Is Buying and Holding Bitcoin is Worth it in 2024

A bitcoin is a cryptocurrency that may be considered as virtual money and can be used for investments, and it can also be exchanged in many areas to purchase goods instead of real money.

This bitcoin has attained a place worldwide, and it continues to sustain the place, but now the market of bitcoin is not good when compared to early stages, in 2024 people have seen ups and downs in the bitcoin market because of this reason people think a lot about investing in bitcoin and cryptocurrency.

Will bitcoin be worth it to invest in in 2024?

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The pandemic situation and work wide lockdowns and uncertainty in markets due to covid19 in all the fields have made all the industries suffer a lot. Even some cryptocurrencies have lost their prices, whereas bitcoin has improved in its market share values. It is very difficult to predict whether this kind of cryptocurrency investment is good or bad because market values may go down anytime.

But some investors are trying to make some profits in their investments that are made in a wide range, and hence these investments may change anytime, and no one can predict the changes. Click here to know more about bitcoins and cryptocurrencies and the current situation of bitcoin in the worldwide market.

In order to know the present situation, it is necessary to know the history of this bitcoin first. The first cryptocurrency was invented in the year 2009, the first cryptocurrency was named bitcoin, in the start bitcoin, was priced at $0, only a few people were using these bitcoins. After 2013 it was used for the purchase of goods and pizzas, a pizza company has started providing pizzas instead of bitcoins at the start of 2010. In 2013 these cryptocurrencies started attaining popularity and because of this, the prices of bitcoins increased slightly. This price increase let bitcoin settle at $1000 for a long time.

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Now you must be surprised to see this kind of hike in prices that bitcoin had in earlier stages. After this, a great event called bitcoin halvings happened, and after this, bitcoin values hiked 20 percent higher than the early stages. The value was around 19000$ after the completion of this event. But a slight crash has made bitcoin lose its price, and it went on to $5000 at the beginning of 2024. From that time till now the prices remain the same.

The new launch of coin switch kuber has made the bitcoin investments effortless and it has also made people invest in cryptocurrencies. Already millions of sellers and marketers have also joined the campaign in 2024, and they have made enough money by joining bitcoins. It can also be invested in many platforms to make an effortless profit. Some experts have predicted that by 2024 bitcoin may increase in prices, and the values may go nearly (72 lakhs).

So there is a chance for people to invest in bitcoins and gain some profit, but this market is always unpredictable, but it may crash in price at any time. While investing in bitcoin is a risky task because this market may crash, or even a single hack can destroy your bitcoin completely.

Your bitcoin may become a no-resource coin. If a hard drive crashes, then you will be in trouble. In the history of bitcoin, it has seen many painful crashes and also losses in many situations, but it has retained the market after every crash.

It was the first digital asset to rule the entire industry. So the decision to invest in bitcoin can be chosen by an individual whether they should invest in it or not. Everything is dependent on the individual.

The global pandemic and the situation of bitcoin due to global pandemic

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Many people think that the economic crisis that is made due to covid 19 has made bitcoin attain a stronger position, and many investors have resorted their funds into bitcoin. Companies like Tesla, Micro strategy, and Square crop have made this decision to place their fund in bitcoins against the inflation that is happening in today’s situation. Usually, this halving will happen to increase the market and price of that particular crypto, but the 3rd halvings have made the bitcoin values decrease from 12.5 lakh BTC to 6.25 Lakh BTC in 2024 May.

The circulation of coins has been reduced, and because of this, the demand was very high. After the completion of the rally, bitcoins have started touching new heights. It is crossed $20000 in 2024, ending and crossed $40000 in January 2024, and globally it started trading from $54000 at present. But there may be a crash, and this bitcoin may fall at any time. Many people have suffered by losing their coin values, and this loss can never be replaced.

A single crash will make you lose everything, and this is not a government organization, or the bitcoin is not approved by government, so it is necessary to be very careful while investing in bitcoins.

This cryptocurrency was rejected by many people, and it did not have any popularity among all the people. But now, the values have increased a lot globally, and become a global trend in today’s situation. Many financial companies and institutions have agreed on bitcoin as a payment method. Jp Morgan and PayPal are providing and accepting bitcoins and bitcoin services. Bitcoin rally can be supported for 2 reasons, namely the global trend and the better trust.

Final Words

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Bitcoin is a cryptocurrency, and many investments can be made using this digital money, but the rise and fall of the markets are unpredictable. If you are lucky enough, then you can become a millionaire. The investment of bitcoin can be made by an individual according to their wish because you have to be very smart before investing in bitcoin. On the whole, these investments can be made by taking advice from an expert, or you can do thorough research before investing it in bitcoin.