When it comes to Bitcoin, we’re in uncharted territory. The cryptocurrency has only been around for a little over a decade, and in that time, its value has fluctuated wildly. For example, at the beginning of 2017, one Bitcoin was worth around $1,000.
By December of that same year, the value of one Bitcoin had surged to almost $20,000. And as of June 2019, one Bitcoin is worth just over $9,000. So, is it possible for Bitcoin to crash?.
Well, anything is possible, but there are a few reasons why a crash seems unlikely. First of all, demand for Bitcoin continues to increase. More and more people are buying Bitcoin as an investment, and as a result, the price has been steadily rising over the past few years.
There’s also the fact that there are only 21 million Bitcoins in existence. As demand increases and the supply remains static, the price is bound to go up.
Of course, there’s always the possibility that something could happen to cause the demand for Bitcoin to suddenly drop. Maybe a major financial institution decides to ban Bitcoin or another cryptocurrency comes along that’s better than Bitcoin in every way.
But it seems unlikely that any of these things will happen in the near future. So while a crash is possible, it doesn’t seem likely.