The journey bitcoin has taken has featured both ups and downs. Right now, the currency has been doing better than it ever has, having hit a new all-time high of roughly $57,000 per unit on February 21. This clearly outdoes the $19,000+ it reached in December more than three years ago.
Bitcoin Is Stronger Than Ever
However, it would be wrong to say that the currency isn’t still suffering a bit at the time of writing, as the asset is now trading for a mere $48,000, which is rather simple when compared with where the currency was just a few weeks ago. Either way, bitcoin has been declared dead multiple times by the mainstream media over the past several years, and each time, the asset comes back to declare all its naysayers wrong.
The currency has now been around for well over 12 years. the first bitcoin unit was mined in January of 2009, and according to its whitepaper which was published the year before, the asset was initially designed to replace fiat currencies, credit cards and all standard methods of payment.
However, this hasn’t quite happened yet, largely due to the volatility and price swings that have always been around. This volatility has been something of a two-sided coin (pardon the pun) granted it can work either for or against traders in many ways. For one thing, the currency can ultimately shoot up overnight and experience price booms – like it is right now – that place it among the top-ranking assets.
In this sense, investors can really take advantage of the currency and add a lot to their wealth within a rather limited period. However, for the most part, this volatility has led to heavy losses amongst traders, and it’s not long before they see all their wealth vanish overnight. This was the case in 2018, often labeled the most bearish year for the world’s number one digital asset.
Now that the currency is spiking to new highs, anyone who didn’t sell their assets during that year are likely feeling much more confident and reaping some nice rewards.
Why We Should Never Cut BTC Out Fully
The fact is that bitcoin always seems to bounce back and show the media that doubts it why they should turn over and give in. Among the negative comments that have been made about bitcoin’s standing in the past was one offered by Dr. Doom himself Nouriel Roubini, who plainly stated in an interview:
The Flintstones had a better monetary system.
Kenneth Rogoff – a Harvard professor – has stated that the currency would only have use in a “dystopian future,” while Kevin O’Leary – Mr. Wonderful from “Shark Tank” – has commented that bitcoin was garbage, though he has recently walked back on this idea and stated that he will allocate approximately three percent of his portfolio to bitcoin and crypto.