Since 2009, Bitcoin has become the most popular cryptocurrency of all time. Currently, there are over 100 million – yep, 100 million – Bitcoin owners worldwide. Every day, thousands of people continue to invest in this specific cryptocurrency; and there are no signs of investment slowing down. In fact, Bitcoin is now so influential that it has spawned the creation of 21,843 (and counting) other cryptocurrencies. Make no doubt that Bitcoin is incredibly powerful and has shaped the digital currency landscape.
Despite the force that Bitcoin has become, many investors, perhaps you included, are still skeptical about it. This is especially true in the current economic climate, where beginners and investors are being extra careful with the cryptocurrencies that they add to their portfolios. After all, the last thing they want is to invest a significant amount of money into any cryptocurrency for its value to suddenly come crashing down, as this would lead to big losses.
What is Bitcoin Worth Today in US Dollars?
When it comes to tracking the market value of bitcoin, investors will generally check to see how much it’s worth in US dollars. Day-to-day and month-to-month, this value can go up or down. The higher Bitcoin’s value is in US dollars, the better it’s performing on the crypto market – simple.
Check out okx.com for a Bitcoin to USD conversion chart. This will allow you to analyze Bitcoin’s value over the past hour, 24 hours, week, month, and year. At the time of writing, a single Bitcoin is worth $16,967.
Should You Invest in Bitcoin?
Now, let’s take a closer look at some of the best reasons to invest in Bitcoin in 2024 and beyond. Following this, there will be an examination of some of the disadvantages that might come with investing in Bitcoin.
Advantages of Investing in Bitcoin
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Rising Acceptance
In the mainstream, Bitcoin is becoming widely accepted by people, investors, and the media. This is largely due to endorsement from huge figures, such as Elon Musk (who has also endorsed other cryptocurrencies, like Dogecoin).
Additionally, many online stores, retailers, hotels, and airlines are now accepting cryptocurrency as a payment method. Naturally, it’s incredibly exciting to witness this, as it’s a sign of what’s to come in the future as society becomes even more digital.
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Return on Investment
Many market forecasts are predicting that Bitcoin will have excellent performance levels throughout 2024, leading to a drastic rise in US value that could see it return to the $20,000 to $50,000 range. This would fall in line with recovery from the economic fallout caused by the war in Ukraine and the recent global pandemic.
For people who decide to invest in Bitcoin today, there’s a good chance they will see a healthy return on investment if they decide to sell later in 2024 (or even after).
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Fast and Private Transactions
For everyday people and business professionals, Bitcoin is a good investment if you want to make fast and private transactions without a central regulator (e.g., a bank). Through crypto wallets and exchanges, you can make transfer Bitcoin to other individuals and businesses at the click of your fingers without your name being publicly attached to it, as the process is anonymous.
Disadvantages of Investing in Bitcoin
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Crypto Wallets Can Be Lost
If you decide to store your Bitcoin in your own crypto wallet rather than an exchange, you run the small risk of your crypto wallet becoming damaged or permanently lost.
This can happen if your computer hard drive becomes damaged beyond repair or a virus corrupts the data. It’s worth noting, though, that through cybersecurity and safety measures, you can protect your crypto assets from this type of occurrence happening.
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Lack of Regulation
For many people, the attraction of Bitcoin is that no regulating authorities are involved. However, for many investors, this is a huge negative and causes them not to invest. Until Bitcoin becomes officially regulated and is accepted by the government, it will be extremely difficult for it to go ‘fully mainstream’.
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Value Drops
Since 2020, there have been a handful of Bitcoin market crashes. These crashes have led to big drops in the value of Bitcoin. However, during this time, Bitcoin has also skyrocketed and reached its all-time highest price of $64,800. Today, it’s currently worth less than half of that, but it’s entirely possible that Bitcoin will return to its 2024 value of $60,000+.
This is the life of a crypto investor: you can never be too sure what will happen when it comes to Bitcoin’s value. However, if previous years have taught investors anything, it’s like Bitcoin usually bounces back when it takes a big market hit. This is something to bear in mind for the coming years.
Some investors are investing in Bitcoin right now with the aim of selling their tokens when Bitcoin does eventually rise in value again.
The Future of Bitcoin: What’s Going to Happen?
As you can gather from the information discussed above, Bitcoin is something of a double-edged sword. It has many strengths but also many weaknesses (that are representative of the crypto market as a whole). Knowing the right time to invest is tricky, as Bitcoin’s market value shifts from hour to hour.
At this moment in time, it’s fair to predict that Bitcoin’s value will significantly increase again. However, it will not be immune to future market crashes, especially in light of the recent FTX crash, which is one of the world’s biggest crypto exchanges. If an exchange like this can suddenly crashes, then it shows that there can be no certainty attached to Bitcoin’s value.
Whether you’re a total beginner or an investor looking to diversify your portfolio, good luck if you decide to invest some money in Bitcoin. Remember, if your aim is to hold and sell, keep a close eye on Bitcoin’s market value throughout 2024 so that you can sell at peak points.
