Remember when Bitcoin was worth "just" $1,000 at the beginning of the year? What a lovely time it was? Late November it hit $10,000. If only one could lay hands on a time machine now.
Well, $10,000. That was the target for Bitcoin that everyone was talking about for the past few months. There were skeptics and optimists. We wondered if it would hit $10,000 for the first time in its history. This was the psychological barrier that everyone thought was nearly impossible but definitely achievable. Bitcoin has not only reached this target, it has surpassed it.
It hit the magic number briefly towards the end of November, fell below it, rebounded, and is now well over $10,000.
Well we all love numbers, right? Especially if the numbers bring something good to us. The meteoric rise of Bitcoin has seen the target revised many times this year.
Previously it was set by the industry experts that $5,000 was the golden number, but then it reached that figure back in October this year.
It was then said that Bitcoin’s price can realistically hit $8,000 by end of 2017, but even this figure was easily reached a short while after the $5,000 all-time-high. So, $10,000 was the next magic number…
It was only a matter of when
There was no doubt that Bitcoin would achieve the $10,000 milestone, as it was a train that seemed unstoppable. Which leads us to another question, why is everyone investing in Bitcoin?
FOMO. Fear Of Missing Out
Surely you have heard the story about the sheep and the herd? What we are witnessing now is there’s this fear of missing out on this magical ride that is Bitcoin. Earlier this year when the momentum started to grow, Bitcoin was hovering around the $1,000 mark.
But as more and more people started investing in Bitcoin, people became drawn to it. That’s where the crowd is, and that’s where everyone seems to be headed.
Is it too late to buy Bitcoin?
Now here’s the thing about Bitcoin, and it is all about supply and demand. The craze that brought us all here to this moment is the huge demand all over the world.
As long as there’s a huge demand for Bitcoin, you can see the price going upwards.
Which then begs the question, is there a bubble coming Bitcoin’s way?
Category: Team WhaTechCompany about: Tech junkie by profession and passionate about anything from the digital world, movies, games and reading. He loves writing and hopes you enjoy his writing as much as he does. Eza, is also known as Don in the virtual world, but don’t him me wrong, he's not a mafia type he's really a nice chap and a devout family guy.