Bitcoin Just Hit $46,000… What Comes Next?
Yesterday, Tesla announced that it has bought $1.5 billion in Bitcoin and will soon start accepting Bitcoin as a payment option.
The announcement sparked a massive spike in Bitcoin’s value, taking it to record-breaking levels.
At its peak yesterday, Bitcoin traded at just over $48,000. As I write this, one BTC is worth over $46,600… still almost $5,000 greater than it’s early-year peak.
That type of Bitcoin investment by such a massive name is unprecedented. It comes after CEO Elon Musk threw his weight behind Bitcoin and other cryptocurrencies within the last couple of weeks.
We talked about this a few days ago. Last week, Elon predicted that Bitcoin is “on the verge of getting broad acceptance by conventional financial people.” That in itself cause Bitcoin’s value to spike, but Tesla’s adoption of the coin is what took it to this week’s peak.
And then there’s Dogecoin… the “meme” crypto founded in 2013 as a Bitcoin alternative. After a series of Dogecoin-related tweets last week, the coin’s value jumped by as much as 50%.
Dogecoin is up around 1000% year-to-date, and Elon has heralded it as “the people’s currency.”
All of this to say, it’s been a wild year for the cryptocurrency industry already. On Monday alone, almost all of the tradable cryptocurrencies on Coinbase were in the green… and I believe the sector’s future is bright.
You know, when I think about the future of cryptocurrency, I definitely see Bitcoin as the sector’s top contender.
But we’re in the middle of an extraordinary paradigm shift.
I believe Bitcoin is only one part of a massive digital gold rush that’s going to define the next year, the next decade, and even the next century.
(If you’re interested in learning more about that, one top tech analyst has a full report. Click here to check it out.)
In fact, there are much smaller cryptos out there that have just as much profit potential as Bitcoin. Many of these coins are specific-use cryptos, meaning they were designed for a very specific technological purpose.
Take these three, for example. Alongside coins like Ethereum and Litecoin, they have the potential to hand their investors triple-digit gains this year alone.
With folks like Elon supporting crypto, I believe there’s never been a better time to dive into the industry right now. I’m interested to see if other companies follow Tesla’s suit.
Already, experts are predicting that Apple may be the next company to hop on the crypto bandwagon.
On Monday, RBC Capital Markets predicted that the company has a “clear opportunity” to move ahead with crypto buying and selling mechanisms across their platforms.
A decision to integrate cryptocurrency would likely make Apple a force to be reckoned with in the space. I have no doubt that if Tesla’s Bitcoin buy caused the coin to spike that much… an Apple buy would make it spike even more.
Let me know what you think in the comments! Is this just the beginning for the cryptocurrency industry? What are you expecting from Bitcoin (and others) over the coming months and years?
And if you’re interested in learning more about the 2021 Digital Gold Rush, check out this report to dive straight in.
I’ll be back soon with another update.
Until next time,