Is Bitcoin Worth Buying in 2022?

Until 2022, stories about celebrities worldwide cashing in on cryptocurrencies ran rampant, despite many claiming the blockchain market was still a Wild West landscape, with dangers of regulation constantly looming. Still, according to a survey by Wealthramp, 43% of polled Millennials stated that 10% of their investments are in cryptos, with many claiming that the digital currency phenomena are here to stay, regardless of what the naysayers believe.

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However, in June 2021, things are not looking as bright, with Bitcoin plunging over 52% year to day, with one unit hovering around the $20,000 mark at the time of writing. That is a stark contrast to where the world’s original virtual money form was in November 2021, when it reached $61,500 per unit. Some contribute this to the idea that the novelty surrounding cryptos, in general, has started to dissipate, causing them to lose their appeal. Nevertheless, blockchain enthusiasts believe that this is only a short-term slump and that Bitcoin, in particular, is not only still worth buying in 2022, but it is up for grabs.

Experts Say Bitcoin May Hit $100,000 This Year.

The common opinion about the latest crypto market crash is that it got spurred on by investors feeling pessimistic about the economy during ongoing global inflation. Because so many people have invested in cryptos and blockchain-oriented companies over the past few years, the crypto markets have begun to increasingly track the US stock market, making it more than ever intertwined with worldwide economic elements.

That said, despite recent slumping prices and prime evidence of just how volatile Bitcoin can be, several top-end experts have stated the dominant digital coin will bounce back by the end of the year. Even Deutsche Bank projects that in five years, one unit of Bitcoin will be worth over $110,000.

The host of CNBC’s Mad Money, Jim Cramer, when asked on his show to share his Bitcoin price prediction, stated that he estimates that it will drop to $12,000. Jeff Gundlach, the famous billionaire fund manager, recently proclaimed that he would not be shocked to see the price of 1 BTC fall under $10,000, and Robert Kiyosaki of Rich Dad Poor Dad fame has expressed similar sentiments.

Be that as it may, this may be the best time in the past three years to stack up on Bitcoins. The global crypto market cap has shrunk threefold in the past seven months. Yet, many outlets speculate/expect that by December 2022 or January 2023, at the most, Bitcoin will make a triumphant return. But, if the economic recession continues, that will make all crypto markets fragile, the Bitcoin one included.

Bitcoin Is Still the Crypto King

Without question, Bitcoin reigns supreme over all other cryptocurrencies. It has a 42.48% market share, and going by numbers supplied by Crypto.com, over one hundred and fourteen million people hold Bitcoin worldwide in their crypto wallets. Hence, the value of these units represents the concentrated wealth of the 1% of affluent US residents who control a third of all US dollars.

Ethereum, focusing on the proof-of-stake idea, launched in 2015, six years after the birth of Bitcoin. It is now undoubtedly the initial cryptocurrency’s chief contender. But, its price is still one-twentieth of Bitcoin, that is so, despite the surge in popularity it has achieved in the past two years thanks to the rise of metaverses and non-fungible tokens.

Bitcoin’s dominance is evident by looking at the list of brands that accept it. It includes Microsoft, Home Depot, Whole Foods, Newegg, Overstock, Starbucks, and many others. Moreover, PayPal is also Bitcoin-friendly, and the super-popular mobile payment app this money transaction juggernaut owns and operates, Venmo, has a Bitcoin trading feature. The same applies to Cash App, another highly established piece of dedicated mobile transaction software.

It should be noted that casinos that use Bitcoins are growing and that people have been able to gamble with Bitcoin online since 2011 at crypto dice sites. Also, CoinMap lists all the cryptocurrency merchants and ATMs accepting Bitcoin on the planet in one map, making it easy for travelers to remove funds from their crypto wallets.

To Sum Up

Several tech billionaires are of the school of thought that Bitcoin derives its value from the Greater Fool Theory. That is the notion that amidst a market bubble, people can make money by buying overvalued assets and selling them later for a profit. That will always be an option since finding someone willing to pay a higher price should not be too hard, given the hype surrounding them. The chain will go on until no fools are left. Though, true believers in the crypto concept dismiss this idea and hold firm that Bitcoin is the future and that now is the perfect time to put some Bitcoins in your crypto wallet.

This article was written in collaboration with legit iGaming analysts.

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Sarah Meere

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Sarah looks after corporate enquiries and relationships for UKFilmPremieres, CelebEvents, ShowbizGossip, Celeb Management brands for the MarkMeets Group. Sarah works for numerous media brands across the UK.

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