Bitcoin has remained volatile with prices shifting rapidly. Is there still profit to be had with a Bitcoin investment?
Bitcoin is the oldest, most well-known, and most popular type of cryptocurrency, which is a digital currency, similar to the United States Dollar, British Pound Sterling, or the Burundian Franc.
It offers users more security and more privacy than fiat currency because trading takes place over something called the Blockchain, a network of computers around the world that ensure transactions are incredibly difficult to track. It also provides anonymity, as finding a Bitcoin wallet address does not reveal any information about the owner, unlike a credit card transaction.
The price of Bitcoin, like all currencies (both fiat and crypto) fluctuates on a constant basis. For the current price of Bitcoin, Ethereum, DOT, and other cryptocurrencies, please visit Okx.com.
In an interview with CNBC’s Crypto World, Bitcoin IRA’s co-founder and Chief Operating Officer Chris Kline said, “Throughout the last six months, crypto has shown its resilience and relevancy, even as strong macroeconomic headwinds have disrupted traditional markets by remaining within range. Now, crypto is center stage with its biggest opportunity to shine.”
He also added, “Crypto is not trading in a vacuum. Geopolitical uncertainty, inflation, and a serious potential for a recession are giving both retail and institutional investors a reason to build a defensive strategy. Crypto is playing an integral role in that plan.”
One of the many additional benefits of cryptocurrencies like Bitcoin is the ability to buy goods and services across international borders without the need to trade into local currencies.
This is one of the many catalysts for the rise of cryptocurrencies in Africa, as farmers and others who live near their countries’ borders are able to trade with neighbors across country lines digitally and instantly.
For this reason, crypto prices are expected to continue to skyrocket, as the Russia-Ukraine military action continues to unfold, inflation, gas prices continue to increase worldwide, and many other geopolitical factors take their toll, Bitcoin can serve as the solution to secondary effects caused by these issues.
Goldman Sachs recently became the first bank based in the United States to begin over-the-counter trading of Bitcoin, with other institutions getting ready to follow suit.
Terra, the network that created the Luna coin, is currently working on building a reserve fund of over $10 billion for the creation of its new Stablecoin, TUSD. A Stablecoin is a type of crypto whose price tends to fluctuate less than more volatile varieties like Bitcoin or Ethereum and is backed by a reserve, in the same way that the United States government used to back USD with gold.
Based on this data, the conclusion that many people are reaching is that, despite fluctuations and price changes, the value of Bitcoin and other cryptocurrencies will continue to rise in the coming months and years and it remains an excellent investment opportunity whose uses continue to increase every day.