The Journey to Reach ONE MILLION DOLLARS!!! Could Bitcoin reach a value of 100 million dollars?
I remember back in 2018, I wrote this text about my strategy to reach one million dollars by investing in Bitcoin. I still believe in this strategy, and here’s what I wrote at the time.
https://steemit.com/english/@juniorifoj/my-journey-to-reach-my-first-one-million-dollars-can-bitcoin-be-worth-usd100-million
Could Bitcoin reach a value of 100 million dollars?
Bitcoin and Cryptocurrency Markets: Then and Now (2024 Overview)
Bitcoin and Cryptocurrency Markets
2018: Bitcoin was gaining momentum, recovering from the dramatic 2017 bull run. Prices were highly volatile, and many were just beginning to learn about cryptocurrencies.
2024: Bitcoin and other cryptocurrencies have become more mainstream. Institutional investors, governments, and corporations are now heavily involved. Bitcoin has hit new all-time highs (surpassing $100,000 at one point) and is widely recognised as a store of value, often referred to as "digital gold."
Adoption and Regulation
2018: Cryptocurrency adoption was still in its infancy. Regulations were vague, and many countries adopted a cautious, wait-and-see approach.
2024: Regulations have become clearer, with governments worldwide implementing frameworks for taxation, trading, and integration into financial systems. Central Bank Digital Currencies (CBDCs) are being actively explored and developed, bringing digital currencies closer to everyday use.
Public Awareness
2018: Conversations around cryptocurrencies were primarily limited to tech and investment communities. The general public had minimal understanding.
2024: Blockchain technology and cryptocurrencies are widely recognised. Terms like NFTs and DeFi have entered mainstream conversations, and even those not involved in tech are aware of Bitcoin’s significance.
Financial Strategies
2018: Bitcoin was often seen as speculative and risky, with few considering it a serious long-term investment or hedge against inflation.
2024: Bitcoin is now part of diversified investment portfolios, used as a hedge against fiat currency devaluation and inflation. Its perception as a legitimate financial instrument has strengthened.
Global Economic Climate
2018: The global economy was relatively stable, with occasional geopolitical tensions.
2024: The aftermath of the COVID-19 pandemic, rising inflation, supply chain disruptions, and higher interest rates have reshaped markets. These challenges have made alternative investments like Bitcoin more appealing for those seeking stability and growth.
Technology and Accessibility
2018: Limited platforms existed for trading or investing in cryptocurrencies, and access was cumbersome for newcomers.
2024: Accessibility has improved significantly. Platforms like Coinbase, Binance, and PayPal make it easy for anyone to invest. The rise of DeFi (Decentralised Finance) platforms and innovations like smart contracts have broadened opportunities for engagement.
Community and Use Cases
2018: The cryptocurrency ecosystem was predominantly focused on trading and speculation.
2024: Blockchain technology now powers a variety of use cases, including NFTs, gaming, DeFi, and real-world applications in logistics, healthcare, and finance. The ecosystem has expanded far beyond simple trading.
Wealth Mindset
2018: Early adopters were primarily risk-takers and visionaries, willing to bet on an unproven technology.
2024: Today, a diverse group of investors, from retail traders to large-scale institutions, view cryptocurrencies as a key part of their financial strategy.
Timeless Principles Amid Changing Markets
The tools, market conditions, and opportunities have evolved dramatically since 2018. However, the principles of financial discipline, long-term thinking, and adaptability remain the foundation for success. If my 2018 strategy of investing in Bitcoin resonates with you, now might be the perfect time to reassess how these market changes align with your financial goals.