Reaching a high of over $1,100 in November 2013, the world began to realize just what the future potential of Bitcoin could be. Some technology and investment experts believe that Bitcoin is still very much in its infancy and that even though Bitcoins trade for around $800 right now, they could trade for as much as $100,000 in the very near future! Rising from just over $13 at the start of 2013 to over $1,000 at the end of 2013, imagine what 2014 could bring to Bitcoin’s price history?
Why Did Bitcoin Rise So Rapidly?
Before 2013, Bitcoin was really just a bit of a novelty more than anything else. Bitcoins were rarely accepted by businesses, so people didn’t so much value in this cryptocurrency. When businesses started accepting this digital currency for goods and services in the mainstream retail world, however, the perception of value began to change. As people discovered that Bitcoins could be valuable, their actual value went up because people started to want them.
Over the course of 2013, public awareness of Bitcoins rapidly increased as well. Because it is a private and virtually anonymous currency, notable black market websites were using the currency in exchange for goods and services that some jurisdictions considered illegal. Bitcoin was often in the news because of this and retailers began to wonder: if the black market is making money from Bitcoin, why can’t I make money from Bitcoins too?
August 6, 2013 Changed Bitcoin Forever
Before August 6, Bitcoin had received some legal setbacks around the world. The country of Thailand, for example, ruled that Bitcoins lacked any legal framework and thus constituted an illegal currency. That prevented Thailand from participating in any Bitcoin transactions whatsoever. On this August date, however, a Federal judge ruled that Bitcoins were indeed a currency or form of money and subject to monetary jurisdictions. Germany soon followed suit, classifying Bitcoins as a unit of account – not quite e-money, but still a monetary unit subject to taxation.
Once word of these rulings filtered down through the rank and file of internet knowledge to the average person, the value of Bitcoin skyrocketed, going from around $100 in October to about $1,000 in November for a single Bitcoin. Although Bitcoin is trading below its 52 week high achieved around the holidays, it is still trading over $800 more today than it was at this time last year.
With experts thinking one Bitcoin could be worth $100,000 in the near future, the time is now to begin investing!
Why Choose Bitcoin Over Other Investments?
Even though this cryptocurrency has more risk that safer commodities, such as gold or silver, there is a greater level of security with Bitcoin today than there was even 12 months ago. With it being ruled a currency in the United States and in other countries and with more retailers than ever before utilizing Bitcoins as a payment option, the future of Bitcoin is still largely untapped. It may be past the time to get in on the ground floor, but it is still early in the game and most people believe the Bitcoin price history will continue to reflect large increases of value.
An investment into Bitcoins could be what secures your financial future. Take advantage of that value right now!