There is a big concern in the crypto world because of the fluctuating cryptocurrency prices. Many traders are worried that the prices keep going lower instead of higher, which makes them wonder if it is a worthy investment anymore. The biggest cryptocurrency of them all, Bitcoin, which was also the first in the market, is also not exempt from speculation that it may not do as well as expected. This uncertainty has seen a few people start investing in other ventures that have fewer risks. However as bad as things look, Bitcoin remains the strongest cryptocurrency in the market, and there is hope that this year may be one of the best for bitcoin to hit all new high levels.

The year started with the news that the largest crypto exchange in Canada, Quadriga, had lost access to close to $200 million worth of bitcoin and other cryptocurrencies after their chief executive and co-founder Gerald Cotton lost his life due to complications from Cohn’s disease. He passed away with passwords and recovery keys to the company’s computers. Despite this devastating news, the value of Bitcoin did not fall but continued to rise. The value instead increased. According to Bitstamp, an exchange based in Luxembourg, the value of bitcoin increased by 1.5%, which many people did not see coming. 

Why It Is Viable To Invest In Bitcoin In 2019

In the year 2017, bitcoin prices skyrocketed to very high levels. Many people expected the same trend to continue in 2018, which did not happen. At the beginning of 2018, the prices dropped tremendously and the end of the year saw the crypto doing very poorly. This bearish trend sent an alarm to many potential investors, and the question was whether Bitcoin was a viable venture any more. Even with all the uncertainties, crypto experts say that 2019 will be a big year for bitcoin.

Below Are Some of the Reasons

The bitcoin logo design makes it one of the most reliable and most trusted cryptocurrencies in the market. It is the currency of choice for many traders and still has the largest share of market capitalisation. Since the demand for cryptocurrencies is not dying anytime soon, many people prefer trading with a digital currency they are sure selling and brings in returns.

Bitmain, one of the few mining giants, closed another of its offices in Amsterdam. Some experts suggest that even though the move is terrible for Bitmain, it will help to decentralise bitcoin mining space making it more viable.

Across in the Far East, the South Korean government announced that it would offer tax breaks to its blockchain companies. These companies will receive between 20 to 40% tax reliefs on any of their expenditure towards R&D expenditure. There is hope that this, will encourage innovation, and thus develop the emerging technological innovation of cryptocurrencies. While in the United States of America, Coinstar kiosks across the country will begin vending Bitcoin vouchers, accepting up to $2,500 for Bitcoin purchases.

Wrapping It Up

Though different analysts have varying predictions over bitcoin performance in 2019, the majority of them predict that this may be a good year for the most preferred digital currency. The infrastructure surrounding the cryptocurrency looks much more promising than it did last year. With big names like Coinbase, Blockchain, and Circle influencing big financial institutions to join the crypto market, there is hope that things will only get better. Therefore, it is safe to say that Bitcoin is still a viable venture in 2019.