Can Bitcoin Still Make You Rich?

Forget the recent market decline. If you look at returns in the last decade, Bitcoin is still the best asset to invest on over gold, the S&P500, Silver, Oil and all.

What could the investment return over the long term?

Surely the time to buy is when there is money to invest but a close look at the price of an asset would help you to make a more profitable decision.

For example, if you had bought at the top of Bitcoin price in December 2017 when it approached $20K, as we stand today, that would have still made a bad decision. But in the long term, it could still be a valid entry point if you manage to Hodl the bag all the way.

Speculators say that the price of Bitcoin will reach new all-time highs by the end of the year, maybe in the range of $30.000 to $50.000. If you had bought in Dec 2017 that would still give you a return of 50% to 150%. Not too bad, right?

Of course, this is only speculation so please treat it only as a possibility that might not be so far from reality, knowing Bitcoin lifetime pricing, its volatility, and its popular resilience.

If you follow the market, you would know when to enter and when to exit or “HODL” for years. For example, if you had bought in January 2017, the price would have been just over $750. By the end of the same year, you could have made a profit of 2500%!

It’s maths.

Of course, this is if you had not bought earlier when more realistically Bitcoin millionaires probably purchased the cryptocurrency, between 2013 and 2016 when the price range was between $100 and $300 (with only one massive peak at the end of 2013 when it reached $1150. The price then dropped drastically resulting in the longest Bitcoin bear market of 2014 and 2015).

At $300 price, you would have smashed a 6500% return! That’s how Bitcoin millionaires were made.

But guess what, most believe the chances are not over yet. If we saw 20x returns in the past, why would we not see them again? Who’s to say the next bull market won’t be even more impactful on Bitcoin price and will give 20x, 30x or more?

There are those who believe that the Bitcoin price will be $100,000 to $1,000,000 in the next 2 to 5 years. John McAfee swore he will eat his d!ck on National TV if Bitcoin does not reach $500,000 before July 2020.

He might have a very valid point. In May 2020, the halving event will happen on the Bitcoin blockchain and that will make the asset even more scarce than it already is. What it means is that the number of Bitcoin mined in one block will be reduced (by protocol) from the current 12.5 to 6.25.

Scarcity always makes an asset more desirable by nature.

Will we see the run to buy Bitcoin in the next 12 months? Or will we have to witness a shocking event on National TV? Either way, it won’t be a boring year for the cryptocurrency market.

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