After some rocky weather, many analysts are predicting a new bull market for Bitcoin. If this is the case, what are the smartest investors doing with their Bitcoins?
From Record High to a New Floor
Bitcoin has seen some serious fluctuations in its history. This is what separates it from other cryptocurrencies called Stablecoins, whose value is pegged to a specific asset class or fiat currency. While stablecoins may maintain a flat exchange rate with the Dollar or the Euro, for example, Bitcoin’s price fluctuates according to supply and demand.
The idea behind Bitcoin was that it would be deflationary because it has a fixed supply. Once the last Bitcoin is released, then that is the last one, period. This is how the enigmatic Satoshi Nakamoto designed it. While this is the general idea behind this particular cryptocurrency, it has not always worked this way.
The coin was on a steady increase in value since its release in 2009. This took a strong uptick in 2017 and 2018, when the price of the currency increased by over 500%. At this point, it seemed like the alternative economists were right and that Bitcoin could serve as a deflationary safeguard.
However, it quickly dropped, even though it remained above its price before the big jump. During the following two years, Bitcoin remained on a more or less steady increase. This was fairly reliable until the COVID-19 pandemia when it skyrocketed to record levels, reaching a value of $56,000.
While the coin’s rise pumped up our hopes of a new crypto economy, this price did not last long. It dropped to a new floor in June 2022 and has continued on a steady rise since then, suggesting that we may be entering a new bull market.
What to Do With Them Now?
What to do with your Bitcoins given the current market really depends on where you think Bitcoin is headed next. This is where investing truly becomes an art form. Here are some things you can do with your Bitcoin, based on your analysis of the current market trends.
If You Think They Are Still Going to Go Up
If after analyzing the evidence, you think that the price of Bitcoin is likely to go up, then this is a great time to hold onto them or even double down on your investment. It could be a good time to set up a monthly investment if you think that Bitcoin will rise eventually.
The other thing to ask yourself is if you think it will go up in the short, medium or long term. If you are playing the long game, it is necessary to check the price every day. This will only cause stress. Rather, check back every few months just to make sure things are on track.
If You Are Not So Sure
If you are feeling bullish or uncertain about the future price of BTC, then your best choices will be very different of course. The best thing to do is to start investigating where to spend them online.
There are an increasing number of websites that accept Bitcoin and other cryptocurrencies. Whether it is Tesla, AMC Theatres, or Microsoft, you can find more and more opportunities. If you think that Bitcoin has grown in value, but that it will sink again, then this is a good time to spend them. However, if you are not sure about the price, you can always try some sites out to get a good mapping until you are sure.
For example, in the meantime, you can play these free slots for fun and practice. Right here you can play more than 7700 slots without depositing any of your Bitcoin. These free slots are legal, and you can play on any device you choose. Once you play free slots, you will get an idea of which ones are your favorites and how often they pay out. Some of the most popular free no-download slots are Cleopatra, Spartacus Gladiator of Rome, and Triple Diamond.
This is a good way to do some research if you are still on the fence about whether or not you want to hold on to your cryptos, or sell off.