In recent years, Bitcoin virtual currency is receiving great attention from the Vietnamese market and the world. The Bitcoin community is always seething with the problems that Bitcoin is facing.
Both positive and negative, but in general, all reviews and views help contribute to making Bitcoin develop into a popular cryptocurrency in the future.
1. What is Bitcoin? What problem was it created to solve?
Bitcoin is currently the most popular cryptocurrency. The problem Bitcoin is trying to solve is an important problem not only bitcoin but the whole world is facing.(the future of Bitcoin)
Leo Tolstoy said, money is a new form of slavery.
If you control a lot of money, you also have a lot of power. The huge amount of money in circulation is mainly controlled by banks and they hold the power of inflation. Money as a method of controlling product prices in the whole economy (Donk, 2017).
Centralization and institutional control of money is the problem Bitcoin is trying to solve.
Bitcoin, like many other cryptocurrencies, empowers its owners because it does not depend on any institution or bank.
By peer-to-peer (P2P) and decentralized, it allows anyone to transact without the need for third parties to participate. Cryptocurrencies allow users to act anonymously and this eliminates the controllability of conventional currencies by financial institutions.
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2. Top 6 Bitcoin Price Predictions
2.1 Predictions by Mike Novogratz – Galaxy Digital
Mike Novogratz once joked that he would hang himself if BTC didn’t hit $20,000 in 2020. Fortunately, his prediction was correct. And this 2021, in a tweet he sent to actress Maisie Williams, he confirmed that Bitcoin will reach $65,000 this year.(Read more: cryptocurrencies attracting investors)
2.2 Forecast of the Stock to Flow PlanB . model
PlanB’s Stock to Flow model is a native BTC pricing model proven and developed by PlanB. According to this model, Bitcoin is on track to surpass $100,000 by December 2021.
2.3 Predictions of major banks
Wall Street used to be very skeptical of Bitcoin but now things are different. According to a leaked analysis from technicians at Citibank, Bitcoin price could rise to $318,315.72 in September.
2.4 Mike McGlone Bitcoin Price Prediction Dự
Mike McGlone is quite optimistic about Bitcoin’s prospects in 2021. He thinks $50,000 will be different from bitcoin’s target this year.
2.5 Bitcoin price prediction of longforecast site
This page has really impressive predictions specific to each month in 2021
- Bitcoin price prediction by longforecast site
Now that Bitcoin price has broken the $30,000 level, trending stronger than expected, where will Bitcoin price go at the end of 2021?
3. Why buy Bitcoin and a beginner’s guide to buying bitcoin
There are 2 main reasons why you should buy Bitcoin:
1st: Bitcoin’s Intrinsic Value and Characteristics
The characteristics of bitcoin as we know it include:
- Decentralization: There is no authority to govern bitcoin
- Easy to set up: No need to go through the same steps as a ddeer bank without setting up a Bitcoin wallet.
- Anonymity: Bitcoin holders do not need to declare their names and personal information
- Transparency: Every transaction is stored on a digital number, also known as the blockchain, the ledger that tells you everything.
- High security: The security of the blockchain network is extremely high
- Low Transaction Fees: Unlike fiat money, trading cryptocurrency or Bitcoin has extremely low fees
- Cannot be faked: Bitcoin does not exist in physical form so it cannot be counterfeited
These are the properties of bitcoin and it is also intrinsic value. Possessing these properties makes Bitcoin more and more popular. We are entering the digital age, specifically as the current pandemic, the economic blockade has frozen everything. How do you get out to the bank when it’s closed?(Read more: buy bitcoin stock)
How can you shop online if you don’t have money in your online payment account? Those things have made people start thinking and thinking more about this decentralized online payment currency. So owning Bitcoin is like owning the technology of the future. Why not?
Second: Attractive investment channel
There is no denying that bitcoin is an attractive investment. The 2020 performance proved it all, far ahead of any other major asset.
Moreover, Bitcoin is currently receiving a lot of support from people. Both individual investors and large institutional investors. Given this euphoria, it is very likely that bitcoin will rise again this year. The predictions above point to that as well. So if you were to ask me if the first 2021 is the best investment I would say it is Bitcoin.
Bitcoin ROI vs Gold and S&P 500-source: CoinDesk
Step-by-step guide to buying bitcoin online for beginners
Below I will guide you to create a BTC margin trading account on Mitrade. This is the exchange that I am trading with and does not charge commissions. Mitrade makes me feel very secure in trading when it is regulated by a world-renowned financial institution, ASIC&CIMA.(Read more: priceaction / ema and fibo, macd)
- Return rate
The process of opening a Bitcoin account and filling in personal information takes only a few minutes. I will guide the steps in more detail:
1️⃣ At trading account
With Mitrade, you will have 2 account options
Demo account
Free $50,000 virtual currency available to practice trading. If you are a new investor, you can familiarize yourself with the platform and learn how to trade with this risk-free account.
Real account:
If you want to start profiting from real trading with your own capital, this is the account type that meets your needs with free trading tools such as sentiment indicators, economic calendars, Technical reports, analysis from experts VV Also, invite your friends to trade on Mitrade, You can earn up to $500* reward for each friend you refer.(Read more: stochastic tool)
2️⃣ Deposit and trade with small capital
As a new trader, you will surely be swept away by flashy profits. The desire to get rich makes you pour all your capital into one trade. My advice is not to, instead trade with small numbers first.
Get acquainted with BTC, with its volatility and once you get the hang of the trend then start trading with larger capital. Of course, you have to fit the risk that you can tolerate, but not all.
The exchanges all have regulations on the deposit amount and minimum trading volume, which is very user-friendly for new users. For example, the minimum deposit on Mitrade is $50 and the minimum trade volume is 0.01 lots – which means you can start trading Bitcoins with $50 at current Bitcoin prices.
Mitrade offers many deposit/withdrawal methods and has been linked with most Vietnamese banks, you can deposit/withdraw with local cards. Your deposit is protected under the strict requirements of ASIC (Australian Securities and Investments Commission) & CIMA (Cayman Islands Monetary Authority).
3️⃣ Learn how to analyze charts:
This is an extremely necessary skill in BTC trading. Fortunately, Mitrade has provided you with an extremely detailed chart that updates in real time.
There are also many more in-depth trend analysis articles, read and learn carefully. Build yourself a quick analytical skill to be able to make the right decisions.
Mitrade offers many different markets, diverse trading products with an easy-to-see interface. Along with that, real-time continuously updated charts are very suitable for portfolio diversification.
4️⃣Close transaction & Withdraw profit
End the position when the Bitcoin price matches your expectations. If the trend goes against your prediction, ending your position early will help you reduce your risk. Of course, a more effective way to manage risk is to use the free risk management tools and the position will automatically close according to your settings.
4. Will Bitcoin price continue to increase in 2021?
That is certain and it was confirmed in the first days of 2021. According to Bloomberg, “digital gold” rose 7.8% in the trading session on January 3 to $ 34,182.75. Although earlier in December of 2020 it rallied nearly 50% to break its 20.00% mark.
- Learn to analyze charts
Since breaking the top of $20,000 bitcoin has become extremely attractive. Specifically, Grayscale is raising its Bitcoin hoard to 3 times the amount in December 2020. This is the reason why the bitcoin price is pushed to a peak.
- Data from tradingview
Figures from tradingview show that less than a week of 2021 bitcoin has had a 17.38% performance. 2021 is only a few days into it, it’s hard to say anything. But before the current situation when the epidemic is still a mystery. Variants of Viruss are appearing more and more and a vaccine is still what everyone is waiting for.
Contrary to this pessimism, the cryptocurrency market is constantly receiving exciting news. As paypal accepts cryptocurrencies, large funds invest and hoard Bitcoin, countries begin to research on cryptocurrencies..etc. All have created a huge attraction for bitcoin, and to preview this flourishing predictions of Bitcoin will look like.
Mitrade-Regulated by ASIC&CIMA, Low Transaction Fee>>Trading Bitcoin Now
5. Looking Back at Bitcoin in 2020
2020 is indeed a memorable year not only for Bitcoin but for the entire market. The pandemic has affected the entire economy. But it is also the pandemic that has helped some companies benefit, such as those in retail and online shopping.
Bitcoin is an asset, it also skyrocketed in price during the pandemic. Rise to be the best performing of the major assets. The most regrettable thing is that it was not able to beat the 2017 price peak in 2020. It had to wait until January 2021 to set a new price record at more than 31,000 USD.
First of all, the pandemic crisis in March. When all the markets went down rapidly. And bitcoin was no exception, however soon it had an impressive recovery. At this time, Bitcoin is considered as gold for crypto believers. They buy Bitcoin as a safe haven asset. And that stimulated the market, causing Bitcoin to recover well.
Next is the Bitcoin Halving event on May 11. The history of previous halvings has recorded a strong increase in the price of Bitcoin. And this time too, bitcoin really surged after the halving.
Finally, there is the acceptance and favor of Bitcoin in 2020. This is also the main reason why the price of bitcoin skyrocketed. Large institutions like Grayscale, Microstrategy have spent hundreds of millions of dollars to buy BTC. This is impacting the market and increasing the demand for Bitcoin.
Another notable news for Bitcoin’s growth is the participation of Paypal. The world’s largest online payment service channel has launched the acceptance of cryptocurrency transactions with initial support coins: BTC, ETH, BCH and LTC.
It was the presence of Paypal that helped the entire cryptocurrency market stand up. The trustworthiness of paypal is the catalyst that makes people more interested in bitcoin, even changing the way the digital currency is viewed.
Looking at the facts, it is undeniable that bitcoin has outperformed any other asset class during this Covid crisis. In 2020, it is considered a leading investment channel, although precious metals such as gold and silver may take the throne, it cannot be equal to Bitcoin.
To sum it up, Bitcoin is up nearly 300% in 2020, a performance that couldn’t be more impressive.
6. Bitcoin interest in Vietnam
Obviously, since Bitcoin was first released in the world in 2009, it was not until 2010 and 2011 that it was first noticed in Vietnam. However, at this time it has not returned to Vietnam, everything just stops at the level of ordinary search.
The Vietnamese community at this time seems to be very skeptical about this coin, in 2012 almost no one searched about Bitcoin in Vietnam.
By the end of 2013, Bitcoin arrived in Vietnam through Bitcoin Vietnam and partnered with Bits of Gold, an Israeli startup. And from here Bitcoin began to develop in Vietnam and flourished until mid-2014.
Since mid-2014, the Bitcoin market in Vietnam has been mixed up because of issues related to legality in Vietnam. At this time, the market in Vietnam went down and quieted down.
It was not until 2017, when the worldwide Bitcoin market exploded, that it returned to Vietnam strongly. Search volume skyrocketed, reaching record highs and all-time highs.
However, it is thanks to this that fraudulent organizations have taken advantage of fraud to redeem themselves. Once again, Bitcoin is under scrutiny from the Vietnamese community.
But unlike other times, the features of blockchain technology have been confirmed in the world. Bitcoin lovers in Vietnam still believe in its development.
In 2018 and 2019, although the search volume did not skyrocket, it remained stable. Show a deep interest of Vietnamese people, no more hype and trending searches like in 2017. Everything is stable again and is getting better and better.
And the past 2020 has been a most memorable milestone. In the face of the pandemic, no one dares to think of a good future for the cryptocurrency, which is receiving many skeptics.
But things have changed, recovering from the economic crisis in March, Bitcoin has proven itself as a safe-haven asset and a good hedge against inflation.
Proof of that, Bitcoin searches spiked in November as its price hit key resistance levels. And now the search trend is getting higher and higher. No longer a curiosity, what people are looking for is how to invest in Bitcoin.
This is even more evident with the latest worldwide search volume statistics. Vietnam ranks 43rd out of 64 countries or regions with search volume.
7. Is Bitcoin a Financial Bubble?
Famous economists often refer to bitcoin as a speculative bubble. Specifically, American economist and former Fed chief Alan Greenspan called bitcoin a bubble with no inherent monetary value.
Economist, economist Robert Schiller claims that bitcoin shows many of the same characteristics as economic bubbles.
Journalist Matthew Boesler dismissed popular opinion in society and said that the rapid growth of bitcoin is normal economic development processes.
Journalist Timothy B. Lee wrote in a note for the Washington Post that sharp price rises and falls are not a definition of an economic bubble.
And looking at them and the fact they are now we can also see that Bitcoin is not a financial bubble. It is volatile, sometimes very volatile, but that is the nature of the cryptocurrency market. A capital market is directly affected by supply and demand. Bitcoin is on the rise right now, and a lot of investors fear it’s just a financial bubble.
But no, according to expert Moya, he asserts that the support for Bitcoin’s price increase is sustainable.
8. Conclusion
Bitcoin is an asset and it is as ready to exist in the world as gold and free from the speculative concept that has long been associated with it. It would be right for people to treat it as a serious and long-term investment.
Obviously, Bitcoin has come a long way since its invention in 2009. It deserves to be the king of the crypto world. Bitcoin almost never disappoints its followers.
In the face of strong growth potential, Bitcoin is increasingly asserting its position for everyone. Continuously peaking in the early days of 2021, it is too early to say anything but the positive is what everyone sees with this digital currency.
If you are just starting to invest in Bitcoin, choose a reputable exchange to ensure your benefits. In my opinion, Mitrade trading platform is a very potential option because:
- Regulated by ASIC
- Leverage up to 1:200
- No commission fees, hidden fees
- Tool to support negative balance protection
- Competitive spreads
- Transactions 24/5, anytime, anywhere
- Fast and reliable deposits & withdrawals
- Many bonus programs with attractive incentives
- Very flexible: fast payback, timely portfolio adjustments
- Possibility to sell short: there is an opportunity to make money both when the market goes up or down.
Do you lack trading confidence?
Don’t worry, Mitrade will help you with this with a DEMO account and provide 50,000 free virtual coins to practice trading. In addition, you can start trading with as little as 0.01 lots and capital as low as a few US dollars using the leverage mechanism.
In addition, Mitrade currently has many attractive and outstanding promotions such as:
You can also make a small investment to gain experience!
On Mitrade, the minimum trading volume is as low as 0.01 lots, the minimum initial investment is as low as 50,000 VND, which is very suitable for new traders with low capital and not yet confident about trading.
All initial margin and trading volume of market types like Cryptocurrencies, Forex, Gold, Crude Oil etc. All are different, find out for yourself on the Mitrade platform.
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The content of this article is the author’s personal opinion only and does not necessarily mean investment advice. The content of this article is for reference only and readers should not use this article as any investment basis. Investors should not use this information as a substitute for independent judgment or to make decisions solely based on this information. It does not constitute any trading activity and also does not guarantee any profit in trading. Mitrade will not be responsible for any results based on this article. Mitrade also cannot guarantee the 100% accuracy of the content in this article.
