Bitcoin BTC/USD price history up until Mar 29, 2023

Bitcoin (BTC) price again reached an all-time high in 2021, as values exceeded over 65,000 USD in November 2021. That particular price hike was connected to the launch of a Bitcoin ETF in the United States, whilst others in 2021 were due to events involving Tesla and Coinbase, respectively. Tesla's announcement in March 2021 that it had acquired 1.5 billion U.S. dollars' worth of the digital coin, for example, as well as the IPO of the U.S.' biggest crypto exchange fueled mass interest. The market was noticably different by the end of 2022, however, with Bitcoin prices reaching roughly 27291.35 as of March 29, 2023 after another crypto exchange, FTX, filed for bankruptcy.

Is the world running out of Bitcoin?

Unlike fiat currency like the U.S. dollar - as the Federal Reserve can simply decide to print more banknotes - Bitcoin's supply is finite: BTC has a maximum supply embedded in its design, of which roughly 89 percent had been reached in April 2021. It is believed that Bitcoin will run out by 2040, despite more powerful mining equipment. This is because mining becomes exponentially more difficult and power-hungry every four years, a part of Bitcoin's original design. Because of this, a Bitcoin mining transaction could equal the energy consumption of a small country in 2021.

Bitcoin's price outlook: a potential bubble?

Cryptocurrencies have few metrices available that allow for forecasting, if only because it is rumored that only few cryptocurrency holders own a large portion of available supply. These large holders - referred to as 'whales' - are said to make up of two percent of anonymous ownership accounts, whilst owning roughly 92 percent of BTC. On top of this, most people who use cryptocurrency-related services worldwide are retail clients rather than institutional investors. This means outlooks on whether Bitcoin prices will fall or grow are difficult to measure, as movements from one large whale already having a significant impact on this market.