A buyer makes use of a bitcoin automated teller machine (ATM) in a kiosk Barcelona, Spain, on Tuesday, Feb. 23, 2021.
Angel Garcia | Bloomberg | Getty Photos
Bitcoin was initially created to be like digital money, but it surely’s real-world use case has advanced since its inception. Greater than something, traders are shopping for it now as a speculative funding.
The worth was sitting at $37,100 as of Friday afternoon and has been struggling to rebound to its Could highs after Tesla CEO Elon Musk started transferring crypto markets, sending bitcoin decrease. The cryptocurrency is the biggest by market cap, which is $693 billion as of Friday, in line with Coin Metrics.
Traditionally, bitcoin’s demand has been pushed largely by retail traders, however that narrative modified late final yr as huge traders and establishments started reconsidering their positions on it. Bitcoin has at all times and continues to undergo from reputational points which might be arduous for it to shake, principally due to its newness and subsequently the shortage of knowledge or historical past to assist its raison d’être.
Should you’ve gotten caught within the confusion and misinformation round bitcoin, listed here are the important thing issues to deal with if you happen to’re contemplating bitcoin to your portfolio.