Bitcoin Price Goes Back Over $61,000, Suggesting That The Cryptocurrency Remains A Very Good Investment

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Bitcoin Price Goes Back Over $61,000, Suggesting That The Cryptocurrency Remains A Very Good Investment

The price of leading cryptocurrency Bitcoin has rebounded after sharp falls earlier this year, leading many crypto-fans to announce that Bitcoin is still a fantastic investment in the long run.


On Friday, Bitcoin's price hit up to $61,822 which is the highest point it has been at since May of this year and close to the all-time high registered in April.


In July, Bitcoin had fallen to $30,000 and has therefore increased in value by 100% in just a few months.


Throughout the history of the cryptocurrency, there have been sharp falls. However, there has also been a continual push towards larger and larger gains, meaning those that held the currency instead of selling their coins off have constantly increased their wealth.


Since inception, commentators have continually stated that Bitcoin was a busted flush as its value temporarily collapsed, leading people to dismiss the longer-term value. On all occasions, these temporary collapses have been remedied, leading enthusiasts to state that there is never a bad time to get involved. Investors do though suggest that no individual should invest more than 5% of their investment portfolio in Bitcoin due to the sharp fluctuations in price.


Prices skyrocketed over the last 2 years as economic woes hit the world due to the pandemic and as leading businesses and financial institutions gave greater legitimacy to the currency by investing on a large scale, with firms such as Tesla buying billions worth of Bitcoin over the last year.


Kiana Danial, founder of Invest Diva, states:


"While in the long-term Bitcoin's price has generally gone up, we experience a lot of volatility along the way."


While Humphrey Yang, the personal finance expert and founder of Humphrey Talks, says:


"I know these things are super volatile, like some days they can go down 80%. But if you believe in the long-term potential of [Bitcoin], just don't check on it. That's the best thing you can do."


Adding:


"If you let your emotions get too much into it then you could sell at the wrong time, or you might make the wrong decision. You stress out about it, and I don't think that's a healthy way to approach it."


Bitcoin has recently even been adopted by nations such as El Salvador as legal tender, which has prompted investors to suggest that Bitcoin is moving further and further into the legitimate financial world, and that this can only be a good thing for long-term investors.


[h/t: NextAdvisor]


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Thinking Humanity: Bitcoin Price Goes Back Over $61,000, Suggesting That The Cryptocurrency Remains A Very Good Investment
Bitcoin Price Goes Back Over $61,000, Suggesting That The Cryptocurrency Remains A Very Good Investment
The price of leading cryptocurrency Bitcoin has rebounded after sharp falls earlier this year, leading many crypto-fans to announce that Bitcoin is st
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