Almost every crypto investor has suffered BTC fever during cryptocurrency interactions. Remember, Bitcoin hit its record highs early this year, trading around $65K. While writing this, the leading crypto hovers at $45K. Meanwhile, more seems to come.
Bitcoin has seen its price increase over the years regardless of market volatility. That has attracted institutional investors to the crypto space. With its ever-increasing market cap, BTC experts believe that the virtual coin will surpass gold as far as value is concerned.
Today, BTC is more than a digital coin. Most individuals seem obsessed with this asset. Here is what you may need to understand about Bitcoin’s psychology game. Moreover, the behavioral reasons that attract individuals to this crypto.
The BTC Identity
After you invest in BTC, it becomes a portion of your identity. Bitcoin enthusiasts across the globe have unique vocabularies that include acronyms such as HODL and Whale. Also, BTC sessions before COVID-19 attracted multiple investors.
Bitcoin culture is another reason most people want to know how holding Bitcoin feels. After an individual buys Bitcoin, he dives into the crypto waves as the coin serves as an identity aspect.
Also read:As much as investors and financial institutions appear more interested in Bitcoin, the whole thing is somewhat new to some individuals. That has some BTC investors considering themselves radical or members of a counterculture.
Social Media Role
Some celebrities become active on Bitcoin forums on Twitter, Reddit, and TikTok after investing in Bitcoin. These platforms have supported cryptocurrency popularity.
Investing in BTC now seems like another approach to building, seeing, and financing identities as actors in the financial industry. Moreover, the social site drive participants’ behaviors. Some people invest in crypto after realizing that their best celebrities venture into Bitcoin.
Exciting Volatility
Some savvy investors view Bitcoin buying as visiting Vegas. That is why billionaires like Warren Buffet suggest that crypto lacks real value. Such people view Bitcoin as a gambling game. However, some still enjoy the gambling thrill.
Checking stocks prices can be tiresome. Meanwhile, evaluating BTC value seems exciting as things happen constantly. Traders are sure of wild price changes whenever visiting the Bitcoin market.
FOMO
It is undeniable that everyone is excited about technologies that could change their way of living. BTC bulls believe that the asset will trade at around $200,000 in ten years to come. FOMO (Fear of Missing Out) has had more people investing in Bitcoin.
Although with its promising future, beware of the volatility with virtual coins.
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