At 35 years old, Joe was a novice in the world of bitcoin trading and far from tech-savvy. As a millennial gen x’er, he felt embarrassed to even acknowledge his lack of computer skills. Recently he had been hearing a lot about bitcoin which piqued his curiosity and made him want to learn more.

What is Bitcoin?

Imagine a currency (Bitcoin) that is entirely created, handed out, traded, and stored on what is known as a blockchain (decentralized ledger system) which is just a collection of computers and nodes. It sounds like something out of a sci-fi movie or an episode of Star Trek and Joe wasn’t too sure about it. However, he decided to roll the dice after a little research and he has managed to watch his finances grow by leaps and bounds due to online trading.

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Bitcoin Growth Potential

Bitcoin is a topic on everyone’s tongue lately. Data and projections show the cryptocurrency has grown exponentially and is forecast to continue thriving. Joe made the decision to invest $500 on a Bitcoin Site. He did not make the choice lightly. It was a big decision for him. However, within one year his $500 became $10,000 and continues to grow at a steady rate. Joe plans to re-invest his money in the hopes of soaring even higher. He certainly doesn’t want to be left behind in such unprecedented times!

The Year 2021 and Bitcoin

The year 2020 has been rocky for everyone around the world and Joe isn’t any different. However, with Bitcoin, he has managed to come out on top and make a killing. He’s now purchased a new computer that he uses just for his cryptocurrency management. His initial side hustle has paid off big time and he can now run it as a full-time gig. During the last twelve months, he has gained extensive knowledge regarding Bitcoin and foresees a promising and lucrative future, especially for year 2021.

The Future of Bitcoin

Joe did not take quitting his day job lightly to embark on Bitcoin full-time. He spent a lot of time studying projections. Bitcoin reached $37,000 and many big banks foresee it reaching $146,000. There has never been a better time to start trading than NOW.

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At this time, it looks like 2021 is going to become a banner year. When 2020 ended, trading wrapped up at $29,000. Analysts with the Funstrat Global Advisors quickly upped their target price to an interesting $40,000 with the belief that 2020 would be an impressive year for cryptocurrency.

Within 10 days of the prediction, Bitcoin has not disappointed. Joe and others are rejoicing as Bitcoin increased nearly 40 percent and scaled the $40,000 mark with ease. What a way to kick off the new year! Everything is looking golden for bitcoin.

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The Rise and Fall of Bitcoin

As a beginner, this system was a charm to use. Getting started with no previous background in trading was much easier than anticipated and I recommend it for anyone looking to get started.

Bitcoin is surging out of the gate like a racehorse in the lead position at this point, it is soaring so will there be a drawdown? The answer is ‘yes’ more than likely. However, that should not depress investors. That is the nature of the game. There is a drawdown and then it comes roaring back with a vengeance. The key is preparation and knowing when to expect it to soar back. Projections have bitcoin experiencing a 300 percent increase over the year but it’s not going to be a straight line from start to finish -- instead, expect a jagged reaction.

What is Spurring Bitcoin’s Price Spike?

Any are wondering what is spurring the price spike of bitcoin. Below are three reasons that explain the increase and show why it is unlikely to sustain a severe crash like it did a couple of years ago.

Public companies are the reason for the tokens lately rise. It appears that MicroStrategy caused a chain reaction when it purchased $425 million with bitcoin in 2020. The purchase showed other public companies that Bitcoin truly is a viable reserve asset. In October, Square stepped forward and purchased $50 million and then PayPal also adopted bitcoin which pushed things to an even higher level.

PayPal’s announcement in October was huge when the company said it would allow its millions of users to buy, sell, and hold bitcoin. Without a doubt, this move paved the way for bitcoin’s widespread use like never before and was a definite turning point.

A Hedge Against Inflation

Governments around the world have pushed trillions of dollars’ worth of fiscal stimulus into the economy to fight the damage wrought by the pandemic. Bitcoin quickly became a viable hedge against inflation and an alternative to gold.

With the legitimacy of bitcoin becoming firmly established, everyone is starting to take notice. Investors are either testing the water with a toe or jumping in with both feet.

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Currently, the rush to invest in cryptocurrency has been likened to a land rush. Everyone wants in on it. Even celebrities like rapper Meek Mill and Maisie Williams are becoming crypto fanatics. Interestingly, as 2020 ended and 2021 dawned, the demographics of those investing in bitcoin has changed from fund managers to everyday crypto fanatics like Joe who have found a way to get in on the ground floor of the future and make an impressive profit.

Get in on the ground floor and watch your bitcoin grow!