Back in 2017, Bitcoin and cryptocurrencies were the talk of the town. With Bitcoin reaching over $19,500 along with the growing prevalence of young teens driving Lamborghinis, the concept of cryptocurrencies has really left an imprint in people’s minds in more ways than one.
Following the steady demise of these surging crypto prices, the average person began to see Bitcoin and crypto as a trend of the past. Throughout 2020 though, Bitcoin has jumped back on the roller coaster and is up 150% this year alone.
Many crypto enthusiasts have justified Bitcoin’s recent move by crediting the massive monetary and fiscal stimulus in response to the COVID-19 pandemic. Also, this year has had some major adoption from some key players in the investing world such as Paul Tudor Jones and Stan Druckenmiller.
The party came crashing down on Thursday morning after Bitcoin reached prices that haven’t been seen since 2017. After breaching $19,300 on Wednesday, Bitcoins price slid over 13% and as of writing is trading around $16,250.
Is crypto on its way of hitting $100,000? Or is there a better chance it reaches $100?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.