When it comes to Bitcoin, there is no denying that it has had a bit of a rollercoaster ride over the past year. After reaching an all-time high in December of 2017, the digital currency took a nosedive in 2018, losing over 70 percent of its value.
This led many to believe that Bitcoin was simply a flash in the pan and that it was not going to be able to recover. However, Bitcoin has quietly been on the rebound in 2019 and it appears that it may be poised for another run at its all-time high.
There are a number of factors that are working in Bitcoin’s favor right now. First and foremost, there is increasing institutional interest in the digital currency.
Fidelity Investments, one of the largest asset managers in the world, recently announced that it was launching a cryptocurrency trading platform for its institutional clients. This is a huge vote of confidence from a major financial institution and it is likely to attract even more institutional investors to the space.
In addition, there are a number of countries that are looking to launch their own central bank-backed digital currencies. This is likely to increase demand for Bitcoin as a store of value since it is currently one of the only digital currencies not backed by a government.
As more and more people lose faith in fiat currencies, they are likely to turn to Bitcoin as an alternative.
Finally, we are seeing more and more retailers start to accept Bitcoin as payment. While this is still relatively rare, it is becoming more common and this is likely to increase as time goes on.
As Bitcoin becomes more accepted by businesses, its price is likely to rise.
All of these factors point to Bitcoin being poised for another run at its all-time high. While there is always the potential for another dip, it seems much more likely that Bitcoin will continue to trend higher in the months and years ahead.