Hi Friends,
Majority of people are talking about in the crypto world that bitcoin will go below $5000, maybe somewhere between $1000 - $3000 but you don't need to panic and sell your bitcoins. Bitcoin is not going to go anywhere so just calm and stay in with a patience to gain good return on your investments.
Currently Bitcoin (BTC) is trading at US $ 6258.00 at the time of writing this post. You should definitely invest more in Bitcoin and potential altcoins in this price since it is a very good entry point for the longer run if you are willing to hold it for atleast 3 years time and can expect 50x - 100x returns.
There are two main strong reasons why bitcoin cannot go below $5000 but can touch $25000 by this year end and continuously touch new highs as and when new funding keeps coming in our crypto market.
In most of the developed countries mining cost is above $5000
The mining cost of Bitcoin is above $5000 to mine 1 BTC. For e.g. At the lower end of the spectrum were countries like Trinidad and Tobago ($1,190 to mine one BTC), Kuwait ($1,983), Belarus ($2,177), and Bangladesh ($2,379).
At the opposite end of the spectrum were countries like Belgium ($13,482), Cook Islands ($15,861), Marshall Islands ($14,751), and South Korea ($26,170). The United States was $4,758, the U.K. was $8,402, and crypto currency mining hub China was just $3,172.
See the country wise chart below
[Credit - https://www.elitefixtures.com/blog/post/2683/bitcoin-mining-costs-by-country/ ]
SEC To approve Bitcoin ETF to trade on brokerage houses
There is a strong probability that SEC Will approve next month in August that Bitcoin ETF now can be traded in traditional brokerage houses and once that starts happenings. We will see huge investments coming in from all types of investors whether they are institutional or retail investors. This move will increase the confidence of investors investing in Bitcoin and they will be assured by SEC their funds are kept safe.
[Read more here - https://bitcoinist.com/3-reasons-sec-bitcoin-etf-next-month/]
So let's not panic and keep our fingers crossed for the target of $25000 by end of this year.
Leave your comments/up votes to tell me what's your opinion on the above mentioned reasons?
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