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Why People Still Buy Bitcoin When It’s So Expensive (Why is Bitcoin So Expensive)

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Why do people still buy Bitcoin when it\’s so expensive? When Bitcoin reached $20

Why People Still Buy Bitcoin When Its So Expensive (Why is Bitcoin So Expensive)

Why do people still buy Bitcoin when it’s so expensive? When Bitcoin reached $20,000, many investors started buying. But why are people still buying it now? It’s because the greed of wealthy individuals has caused the price to keep rising, so some people choose to hoard or sell their Bitcoin for investment purposes.

So why are so many people doing this?

First, we need to understand one thing: why is there still so much money buying it? Why are these people buying Bitcoin? Why did it take so long for people to realize its value? Why did it rise so crazily? Let’s look at the answers to these questions:

1. Why is Bitcoin like this now, do you think it’s a scam?

2. How many people have held Bitcoin since May?

3. Is it possible that people will be forced to sell their BTC like last year after October? Is this something that is difficult for everyone to understand? If this situation really occurs, I think everyone will not be surprised and unexpected! After all, the price of Bitcoin was quite high at that time (you can even say it was the most expensive). But as Bitcoin continues to decline and the price does not experience a significant drop, there is still a lot of selling pressure in the market. Therefore, the current market selling pressure is largely due to many people putting their funds into altcoins instead of Bitcoin.

In fact, from a certain perspective, I don’t think Bitcoin is very profitable anymore. Although Bitcoin is a very volatile investment, as an asset, its volatility is indeed much larger than stocks, and it also has a great appreciation potential. For example, when the stock market crashes, the same situation can happen.

Of course, this is because there are many factors affecting the market these days, especially since the recent trend is similar to the previous one, where everyone is in a wait-and-see state, seeing if they can follow up in time.

It is also worth noting that due to the current small market, it is difficult to determine what is driving Bitcoin’s market trend. For those who have a long-term optimistic view of Bitcoin, they feel that this bull market is definitely unreasonable. But at the same time, they also believe that there will be a greater rebound in the short term, which is why they decided that there will be new highs in the future. In addition, he also mentioned that in the coming years, many new products may emerge and gradually mature, becoming mainstream currencies.

In summary, no matter what, the future of cryptocurrency will definitely have tremendous growth potential. The reason why Bitcoin can achieve huge profits is mainly to adapt to changes in the global financial system and the slowing down of money printing by central banks in various countries.

Why is Bitcoin So Expensive

Editor’s note: This article is from 8btc.com, written by Wendy, and authorized for publication.

Bitcoin is the first publicly traceable cryptocurrency. It has scarcity and indivisibility characteristics similar to gold, allowing anyone to participate and have a unique way of storing value.

In the past few months, people’s interest in it has been growing, and they have begun to realize that it may be undervalued. But now the situation seems to be changing—though some analysts have attributed this to one factor: “price manipulation.”

If someone says this means Bitcoin’s price should reach $1 million, does it? In fact, according to data from CoinMarketCap, as of June 30, 2020, the Bitcoin trading price was $10,300, compared to the current market value of gold of only around $21 million, and the total supply of Ethereum was only over 100 billion (Note: “total supply” refers to the number of ETH in circulation). However, historically, “each token is something unique,” and these arguments may lead to volatility in BTC and differences in its price. Why is Bitcoin so important? Because when you saw it break $10,000 at the end of 2017, it experienced explosive growth—since then, Bitcoin has soared to a historical high of nearly $20,000. However, in the past year, this number has dropped significantly to less than $7,000. Due to the lack of participation from institutional investors, high-net-worth individuals, and large asset management companies, many companies consider BTC as a payment method to have potential risks. Therefore, even those who are trying to hedge against inflation can choose to hold this asset. Bitcoin is also protected by regulation, and no government or financial institution can prevent them from entering the market or using Bitcoin for transactions.

Although cryptocurrency itself is not truly decentralized, it is an open and transparent market where users can freely decide how to store and allocate their wealth. As a Twitter influencer said, listed companies like MicroStrategy have been seeking to acquire a large amount of funding to buy more Bitcoin. “This is what we are all waiting for,” the analyst wrote.

He added, “What I want to tell everyone is that there are many people in the world looking for opportunities to accumulate Bitcoin instead of selling them… If you want to know the answer to this question, you can click here to see. What is Bitcoin?” Why is Bitcoin so expensive? First, it can provide multiple functions and uses, making it mainstream, especially considering its anonymity. Second, its unique attributes make it easy to be verified, thus avoiding some technical barriers, such as being unable to determine whether it belongs to a specific entity or a specific company type. The third reason is that it is completely trustless and can be achieved without third-party intervention, and it will continue to develop over time.

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