During the last couple of months, the popularity of bitcoin has varied. In fact, most people outside who have not yet joined the market only hear about the digital currency when it changes value. With this in mind, bitcoin is currently undergoing a very exciting change.
To put things better into perspective, during the last 25 days, the price of the digital currency has grown by over 25%, and is now approaching the $1,000 mark, thus being extremely close to reaching its highest value in the last three years. This is quite exciting considering the fact that at the beginning of 2016, the bitcoin price was a bit under the value of $450, so it has almost doubled in value during this year.
In fact, from 2009, Bitcoin evolved from a worthless currency, to around $0.05 in value after a couple of months. Almost an year later, Bitcoin was seeing $0.30 in value, which is why the people who saw potential in the digital currency back then, are now millionaires or even billionaires, only after having invested a couple of dollars in it.
However, it is not too late for investors to make the step towards joining the digital currency market. While a bitcoin investment today is considerably more expensive, if this trend of value increase will continue, then chances are that even a few hundred dollars may amount to significantly more in the future. While small sums are unlikely to make you billionaires, they will still offer a significant profit on the initial investment.
Comparing bitcoin in terms of price volatility to other currencies and assets will definitely show just how much it has grown over the years. In 2016 alone, investing in equities would have earned investors a 9% gain on the S&P, or perhaps a 7% on NASDAQ, whereas investing in gold would have brought in 6%, and oil 50%. However, in terms of currencies, Bitcoin was the clear winner, by doubling up in value throughout 2016. The bitcoin boom of 2016 came as a surprise to numerous economic analysts and digital currency sceptics that disregarded bitcoin due to the low number of businesses attempting to catch up on the trend. This has also changed in 2016, with thousands of new businesses accepting bitcoin, and with hundreds of potential-filled bitcoin-based start-ups sprouting up in areas from all around the world and attempting to improve the financial system.
The Blockchain technology has also seen a great growth throughout 2016, as thousands of patents on Blockchain-based tech were made, and numerous banks, financial institutions and businesses invested into the technology trend.
Based on everything that has been outlined so far, 2016 has been an extremely fructuous year for both bitcoin and the Blockchain, which is why we are all excited to see what 2017 will have to bring. If you are finally convinced that you want to invest, now is the perfect change. What do you personally think about the evolution of bitcoin throughout 2016? Let us know your thoughts in the comment section below.