As 2021 keeps unfolding, Bitcoin manages to break all types of records. That is the reason why a lot of experts think that it can rise to as much as $100,000 by the end of the year.
There’s no denying the fact that Bitcoin is and will remain the best cryptocurrency on the market, even though research states that there may be as many as 2,000 of these digital assets. That is the topic that we wanted to discuss in this article. We are going to take a look at the reasons why Bitcoin is at the top. Let’s start.
The Massive Acceptance By the Public
Studies have shown that there are around 7 million crypto users in the world. More than 80% of them deal with Bitcoin and Bitcoin is their most preferred digital asset. That is a massive advantage is it leads to more developed infrastructure and a more stable network. And the more these two areas are developed, the higher the value of Bitcoin becomes.
Speaking of its value, that is probably the main reason why Bitcoin is the number 1 cryptocurrency on the market. Bitcoin’s current value is around $60,000, and it is still way more valuable than other cryptocurrencies.
Take Ethereum as an example. Ethereum is the second-most valuable cryptocurrency on the market, but its price tag is $4,000, which is significantly lower than Bitcoin. Thanks to this fact, a majority of traders only sell Bitcoins to make a profit.
Since it is so popular, many reputable trading sites like Bitcoin Trader app feature tons of accepted cryptocurrencies, but put a heavy focus on Bitcoin. To gain access to the services at these platforms, you just need to register. The process of registration is very fast and simple.
Just when you thought that Bitcoin is superior when it comes to making a profit, the institutional interest in it is massive. Many companies in each part of the world accept it as a payment method. What’s even better, is the fact that there are many global brands on that list. Some of those that are worth a mention are Expedia, Microsoft, Starbucks, Subway, Overstock, While Foods, and Wikipedia.
Moreover, institutional interest also takes governments and authorities into consideration. Many nations have become lenient towards Bitcoin over the years. That is why companies can accept payments with this cryptocurrency. But, the biggest move was probably made by El Salvador. Recently, El Salvador’s Congress voted in favour of declaring Bitcoin as a legal tender, which is a massive step forward.
The final reason why Bitcoin is the best cryptocurrency on the market is that its future potential is massive. As mentioned at the beginning of this article, analytics state that Bitcoin is likely to rise to $100,000 at the end of 2021 or 2022. Furthermore, as Bitcoin will become scarcer, it will reach $500,000 in 2030.
In 2032, research shows that 99% of all Bitcoins will be mined and its price will start to rise rapidly after that. That is because the demand will remain the same or increase, while supply will go down. With that being said, 2037 is the year when Bitcoin will finally reach a price tag of $1 million.
As for the more distant future, there is no accurate information other than the fact that all Bitcoins will be mined in 2140.
As you can see, there are quite a lot of reasons why Bitcoin is the best cryptocurrency on the market. Not only that, but it will continue to dominate in the upcoming years.