to -21.91%, respectively.

2. Experts predict Bitcoin could hit $100,000

Despite the bumpy start to the year for Bitcoin, experts predict it will hit $100,000 and that it’s not a matter of ‘if’ but ‘when.’ Bitcoin has reached $45,000 but hasn’t been close enough to its all-time high of $68,000. Despite its volatility and price decline, experts believe this crypto is on its way to passing the $100,000 mark. They also mentioned that investors should expect a sustainable rise in Bitcoin’s long-term value which is driven by organic market movement.

3. Elon Musk and Bitcoin breakup

Tesla and SpaceX CEO, Elon Musk, tweeted a meme on June 4, 2021, about a couple breaking up and adding the hashtag #Bitcoin and a broken heart emoji; this tweet led to the fall of Bitcoin’s price on June 5 morning. The tweet upset many in the crypto community; however, this behaviour is not new for Elon Musk, as he frequently tweeted about cryptos and has impacted the price of digital coins. Elon Musk mentioned that Tesla would stop accepting Bitcoin as payment due to environmental concerns.

4. MicroStrategy is buying more bitcoin

The software firm MicroStrategy announced on Monday that it plans to offer $400 million to purchase more Bitcoin. Previously, it has bought billions of dollars worth of bitcoin, and its CEO has become a leading advocate for bitcoin. Its existing 92,079 bitcoins will be under the care of its newly formed subsidiary, MacroStrategy LLC. The company stated in a release that it intends to use the net proceeds from the sale to purchase more Bitcoins.

5. El Salvador adopts Bitcoin as legal tender

During the Bitcoin 20201 Conference, almost 50,000 people from all over the world attended, including big names such as Twitter and Square CEO Jack Dorsey. Also, at the conference, El Salvador president, Nayib Bukele, announced his plans to introduce legislation that will make the country the world’s first sovereign nation to adopt Bitcoin as legal tender, along with the US dollar. 

Is Bitcoin On A Death Bed? 

The past events in the cryptocurrency market, especially Bitcoin, have caused panic and fear among investors and traders of the crypto market. It’s reasonable that Bitcoin experiences up and down values due to the market’s volatile nature, but its 9-week losing streak has become part of the traumatic events of this cryptocurrency. This panic evolved into fear, which led to some investors selling their BTC assets in the market.

“Is Bitcoin on its death bed?” This question was present in the crypto world years ago, but bitcoin has proven it wrong repeatedly. After this question arose in 2015, it reached an all-time value of $65,000 in 2021, and experts predict that it will continue to increase in the next years. Crypto experts mentioned that Bitcoin is a victim of the market’s volatility, but it has more to show in the next years. This crypto can be compared to a gifted child prodigy who is not yet ready for the world but is interested in working on advanced algorithms rather than making friends who don’t understand them.

Conclusion

Due to the crypto market’s volatile nature, the increase and decrease in its values are common scenarios. Over the years, Bitcoin had shown consistent up and down values, which is why its recent downfall shocked the crypto-verse. Due to this, many have questioned if bitcoin is heading to an end, but experts are quick to contrast that statement. It is uncertain to say where Bitcoin or other cryptos are heading since unexpected events may happen in the market. The best thing that investors and traders could do would be to do extensive research and apply some tips and tricks on how to handle the market’s volatility and risks to limit the impact of crypto’s downfall.