Interest in Bitcoin Grows From All SidesRyan Tucker
Buoyed by all the news coverage of Bitcoin’s halving, interesting in Bitcoin and cryptocurrencies continues to grow from all areas. And with Bitcoin flirting with once again breaking the $10,000 barrier, this year could be the biggest year for Bitcoin and cryptocurrencies since 2017.
Search volume queries for Bitcoin’s halving were far higher this year than in 2016, indicating significantly higher interest in Bitcoin. Back during the last halving, in the summer of 2016, Bitcoin was worth about $650, so it wasn’t exactly worthless. But because Bitcoin and cryptocurrencies hadn’t hit the mainstream yet, interest was far more subdued. This time around was different.
Because Bitcoin is much more popular now, and because its price history is far better established, prices moved to take advantage of the halving. After all previous halvings, Bitcoin’s price has gone on to increase significantly. Many investors and speculators bid up the Bitcoin price in advance of this year’s halving, so the initial price increases may already have been baked in. But we’ll see in the coming months just how popular cryptocurrencies will get, as increased safe haven buying should increase as the economy tanks.
In addition to general interest in Bitcoin and cryptocurrencies, professional investors have renewed their interest in cryptocurrencies as well. Before the Bitcoin halving, open position in Bitcoin options surpassed the $1 billion mark for the first time ever. That’s a very encouraging sign that Bitcoin remains popular with professional investors, and is yet another stamp of approval that Bitcoin has entered the financial mainstream and is here to stay.
For those interested in investing in cryptocurrencies, and particularly in investing through long-term investment vehicles like a cryptocurrency IRA, all the news of increased interest in Bitcoin can only be seen as a positive. Cryptocurrencies have made great strides over the past several years, and have become mainstream assets on par with precious metals, stocks, bonds, and real estate. And as more investors look for stores of value in the coming months and years, the future for cryptocurrencies should look even brighter.