Why are people so obsessed with Bitcoin
Bitcoin fever is back.
Bitcoin hit a recovery price of $57,000, reaching a price of nearly $59,000. On Wednesday morning, the price of the notoriously volatile cryptocurrency was about 47,500, according to CoinDesk.
Even mainstream financial institutions are warming up: JP Morgan said, in the long-term, if the market cap gets high enough that it competes with gold, the price of bitcoin could reach $146,000, in a note published in January. (Bitcoin currently has a market value of over $600 billion.)
But more than just a cryptocurrency, bitcoin has become an obsession for many. Here are some of the behavioral and psychological reasons why.
Social Media
Truth is it is so scary how people look at crypto on social media.
A quick rich scheme I guess!
From celebrities who invest in bitcoin, to a highly-engaged bitcoin community on Twitter, TikTok and Reddit, social media feeds into bitcoin's popularity.
And now it makes newbies feel they can make a lot quickly by investing, although am a Btc growth fan but I have seen a lot
Lose money rushing to crypto because of Fear of losing out(FOMO)
Hope
When we look at the fever around bitcoin, we really need to see it like in part as a demonstration of the fact that this is happening because there are not reliable, non-speculative mechanisms whereby people who don't already have access to a chunk of wealth could produce wealth over time," he says. "And that's a real indictment of the way things are currently set up for younger people.
It really gives hope that the future can be better, that life can go on with hopes of being very rich by holding a coin.
This psychology really affects us and plays a big role. But more it important crypto is growing and so is the Btc Fever.
Recently I heard Venezuela will make Btc a legal tender. Once again FOMO!