Bitcoin Has Risen Almost 150% In 2023
Figures just released show Bitcoin’s value has risen in 2023 by almost 150%. At Digital Wager Wire, we believe that it is a phenomenal performance from the leading cryptocurrency and one to investigate the reasons why. On the fun side, it’s also vital to have this information in case you’d be interested in using crypto for betting.
Why Has Bitcoin Gone Under the Radar in Recent Times?
Since the cryptocurrency crash of 2022, the digital monetary world has come under much scrutiny from investors, many licking their wounds after years of the popular coin being traded without a problem in a bull market.
Facts are facts though, and anyone buying Bitcoin at the beginning of 2023 would have made an increase of up to 145% as we write this article. Those figures compete strongly in any investor’s portfolio and beat every other commodity on the market hands down!
Why Has Bitcoin Enjoyed Such a Good Year?
With 2023 being such a solid year the question we need to ask is, why?
In previous articles, we have identified the growing confidence in cryptocurrency and its focal leader Bitcoin.
At Digital Wager Wire, one overwhelming force we identified at work behind the scenes is the expected flood of funds into the digital currency through EFTs (Electronic Funds Transfer). The lawsuit Greyscale brought against the SEC (U.S. Securities Exchange Commission), the American governing body, effectively opened the door for financial giants like Invesco, Blackrock and Fidelity to bring their EFTs to market as promised for 2024.
With the knowledge that billions of dollars will pour into the market from those financial giants, common sense dictates that confidence amongst all potential investors, whether companies or individuals, will increase.
Bitcoin Halving in April Will Contribute to the “Feel Good” Factor
The next Bitcoin halving, which is scheduled for April, will have helped the current “feel good” factor around the coin for 2024 and further encouragement for buyers to move in the next three months.
4 months till halving.
Tick tock…#Bitcoin pic.twitter.com/mtYckjvxT0— Blockware Solutions (@BlockwareTeam) December 20, 2023
That scheduled halving combined with the EFTs investments that are expected to start hitting the market in January, and confidence in the Bitcoin market —although not as big as those halcyon days— is really starting to grow again!
Gold Has Solid Gains of 14% In 2023
Gold made a creditable 14% increase during 2023 —which is far more than the traditional banking institutions— but was dwarfed by Bitcoin in those twelve months. When Bitcoin went through the roof in value a couple of years ago, many investors bought precious metals during that period with their profits. I knew several shrewd people who poured money into that commodity, pardon the pun and so logically gold would not have been as popular in the last 12 months.
Gold has always been seen as the haven of investments and is as heavily populated currently as I can ever remember in my lifetime of investing.
Platinum Has Been Volatile in 2023
Platinum is a rarer precious metal than gold and has always been thought of as a good long-term investment but a riskier option for the short-term portfolio. Indeed, this year has been another volatile one with the metal losing approximately 4%.
Here at Digital Wager Wire, we suggest you always view Platinum as a longer-term investment and only put money into the metal that you won’t be needing for a few years.
What About Silver in 2023?
It’s been a predictably stress-free year for Silver, indeed if you want a slow-release secure yield Silver is still a good option but long term it won’t outperform Gold or Platinum. It opened the year at $23.96 and on writing this article it is currently $24.28. The industrial demand for silver is always high and while supply is no issue the precious metal will continue its slow trends of recent years.
Digital Wager Wire Conclusion
In this cryptocurrency analysis we found 2023 had been a very successful one for Bitcoin and indeed has outperformed all the traditional precious metal markets that have been seen as safe havens for investors.
They are still a sure thing, but yields are much slower in the longer term. The best performing one – Gold made 14% in 2023 while Bitcoin yielded a remarkable 144%.
As always with cryptocurrency and Bitcoin in particular, short-term investment is always the riskier proposition.
The long term future of Bitcoin looks bright with the market set to be flooded with EFTs of the established financial giants combined with the scheduled halving that is estimated for April.
