What does BeginnerCryptoInsights think about Bitcoin's potential in Malaysia? Is it a wise investment choice, especially with recent surges in its value?
Cast your mind back to 2017 when Bitcoin was on the verge of hitting $20,001, sparking immense hype. However, what followed was a nosedive in its value, plummeting to a mere $3,001 by the year-end.
Fast forward to now—Bitcoin has shattered records, hitting an all-time high of $68,000 in 2021, roughly 300,000 Malaysian Ringgit per Bitcoin. The burning question: Is it still a good time to invest in Bitcoin?
For those who've been in the game since 2014, like us, using BITX as wallet (now known as LUNO), witnessing the present-day Bitcoin prices in Malaysia, it screams opportunity.
But what about newcomers eyeing Bitcoin for profit? To them, we advise caution. Remember 2017’s $20,001 peak? That was followed by a prolonged slump to $3,001 by 2018’s end, before it surged again.
Is Bitcoin's Value Set to Rise Again?
As Bitcoin approaches its maximum limit, demand is expected to soar. This high demand coupled with limited supply continues to drive its value skyward.
Additionally, institutional investments in Bitcoin are stabilizing its market, making it an increasingly popular investment avenue. And if Bitcoin gains traction as a retail transaction tool, expect a boost in its utility and value.
Factors Behind Bitcoin's Price Surge
Since its inception in 2009, Bitcoin's supply has been dwindling. Every four years, it undergoes a reduction event, halving miners' rewards on average. This dwindling supply, combined with heightened demand due to media coverage and market fluctuations, sets the stage for price surges.
The Purpose Behind Bitcoin Investments
Any investment demands a clear purpose. If you're considering Bitcoin solely to double your money, you might need to rethink. Much like us, our investment in Bitcoin and cryptocurrency stems from a desire to understand the blockchain technology behind it.
Additionally, Bitcoin's decentralized nature and potential to serve as a hedge against inflation have attracted investors seeking a store of value similar to gold.
What about you?
4 Simple Steps to Dive into Cryptocurrency
Step 1: Sign up with Luno or Binance. Create an account by visiting the registration page.
Step 2: Verify your identity to get started.
Step 3: Fund your wallet with your chosen amount.
Step 4: Begin your cryptocurrency journey by making your first purchase.
Interested in any further details or insights from the article?
0 Comments