Why is Bitcoin so Expensive?
Dear Bitcoiner,
I get this questions over and over again.
Here is my simple 3 part response to why bitcoin is so expensive.
Are you in your early 20s looking to invest in bitcoin but do not know why it is so expensive?
Here are the reasons and why you should understand them so that you can buy some at the cheapest possible prices and ultimately retire in your 30s:
Bitcoin reached an all time high price of 1 btc = $69,000 USD in November 2021.
You might be asking yourself why is 1 bitcoin worth that much?
Bitcoin is so expensive for these reasons:
Reason #1: Scarcity
Bitcoin's code enforces a strict limited supply of 21 million bitcoin to ever be in existence. Everyone on Earth is bidding on bitcoin to buy a piece of the pie.
Reason #2: New Market Participants
Bitcoin has periods of really high price increases. Most recently going from $3,000 in 2020 to $69,000 in 2021. This brings new buyers into the market that are buying up the limited supply of bitcoin which ultimately raises the price floor.
Reason #3: Less Risky As Time Goes On
Bitcoin now has over 13 years of history to prove its not just some childish computer project. The more time that goes on, the less risk will be associated with it, which ultimately drives price up as more investors see the reduced risk and invest more into it.
Now that you understand the reasons why it is so expensive, follow these tips I outlined to buy at the cheapest possible prices.
Imagine owning bitcoin that you bought for $20,000 and in 10 years it will be worth more than $1 Million?
Sounds crazy I know, but this is what experts are currently saying according to the 3 reasons I outlined above.
Happy Saturday,
-Pod
BUY BITCOIN RIGHT NOW
I personally use Swan Bitcoin to purchase Bitcoin! Use the link below to get $10 free dollars worth of Bitcoin. Takes less than 5 minutes to sign up.
If you find any value in The Bitcoin Letter, please subscribe and tell a friend. By subscribing, you will be sent easy to understand information about Bitcoin along with any relevant news daily. That’s it. IT IS FREE AND I WILL NOT SPAM YOU!
Eric Podwojski
Founder, Bitcoin EDU
Twitter:Â @epodrulz
