In the midst of the crypto winter, many investors are considering an important question – is it too late to buy Bitcoin? This guide will provide a detailed answer to this question.
We consider the performance history of BTC and evaluate its future potential to determine whether or not it is a good idea to invest in Bitcoin right now.
Cryptoassets are a highly volatile unregulated investment product.
Bitcoin Price History
Is it too late to buy Bitcoin? To answer this question, we should first analyze the historical performance of this digital asset. In the following sections, we break down the journey of Bitcoin.
Bitcoin Price – 2009 to 2017
Bitcoin’s story dates back to 2008 when an anonymous person known as Satoshi Nakamoto published the project’s white paper. However, the first transaction that gave Bitcoin monetary value was documented in 2009. According to records, in 2009, a Finnish computer science student known online as Sirius sold 5,050 BTC coins for $5.02.
In other words, when Bitcoin started, a single BTC coin was worth around $0.0009. By the beginning of 2013, the price of Bitcoin had increased to around $13. Throughout 2013, the price of Bitcoin rose, gaining about 8,700% in value, to reach $1,150 by the end of the year.
However, by 2014, the pace of growth weakened. Through 2015 and 2016, Bitcoin increased slowly, although with volatility. By January 2017, the price of Bitcoin had increased back up to $1,000 and skyrocketed to $20,000 by the year-end.
Bitcoin Price – 2018 to 2023
Bitcoin did not continue its rally in 2018. Instead, by the beginning of 2019, the price of Bitcoin was back to around $4,000. The cryptocurrency gained around 200% value in the first half of 2019 and hit $12,000 by August. For the next six months, the Bitcoin price hovered between $12,000 and $8,000.
Then the Covid-19 pandemic struck, and the financial markets plummeted in mid-March 2020.
Like other asset classes, Bitcoin also fell prey to a very brief bear market, losing around 50% of its value in less than 48 hours to trade below $5,000.
However, this dip turned out to be a temporary setback. After March 2020, Bitcoin went through explosive growth, ending the year at around $30,000. But this was just the beginning. A week into 2021, Bitcoin hit $40,000, and by March 2021, the value of BTC had increased to $60,000.
Bitcoin then went through a number of turbulent months before reaching an all-time high of close to $69,000, in November 2021.
In 2022, Bitcoin experienced a sharp rise, only to be followed by a swift decline that pushed its value down to the support level of $16.2k.
However, this year has seen a revival, with bulls stepping in and driving a 90% increase in value since August 2022. At the time of writing, Bitcoin is trading near $28.4k, having been above $31k in mid-July.
Bitcoin Highs and Lows
Below we have summarized the highs and lows of Bitcoin between 2008 and 2023.
- The first transaction of Bitcoin was recorded in 2009 – for a price of $0.0009 per coin.
- Bitcoin’s first upward trajectory happened in 2013 – when the price of BTC went from around $100 to $1,150 in a year.
- However, the price dropped in 2014 and moved sideways throughout 2015 and 2016.
- By 2017, Bitcoin went through another bull market, and its price increased to $19,000.
- But the price fell again in 2018.
- Since 2018, Bitcoin has experienced two years of relative inactivity and a downtrend until 2021.
- After going through a sudden market dip at the beginning of 2020, the price peaked at $69,000 in November.
- 2022 saw an exponential downturn amid market uncertainties when BTC fell toward the $16,200 support level.
- In 2023, BTC revived by over 90% to trade near $32k in July 2023.
- The price has since dropped and, at the time of writing is below $28.5k.
Bitcoin Performance in 2023
2023 has proved to be a challenging year for the global markets. The world economy is witnessing high levels of inflation, and the fears of a recession are causing concern for investors.
Moreover, rising interest rates have also led to a general reduction in investments. Due to these factors, the broader crypto market, including Bitcoin, saw an extended bearish phase.
However, as the broader market revived from the bearish pressure, BTC has been up over 90% as it broke the $30,000 resistance barrier and reached almost $32k in July.
The price has since dipped, however, and investors can buy Bitcoin for around $28,400 at press time. Despite falling around 57% from its all-time high, Bitcoin remains one of the decade’s best investments.
For instance, since January 2017, the value of Bitcoin has increased by about 1,500%. During the same period, the S&P 500 increased only by around 75%. Needless to say, there are only a few assets that offer such high returns.
Bitcoin enthusiasts hope that this ‘crypto winter’ is only a temporary dip and that the value of BTC will increase again – as history has repeatedly shown before – especially with the Bitcoin ‘halving’ expected in mid-2024.
Historically, the halving, where the rewards for each solved Bitcoin block are chopped in half, has driven huge volume and price gains, sparking large bull runs.
Analysts at global investment bank Standard Chartered have even predicted that BTC could be priced at $125,000 in 2024.
Bitcoin Price Prediction 2023, 2025, 2030
We have included a price forecast for the upcoming years to offer a long-term outlook for Bitcoin.
- End of 2023 – Some crypto analysts predict that by the end of 2023, Bitcoin could restart its bull run as the halving approaches. The price of Bitcoin could rise gradually between now and then trading at a max of $50,000.
- End of 2024 – The next Bitcoin halving is expected to occur in mid-2024, reducing the number of new BTC tokens entering circulation. And if the demand for Bitcoin rises, the price of BTC coins could increase even higher. According to some analysts, Bitcoin might even hit a new all-time high of $75,000 by the end of 2024.
- End of 2025 – Over the next couple of years, other altcoins could emerge to be more popular. However, Bitcoin adoption might also go up as it becomes more mainstream. As such, according to some analysts, Bitcoin could hit a value of $100,000 towards the last month of 2025.
- End of 2030 – By 2030, the crypto market is expected to become a disruptive force, with digital currencies being accepted as payment by many merchants. Should this happen, some analysts argue that the Bitcoin price could easily cross the $100,000 level. The most bullish analysts believe BTC could even reach $1 million per token.
Bear in mind that this Bitcoin price prediction is based on the past performance and future prospects of this cryptocurrency. However, there is no guarantee that the price of Bitcoin will move as speculated.
Therefore, investors should only risk the money they can afford to lose. Moreover, although Bitcoin could make a good addition to a crypto portfolio – it is wise to diversify into other digital assets to reduce the overall risk.
Bitcoin Utility – How Could it be Used in the Future?
Given that the price of BTC tokens has plummeted in the past year, is it too late to invest in Bitcoin? To answer this, investors should consider the future growth potential of this cryptocurrency.
Below, we discuss the key catalysts that could drive the value of Bitcoin in the coming years.
Growing Institutional Adoption
One of the most attractive characteristics of Bitcoin is its weak correlation to other financial assets – such as stocks and commodities.
This detached position offers Bitcoin an edge in the market, especially in terms of diversification. For instance, many investors choose to buy Bitcoin in order to hedge their portfolio against a potential market downturn.
Given this demand for Bitcoin, financial institutions have also developed many Bitcoin-focused securities. For example, there are several crypto ETFs that offer direct and indirect exposure to Bitcoin, in addition to derivates such as futures.
In recent months, dozens of spot Bitcoin ETFs have been applied for by major investment firms such as BlackRock and Fidelity – showing that institutional adoption of the token is not going away.
Real World Transactions
It is possible that Bitcoin could become a medium of exchange in real-world transactions. For example, some crypto enthusiasts have started learning how to buy a car with BTC in 2023.
- When making money transfers using Bitcoin, individuals can benefit from lower transaction fees and higher speeds, which makes it a good choice of digital currency for global remittance.
- Furthermore, many online merchants have also started accepting Bitcoin as payment. As of 2022, prominent companies such as Mircosoft, Tesla, Home Depot, Starbucks, and many others have partnered with cryptocurrency providers to accept BTC payments.
- In addition to this, we have also seen the emergence of Bitcoin casinos. The best Bitcoin gambling sites allow players to fund their accounts with cryptocurrencies, facilitating fast transactions and anonymity.
Some of these Bitcoin use cases were practically non-existent a few years ago. With the growing usage of smartphones and the easy availability of the internet, Bitcoin has become more accessible than ever.
Moreover, Bitcoin has a limited supply and has adopted a halving mechanism that can reduce the circulating pool over time. The next halving will occur in 2024, which can increase BTC’s demand and can help drive the price of Bitcoin in the future.
This halving will reduce mining rewards from 6.25 to 3.125 Bitcoin, a factor known to affect Bitcoin’s price in the past. For example, the 2012 halving triggered a massive price surge, with gains exceeding 1,000%. Similarly, the 2016 halving was followed by a substantial 280% increase in Bitcoin’s price in the subsequent months.
Growing Crypto Infrastructure
Is it Too Late to Buy Bitcoin? – What the Experts Say
Bitcoin might be the most popular cryptocurrency; however, that doesn’t mean all investors stand by this digital asset. In fact, some notable financial investors have raised their concerns about Bitcoin and the rise of cryptocurrencies.
Warren Buffett, one of the wealthiest investors globally, has a skeptical stance toward cryptocurrencies. On several occasions, Buffett mentioned that he believes cryptocurrencies are worthless and hold no intrinsic value.
At the Berkshire Hathaway annual shareholders meeting in 2022, Buffet was quoted saying:
‘If you owned all of the Bitcoin in the world and you offered it to me for $25, I wouldn’t take it.’
Well, that delivers a clear picture of what Buffett thinks about Bitcoin and other cryptocurrencies.
Bill Ackman is another prominent investor who shares the same view as Buffet. Ackman is the founder of the hedge fund management company Pershing Square Capital Management, and according to him, Bitcoin is a purely speculative asset that he wouldn’t invest in.
On the other hand, Elon Musk is confident about the prospects of Bitcoin. In November 2022, Musk tweeted that Bitcoin would make it through the crypto winter, although it might take a while.
Musk isn’t the only investor who is an avid supporter of Bitcoin. Michael Saylor, Barry Silbert, and Michael Novogratz are other well-known American investors who own Bitcoin and continue to believe in the rise of this cryptocurrency.
As is evident, there are mixed opinions in the market regarding the future of Bitcoin and other cryptocurrencies. Considering that the price of Bitcoin is severely influenced by social perception, it would be wise to pay attention to what popular investors say about this digital asset.
After all, a single tweet by prominent personalities can alter the landscape of crypto.
As mentioned above, institutional investors such as Standard Chartered and BlackRock are hugely bullish on the future of Bitcoin as an investment vehicle and in 2023 have continually advised clients to stack up on BTC.
Where to Buy Bitcoin
The answer to the question, ‘is it too late to buy Bitcoin?’ will ultimately depend on an individual investor’s trading goals. If they believe that Bitcoin has long-term growth potential, they can buy and hold BTC tokens for several years.
Alternatively, investors can also trade Bitcoins in order to profit from the short-term volatility of the digital asset. Regardless, investors must find a safe and secure way to buy Bitcoin. The best way to do so is via a regulated crypto broker – such as eToro. Launched in 2007, eToro is a leading provider of multiple assets, such as stocks, ETFs, commodities, forex, and cryptocurrencies.
eToro features a selection of over 70 popular cryptocurrencies – including Bitcoin. This broker allows investors to buy BTC with a bank account, debit/credit card, and e-wallets such as PayPal, Neteller, and Skrill. Moreover, eToro also supports copy trading, allowing investors to mirror the positions opened by other users on the platform.
If investors are looking to diversify, they can also choose a Smart Portfolio created by eToro. Smart Portfolios are curated collections of cryptocurrencies that tracks digital assets belonging to a specific theme or strategy. This is one of the easiest ways to create a diversified portfolio without having to handpick individual cryptocurrencies.
Moreover, eToro is regulated by the SEC, FCA, ASIC, and CySEC. In summary, when investors buy BTC with eToro, they can benefit from competitive fees and a secure trading environment.
Cryptoassets are a highly volatile unregulated investment product.
Is it Too Late to Buy Bitcoin? Our Conclusion
Is Bitcoin still a good investment? In a nutshell, Bitcoin continues to be one of the top choices of investors. In a span of 13 years, Bitcoin has gone from an obscure fad to a mainstream form of investment.
Given its success and future prospects, Bitcoin can be a viable option for those looking to gain exposure to cryptocurrencies, especially as it is considered one of the least volatile and risky investments in the space.
At the price of about $28,000 as of writing, many experts argue that Bitcoin is one of the most undervalued cryptos available right now, with many institutional analysts believing BTC will go to six figures and beyond in 2024, amid the next halving cycle.
However, it might be some time before we witness monumental growth like the bull market of 2020-2021. That being said, if investors are looking for cryptocurrencies with the maximum upside potential, there are certainly better options out there, although they come with a higher risk factor.
Why Wall Street Memes Could Be a Better Investment Than Bitcoin
As we noted above, Bitcoin has already positioned itself as a strong contender in the crypto market. Nevertheless, investors should also consider diversifying their crypto portfolio to mitigate the risks and increase their chances of making profits.
To find the best altcoins with the most upside potential, investors can keep an eye out for crypto presales.
Crypto presales offer the opportunity to invest in new and innovative projects. Moreover, crypto presale tokens are sold at a discount, and they cost only a fraction of the price of Bitcoin.
Below, we have included an overview of Wall Street Memes, a meme coin alternative to Bitcoin that has been gaining traction among the crypto investment community.
Wall Street Memes – Meme Coin Presale that has Raised $25 Million in 11 Weeks
Wall Street Memes ($WSM) is a leading Bitcoin alternative as it is likely to offer more explosive growth and potential for high returns than BTC.
It is a much riskier investment option than Bitcoin, but the project has been developed by a team with a long track record of success in the space and has already caught investor attention – raising $25 million in its presale in just 11 weeks.
Presales are like IPOs in the stock market, where buyers invest in a token before it has hit the open market. Projects do this to raise funds and awareness before tokens can be freely traded.
Wall Street Memes has enjoyed huge success so far because of its stellar team, which has built a social media following of more than a million and has previously released two hugely successful NFT collections.
The Wall Street Memes Twitter account also has a fan in Elon Musk, who has interacted with its posts on multiple occasions.
The Wall Street Bulls NFT collection sold out in only 30 minutes and the team is now offering a meme coin with vast potential.
It has some key differences to other meme coins such as Dogecoin and Shiba Inu, however – unlike those two it has a limited supply of just two billion tokens, with 50% of those available during the presale.
Another 30% has been reserved for community rewards, which includes an ongoing $50,000 airdrop and staking that will incentivize holding and allow the project to enjoy good long-term health.
The final 20% has been reserved for liquidity when the project is launched on exchanges, with the IEO expected to see explosive growth after launch.
In summary, Bitcoin remains the de-facto cryptocurrency of choice for many investors and as such, will likely remain the largest digital asset by market capitalization. At current prices, Bitcoin represents a major bargain, at least when compared to its prior all-time high.
With that said, diversification is key in the cryptocurrency markets, and thus – many investors consider alternative projects in addition to Bitcoin.
In this regard, Wall Street Memes has the potential to become one of the fastest-growing cryptocurrencies as we move into 2023.
It is a new meme coin that has already raised $25 million in its presale in just 11 weeks. It is backed by a huge social media following of more than a million and the team also has a long track record of success in the space.