Bitcoin has never refrained from amazing investors and buyers through their phenomenal marketing strategies. They happen to be on the top of the cryptocurrency market and are determined to remain on the top in the future by doing everything that they can. Bitcoin played a smart move by increasing its value at the end of the year after Christmas to gain buyers’ attention throughout the coming year. Bitcoin had faced a dip during the epidemic. Contrary to Bitcoin, Ethereum managed to maintain its value in the epidemic and, therefore, gained investors’ massive interest. Hence, Bitcoin had to come up with a strategy to regain that interest. Therefore Bitcoin started to have price hikes exactly before the New Year to have a welcoming start of the next financial year.
Cryptocurrencies get their value by the limited capacity of generating types of equipment that produce cryptocurrencies. Bitcoin rose in value above $28,000 for the very first time in history breaking all its previous records. After such increase it experienced excessive selling and demand in the market. There was a prediction that Bitcoin will not handle such a massive demand and, therefore, be decreased in value sooner or later. However, Bitcoin owners amazed such analysts by revealing that they are soon going to add up new equipment to manage and cater to the increasing demand for Bitcoin in the market.
This news basically means that Bitcoin will attain more sales, and therefore the price of Bitcoin will keep on rising throughout the coming year. There will be no shortage of Bitcoin supplies from the company. Bitcoin will, although invest millions of dollars in purchasing new mining equipment, but it will ensure that the purchases do not fall short of Bitcoin supplies. Having an ample supply of Bitcoins in the market is essential to maintain its market value. The decrease in supply will result in higher demand in the market. Once the demand is not met, the potential buyers will switch to its competitors. Bitcoin is determined not to let that happen anytime soon.
Excessive purchasing of Bitcoin during its uptime was also because people were suspicious that Bitcoin reserves will soon be utilized to their full potential, making it an even more significant asset.
This is good news for people who wish to purchase Bitcoin as they don’t have to worry about market shortages. They can purchase as many Bitcoins as they can afford. Almost 99% of analysts predict that Bitcoin is going to keep on rising at least 2022.