A lot has been deliberated and said about owning Bitcoin. Most observers will tell you that if you do not own Bitcoin by now, you would most likely have missed the train. But another side of the camp could tell you that if you have funds, investing them now is still not too late as Bitcoin is set to reach US$100,000 and so, there is still time.
BTC and its inconsistency
Since the start of 2021, the price of BTC has been on a rollercoaster ride. While the COVID-19 pandemic played a pivotal role in affecting investors and where they are turning to, several other factors have been hugely influential too. This includes the move by Tesla boss Elon Musk who had earlier announced that Tesla was accepting Bitcoin and then retracted his statement. BTC’s price surged past US$65,000 and then dropping as low as US$40,000 but the biggest story has yet to come.
What happens after US$100k?
The crypto (and most markets) have been anticipating that BTC could well hit US$100,000 by the end of 2021. But would that be all that matters? The rise of BTC is always a good thing for those who hold them since the early years but would that matter as much for those who are thinking of investing? Clearly, it is not. In fact, you should think of BTC as:
- A new way of living – BTC has changed the way society functions. With more people investing in BTC, it has begun shaping new business models, societies and even governments. What was once thought of as worthless and redundant has become a pillar for many economies today.
- A statement of intent – BTC started out much like many other tech platforms like Open Source. It was based on the negativity of inequality and that money should be created for everyone. The age-old theory of money is owned by a numbered few and controlled by authorities is now outdated. Bitcoin would eventually be used by everyone, just like how the internet was when it started.
- Not the end-all – BTC is definitely not the end game because it could work both ways. BTC could further expand into something way bigger or it could just evaporate overnight. While there are no other cryptos bigger than BTC, there is still a long way to go before we see the fruits that BTC could potentially bear.
So, how should you approach BTC?
The right mentality behind BTC is that if you are an early adopter, then it is good for you. You can watch it reach US$100,000 and decide to sell it for a profit. If you are a latecomer, you should be fine too because if you do not intend to keep it as an investment, chances are you will need it pretty soon. Either way, losing sleep over its price volatility would not do you any good.