After nearly touching $62,000 last March 15, Bitcoin loses its steam a week later due to profit-taking and a looming concern for a cryptocurrency bubble.
Today, the 'Digital Gold' is back on its way up and poised to prove once again its doubters wrong. And if you've invested in Bitcoin last Oct 2020, you'll be up by almost 500% today.
As the demand for Bitcoin continues to rise, analysts see that it's not that hard to reach $80,000 by April. Interestingly, it's not just Bitcoin that defies the gravity here, other cryptocurrencies have also skyrocketed this week.
Fueled by the giant institutions of Wall Street and other companies like Tesla are behind Bitcoin's extensive bull run—these organizations had adopted the use of Bitcoin.
The fundamentals of Bitcoin (such as limiting its supply to 21 million) have previously attracted both professional and retail investors. The buy and hold strategy of these individuals has deeply contributed to the rally as well. Apart from being an investment, Bitcoin holders today use this cryptocurrency for "peer-to-peer money transfer" or as a mode of payment, making Bitcoin tremendously useful as if it's "real money."
If you're new to Bitcoin, it's important to keep in mind that it has its weaknesses. In its history, it has shown massive dips every now and then, leaving the newcomers stun and hanging at the top. If you're planning to enter, do it with caution, or better yet, wait for major pullbacks.
When I first saw Darwinex back in 2017, I thought it was a good decent broker. Today, as of Oct 2020, the broker is growing steadily with non to very little marketing or advertisements and now one of the world's fastest-growing Forex brokers.
Darwinex looks pretty solid. It's regulated under the Financial Conduct Authority or FCA (one of the world's most trusted Forex regulators) and it offers up to 500k GBP of insurance.
The good thing about this broker is that its business model leans towards its investor's profitability and they have no interest in its to traders lose money. Hence, they only offer 1:3 maximum leverage for its investors, making sure that one will blowout an account unnecessarily.
If you do not have self-control and discipline, please do your self a favor! Do not ever subscribe to a credit "doom" card. You are better off on a cash-to-cash basis and stop reading this article because this is not for you.
However, if you are a cheap stake or "kuripot" and knows how to handle finances very well, you are missing a lot of benefits and privileges if you do not have a credit card yet.
A better question is, should I speculate in Bitcoin?
If you bought P5,000 ($100) worth of Bitcoin in the year 2011, you would have owned 100 Bitcoin and you can sell it now in an instant at around P55 Million ($1M).