At a time when our economy is still relatively unstable and going through an intense recovery period, we’re all looking for new ways to invest safely and smartly.
Many investors found some relief this past week finding out that Bitcoin went over $50k, meaning the market appears to be on the mend.
There is still so much unknown about the future of cryptocurrency and how much it can go up from here, but this slight glimmer of hope is giving investors something to look forward to in the coming months.
Check out what this increase means and the impact it’s having across this investment strategy.
A Recent High
When news broke about bitcoin exceeding the $50k point, investors had mixed responses. This is the highest point it’s reached since April, when it went over 60k, which remains the all-time high for bitcoin.
We’ve been watching the value increase slowly in the weeks leading up to the spike, and it did quickly decrease once it hit that high, but it is a sign of changing times.
Top investors know that values will continue to ebb and flow, and that this increase doesn’t necessarily mean it’s going to remain high for the long haul.
Just because you see it reach such a high doesn’t mean you should sell in a hurry, just as you wouldn’t buy a ton when it hits a low. Hold out for a while to see how values change, so that you can make a more strategic decision.
Bitcoin is Growing Everywhere
Bitcoin isn’t only growing stateside. It’s also seeing an increase all around the world, including in the former Soviet Union.
This just means that Bitcoin is a profitable investment for even the smallest economies that are still undergoing major developments.
It seems that millennials are one of the biggest markets for bitcoin, making it an investment strategy of the future. It’s beginning to replace some of the most widely accepted forms of investment, breaking the mold of traditional financial trading for a modern approach.
During the coronavirus pandemic and a time of social and political unrest, people were buying up cryptocurrency as a non-traditional investment that diversified their financial portfolio.
Bitcoin will continue to rise in popularity, and because it hit $50k, it’s on the radar of more and more investors around the world.
Hacking Isn’t Going Anywhere
It’s an unfortunate evil that digital finances seem to go hand in hand with hacking. Any type of investment is risky, but bitcoin sometimes presents an even bigger risk with the number of hackers trying to get their hands on your assets.
While hacking isn’t uncommon, it also isn’t the end of the world. As it turns out, you can track bitcoin from wallet to wallet, making it more traceable than you might think.
Services like Coinbase make it easier to manage your assets; you can let the platform do the work for you. However, hacking is more common on popular sites like this.
There are ways you can protect your bitcoin accounts from getting hacked, like making sure you aren’t clicking into phishing scams that let hackers in.
With bitcoin reaching a high this week, you should be on the lookout for any unusual activity or consider putting your assets in a more secure account.
If it’s too late and you’ve lost investments, you can always try to track the wallet your asset went to. This is slightly difficult because the wallet usernames are often an array of letters and numbers, but it’s at least one lead you might have to get some of your money back.
There’s a Market for Exchanging Bitcoin for Cash
Bitcoin hitting its most recent high inspired many investors to find ways to cash in on their profits. The problem: they struggled to find an easy way to turn their cryptocurrency into cash.
Luckily, websites like Crypto Dispensers can make it happen without any hassle. It’s a helpful resource for bitcoin newbies or pros looking for smarter ways to cash out.
With a user-friendly app and ATMs across the country, users can easily transfer crypto funds into dollars. When it’s time to cash out, Crypto Dispensers makes it easy.
If you’re new to the scene, you can also buy bitcoin through their platform, so it’s all saved in one convenient place.
Don’t let your assets sit if you don’t need to. Turn them into cash when the value is high to improve your margins.
During the Pandemic, Bitcoin is a Way to Save
When the economy was in turmoil, and as it recovers from the pandemic, there was so much uncertainty surrounding income and the safety of investments.
Even in an unpredictable economy, bitcoin remained a highly protected asset, as seen in the 2008 economic struggle. While the pandemic didn’t directly cause the value to increase, just like the 2008 turmoil didn’t, it did inspire multiple events that drove growth.
Regardless of whether the pandemic causes the value to increase, bitcoin still offers a place to save when times are so unpredictable. And the current trends might make it easier to increase your investments.
It Could Be the Time to Get In
While a high value doesn’t predict any increases in the near future, it does give hope that there could be a steady positive trend. With so many changes happening, it could be time to consider buying bitcoin if you haven’t invested in it already.
Preparing for your future starts with setting up a few secure savings accounts, and with bitcoin rising in popularity, it is just another option you have to put some extra funds aside.
Bitcoin prices continue to fluctuate, so it helps to track the trends for a little while before finding the right time to get in. Check out this helpful resource from Cove Markets to help you decide what the best timeline might be.
When we see bitcoin increase as high as $50k, it gives us more positive insights about how the trends are changing for the future. Keep watching the increases and decreases to find the best times to reinvest or keep saving up for years ahead!