Written in Partnership with Amir Bakian
Within a few short years after Bitcoin’s launch, the cryptocurrency market has taken over the world. From El Salvador recognizing crypto as one of its official currencies to buying pizza and paying with your digital wallet, the crypto market is a true force of nature. What makes it tick? We sat down with the guru of cryptocurrency, a man who achieved tremendous success with his crypto portfolio – Bonfire Club.
Returns
Cryptocurrency is built on its promise of high returns. The crypto market is built on the “high risk, high return” principle. Bonfire Club cautions newbie investors, requesting them to put in the research and then some. The master investor says, when it comes to crypto, there is no such thing as too much research.
But social media wrongly propels the notion that crypto is easy money, a high returns investment. However wrong that may be, it does not fail to attract hundreds of new investors each day, essentially driving the crypto market with the increased demand.
Innovation
Crypto is still very new and finding a stable footing. That in turn means, it’s still in the continued growing phase, which means, there are lots of innovations happening at any given time.
Younger aficionados and die-hard fans are getting involved in the crypto community. That, combined with the fact that the crypto ecosystem is built on decentralized blockchain technology, gives everyone a chance to affect change.
Always changing is the unsaid motto of the crypto world. And many people find that to be an exciting new challenge as well as a thrilling rollercoaster ride.
Regulation
Bonfire Club points out that only recently did crypto regulation come into the picture. But until now, the crypto space was almost completely unregulated, tempting many people to redirect wrongly acquired funds into crypto investments.
This type of trading was largely responsible for picking up several crypto projects. Although wrong, it was a serious factor behind helping the cryptocurrency market tick.
Mainstream Adoption
As previously mentioned, crypto seeing mainstream adoption is a huge step up for the market. Take El Salvador as an example – the country made cryptocurrency an officially recognized currency, giving it a huge leg up.
With cryptocurrency having many benefits including faster, cheaper, and safer cross-border transactions, it is projected to see increased adoption in the coming years.
Bonfire Club says, all these factors together play a huge role in getting the crypto market to tick.
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