There are lots of reasons for why Bitcoin and Cryptocurrency in general are soaring at the moment. Here are a few:
1. Because Cryptocurrencies (most of them) aren’t tied to any one country or set of banks, whenever there is financial/political/social turmoil, they take off. People like having another option if the money in the bank is worthless.
2. We are still seeing the effects of the last halving that happened in August of 2020. expect something similar towards the end of 2024 but on another scale, think 6 figures.
3. Elon Musk… He had Tesla infuse 1.5Billion (with a B) into the Bitcoin economy, which would be a logical first move for a company that was planning on accepting the currency in the near future (hint hint).
4. Global politics… I won’t focus on the low hanging fruit here but lets just say that when political stuff gets crazy or “Uncertain” people invest in Crypto. Back when Venezuela’s economy collapsed and a bag of dog food cost as much as a car in their local currency, they were driven in large numbers to Crypto. It’s the digital equivalent of burying large amounts of gold in your back yard. And that’s just a few.
Any one of these events on their own can stimulate the Crypto market but at the moment we have ALL of them happening at once!
Feel free to comment or reach out if you have any burning questions about Cryptocurrency.
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