Even though past trends have narrated the success of bitcoins, we still need to carefully assess 30 trends in order to make accurate predictions about the future of Bitcoins. this is especially necessary if you are thinking about investing in Bitcoins and relying on the profits generated through Bitcoins as a current or after retirement source of income. While the world is going through a global pandemic, and inflation was on the rise, Bitcoin is still able to see a positive trend in its growth. Ever since the launch, this digital currency has seen rising trends. owing to its fast gained popularity and credible reputation. As the title suggests, in this article we will be talking about the future of Bitcoin trading and the ups and downs that you may have to encounter as a trader.
AN INFLUX OF NEW USERS
At the beginning of the pandemic, like most other things, trends associated with Bitcoins also faced a decline. However, as unemployment rose and people started facing a financial crisis, there was an influx in the number of people who shifted towards online platforms for income generation purposes. This led to an increase in the number of Bitcoin traders and active users who had Bitcoin trading accounts which in turn lead to higher demand for Bitcoins and thus the prices skyrocketed and the effect of the pandemic was reversed.
All of this was because the imposition of a lockdown resulted in day-to-day activities coming to a halt therefore there were reduced job opportunities and the only option that people were left with were digital platforms and so people poured in their wealth in Bitcoins. In addition to individuals, large corporations and wealthy businessmen also seized this opportunity for money-making purposes which led to a further increase in bitcoin prices as competition grew.
ARE BITCOIN RELATED OPPORTUNITIES INCREASING?
With the passage of time, online transactions are becoming more common and recently PayPal announced the adaption of Bitcoin payments. There is a high chance that merchants and traders will follow the footsteps of PayPal and introduce the option of Bitcoin payments in their ventures thus encouraging more and more people to make deposits through Bitcoins. Even though PayPal’s Bitcoin policy is only applicable for US citizens right now, plans of global expansion can be expected which would lead to a further increase in Bitcoin trading.
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BITCOIN SCENARIOS FOR THE FUTURE
Due to the uncertainty regarding the future of Bitcoins, we can only make assumptions and devise scenarios that might help us in deciding how we want to proceed with our Bitcoin investments. One assumption is that Bitcoins might thrive as digital gold due to their scarcity factor. The second most common prediction is something that is not in the favor of Bitcoins. This prediction dictates that regulatory authorities might intervene in Bitcoins and financial institutions and government bodies might impose a lot of regulations that would restrict the economic freedom that comes alongside the use of Bitcoins.
The third scenario revolving around Bitcoins forgets that Bitcoins might become the national currency for online transactions. This theory is fueled by the increasing acceptance of Bitcoin payments by Merchants and traders. There are several other scenarios regarding bitcoins that can be expected in the future and one of the most credible ones is that the IMF will create another digital currency that will prove to be a very strong competitor for Bitcoins and might decrease their overall popularity.
CONCLUSION
Even though several predictions have been made by financial and trading experts who have a sufficient amount of experience in the field, there will always be an uncertainty attached to all theories. Therefore, we can safely conclude that there is no absolute black or white option recording the success of Bitcoins in the future. However, keeping past trends in mind we can see that the scales are tipped in the favor of Bitcoin price rising and more and more people engaging in Bitcoin-related activities in the future.