Bitcoin and cryptocurrencies had few takers in the initial years after inception. However, the prices of Bitcoins and cryptocurrencies have sky-rocketed for the last few years. Investors gradually shifted from investing in Bitcoin wallet like banks and stock markets to cryptocurrencies. Bitcoin and other cryptocurrencies reached new highs during the 3rd quarter of 2021. The prices tripled even more for many coins. But suddenly, around the end of the 4th quarter of 2021, cryptocurrencies started to get the hammering and began profusely bleeding. Many investors lost all their hard-earned bounty.
Skeptical financial pundits voiced their opinion more, saying cryptocurrency prices soared due to hype. However, this is not true according to many other financial and social experts, and according to them, there are definite reasons why people trust more on Bitcoin investment. It is time to discuss the reasons for investor confidence in cryptocurrencies.
The wealthiest people can smell the source of profit more than others. When the wealthiest of the world, like Elon Musk, Sam Bankman-Fried, Brian Armstrong, and others, are investing heavily in cryptocurrencies, there is enough encouragement for others to trust investments in cryptocurrencies.
Cryptocurrencies are not hyped, and there are genuine reasons why people trust this new form of investment. Profits, the ease of trading, anonymity, and enhancement of social status make these coins more demanding, and more and more people are investing in them. Like the stock exchange, the crypto market may be bearish sometimes, but they bounce back, fighting all market odds. Thus investors gain more confidence in them, and the volume of investments is increasing daily.
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