Bitcoin heads for new all-time high

Just a few months ago, cryptocurrency in general and Bitcoin in particular were considered dead by financial experts. However, this is no longer the case. On the contrary, the cryptocurrency is currently heading for a new record.

Bitcoin with its old strength

Anyone who owns a full Bitcoin wallet can consider themselves extremely lucky at the moment. After all, the value of the cryptocurrency is currently rising almost unstoppably. We first reported in mid-February 2024 that Bitcoin had passed the magical USD 50,000 mark. However, this was by no means the end of the road, but possibly just the beginning. Now the price has risen once again and stands at around 61,500 euros. (As of March 05, 2024). This is a new record in the eurozone. All signs indicate that the cryptocurrency will soon also set a new record in the US dollar currency.

This is currently still at 69,000 US dollars. In view of the current value of USD 66,500, this target is likely to be reached soon. But how can this unexpected comeback be explained? There are several reasons. Firstly, it is now possible for investors to invest in Bitcoin ETFs. This gives the cryptocurrency significantly more respectability, which naturally increases demand. However, the slowly approaching shortage of bitcoins will have a much more significant impact. Some people have now rushed to buy as they are afraid of running out of Bitcoin. Of course, the providers of the ETFs in question are also taking action. Together, this has caused the price to virtually explode.

Investment with risk

With the price explosion, some people are naturally asking themselves whether they shouldn’t jump on the Bitcoin bandwagon of success. Before you invest too hastily, you should first take a deep breath. Anyone investing in cryptocurrency should not see it as their retirement provision. The investment is simply far too uncertain for that. The price developments in the past make this clear. After all, these have shown that Bitcoin can suddenly plummet again. In June 2022, for example, the currency was in free fall and at one point was well below USD 20,000.

That was in June 2022 – just over six months after the previous record high. So if you really want to speculate with this rather uncertain investment, perhaps use your 13th monthly salary or another unexpected gift of money. Then the investment can be seen as a kind of gamble and a total loss would still be acceptable. Everyone else should rather invest in traditional investment models or hope for the next low in Bitcoin so that they can buy the cryptocurrency at a more favorable time.