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 Pictures
Bitcoin was initially created to be like digital money, however it’s real-world use case has developed since its inception. Greater than something, buyers 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 shifting 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 buyers, however that narrative modified late final yr as huge buyers and establishments started reconsidering their positions on it. Bitcoin has at all times and continues to undergo from reputational points which can be onerous for it to shake, principally due to its newness and due to this fact the dearth of information or historical past to help its raison d’être.
If you happen to’ve gotten caught within the confusion and misinformation round bitcoin, listed here are the important thing issues to deal with should you’re contemplating bitcoin to your portfolio.