Bitcoin is becoming more popular – The Caravan

Bitcoin is a cryptocurrency founded back in 2009. It has made many people rich over the years and continues to do so. Bitcoin jumped in value in 2017 before crashing in 2018 and again slightly in 2019. However in early 2021 Bitcoin’s value hit $ 40,000 for the first time ever. It was only a month after it hit $ 20,000 in December 2020.

When bitcoin first came around in 2009 it was worth very little, sometimes it would be as low as $ 0. So many people thought it was a scam and not worth investing in. However, some did research and hopped on the bandwagon. They decided that Bitcoin was expected to gain value and they decided to buy it. Over a few years, Bitcoin slowly and slowly increased in value.

One interesting trend with Bitcoin is its relationship with the US Economy. Every time the US Dollar falls in value, the value of Bitcoin increases. When the value of the US Dollar went down in late December 2020, I personally donated $ 553 of my own money to put in Bitcoin. I thought it was a big mistake because on Monday it fell from $ 41,000 to $ 31,000. I wasn’t happy about it, but after a while it went back up. You have to buy low and sell high on Bitcoin. However, it is difficult to say when is the best time to buy or sell unless you are an investment expert or a time traveler.