Crypto success stories are everywhere. However, that doesn’t mean that there aren’t any stories of failure. Sure, Bitcoin and many other cryptocurrencies have made people millionaires overnight, but there are many who have lost their entire life’s savings as well.
When Bitcoin was launched way back in 2009, it had great promise – the promise of liberation from the financial shackles imposed by nations and their respective governments. Crypto advocates will say that the cryptocurrency’s growth has been staggering. However, let’s not forget that even the world’s biggest cryptocurrency is priced in traditional currencies.
So, despite Bitcoin’s all-time record surge in April 2021, the fact is that cryptocurrencies, in general, are incredibly volatile. Simply put, the success stories of a few can’t rule out the uncertainty and unpredictability that the crypto market is so full of.
Recently, Bitcoin’s valuation took a hit as the crypto market saw successive crashes within a matter of days. While optimists are expecting Bitcoin’s value to surge to $100,000 in 2022, there are governments around the world working round-the-clock to slap cryptocurrencies with regulations.
For instance, in India, a rapidly-growing and evolving crypto market, the government is considering banning all private cryptocurrencies. If more governments took such bold moves, there may come a time when the crypto bubble bursts unexpectedly.
So far, El Salvador remains the only country to have legalized Bitcoin as legal tender. In the near future, we can expect more countries to take steps. Whether they are in favor of cryptocurrencies or not is something only time can tell.