Why did Bitcoin rise again? How do billionaires treat it?
Since it was created in 2009 by a mysterious entity named Satoshi Nakamoto, Bitcoin has risen its value at a startling pace from 100,000 BTC for two pizzas to about $40,000 per coin, by the way, $65,000 per coin in April this year. However, Bitcoin never ceased to be controversial. Some worship it as a reformation for finance, while others deem it as a disguise of gambling.
No doubt the rich like Elon Musk and Marc Andreessen are supporters of cryptocurrency.
Elon Musk, a notable super billionaire, serves as the CEO of big companies of both Tesla and SpaceX. Even though lost much of his gain in Bitcoin since it dropped from an all-time high at $65,000 to a low of $29,000, he continues to hold Bitcoin rather than sell it. On July 29th, he disclosed on Twitter that he still owns about 42,000 BTC.
Marc Andreessen, a co-founder of Andreessen Horowitz, announced Andreessen Horowitz’s plan to launch a $2.2 billion fund to blockchain and cryptocurrency start-ups.
“Many of the smartest people in computer science are going into this field and they are pushing it forward at a really rapid rate, ” He said in an interview with Bloomberg.
When it comes to volatility, Bitcoin is most criticized for it. Jurien Timmer, global macro director at financial giant Fidelity, compared current Bitcoin to gold in the 1970s.
Below is a chart Timmer showed Bitcoin since its 2019 low against gold during the 1970s. He explained: “Price analogs are highly subjective, but clearly, gold’s price discovery was highly volatile, much like Bitcoin today.”
Obviously, Bitcoin is as volatile as Gold 40 years ago. But its future value will also increase as much as gold did, or even more. So if you could come back to the 1970S, would you buy Gold? Of course you will, because its value has risen more than 10 times since the 1970S.
If trading cryptocurrency is something like gambling, why are billionaires piling into the crypto market? Only because they are rich? Of course not! The reason is that they see the trend. So are you ready to follow the rich’s pace to earn profit? What you are supposed to know first is the 1: 100 leverage for future contracts.
What is 100X leverage?
Offered by platforms, leverage plays an important role in cryptocurrency trading, which serves to maximize the trading profit.
With 100x leverage applied, you can use 1 BTC to open a position of 100 BTC by going long (predicting BTC price will be up) or going short (predicting BTC price will be down). If your contract complies with the market direction, you will earn 100% profits.
For example, let say you open a long contract with 1BTC when the price is $40,000 per BTC, if the price rises to $40400, your profit would be (40400- 40000)*100BTC=$40,000
But it is noteworthy that the rule goes the same for the loss if you open a contract reverse to the market direction.
Where can you trade with 100X leverage? Bexplus may be your choice.
Learn about Bexplus
Bexplus is a crypto futures trading platform delivering 100x leverage for trading pairs like BTC, ETH, LTC, Dogecoin, XRP, etc. With headquarters in Hong Kong, it now has branches in Singapore, Japan, the United States, and Brazil. Bexplus doesn’t require KYC and is accredited by MSB (Money Services Business), being trusted by over 800k traders from over 200 countries/regions.
Advantages of Bexplus
No KYC：There is no mandatory KYC, which means not collecting any of your personal information and protecting your privacy.
Demo Account：On Bexplus, 10 replenishable BTC is offered in the demo account, enabling you to practice your trading skills.
Availability and Accessibility：Services are available and accessible in over 200 countries, and users can enjoy 24X7 customer support.
Interest wallet：When you are not trading, you can put BTC in the Bexplus wallet and enjoy an annualized rate of up to 21%.