By now, practically everyone has some knowledge of or has at least heard of cryptocurrencies, such as Bitcoin and XRP. The idea of investing in them and even going as far as starting a career in trading in cryptocurrencies has started to become increasingly popular with some individuals. Despite their relatively short history, cryptocurrencies really have caused a stir in the traditional financial markets of old and so have become popular to some certain individuals. However, given the current climate of uncertainty in 2020, how will Bitcoin and the like fare after the global Coronavirus pandemic is over.
Bitcoin post Coronavirus
During the early months of the pandemic, the value of a single Bitcoin fell to as low as $3,000. As you can imagine this was worrying for those investors who had large sums of money in the cryptocurrency. However, this was only a temporary occurrence, with the value of bitcoin eventually climbing back up to the $10,000 mark shortly after. Although opinions are divided, many cryptocurrency experts believe that post Coronavirus is the perfect time to invest in Bitcoin and the like, as it is almost like a new start for them.
In fact, experienced Wall Street trader and now cryptocurrency guru, Teeka Tiwari, believes that by the end of 2020, the price of a single Bitcoin token will be at $100,000 as a direct result of the impact of Coronavirus pandemic given the fact that more and more individuals have begun investing in it given the uncertainty in the traditional financial markets. If you want to know more about how you can buy Bitcoin and other cryptocurrencies, visit the kiwi crypto exchange, Swyftx, which is a New Zealand based Bitcoin Exchange.
Should you invest in Bitcoin now?
However, making predictions about the direction that cryptocurrencies will likely take post Coronavirus are not easy or straightforward to do, given the many different things involved and the uncertainty of how things will pan out in the future. As previously stated, the opinions are pretty divided with some experts being more skeptical and some having a much more brighter outlook on things. Their positivity comes from the fact that Bitcoin so quickly bounced back to $10,000 after an initial fall at the start of the pandemic to as low as $300 per coin.
What cryptocurrencies to invest in?
So from all of this it is clear that Bitcoin is worth investing in, but with there being many thousands of cryptocurrencies currently out there on the market, it can be difficult to know which others, if any, you should also invest in. The likes of Yahoo and other media outlets, suggest that EOS, NEO, and Etherium are the currencies that you should be taking a look at in 2020.
Even the likes of Teeka Tiwari agree with this. He even went as far as stating that $500 of these cryptocurrencies could easily turn into $5 million if the financial markets continue the way that they have so far.