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2022 was a tough year, but 2023 might be a game-changer for Bitcoin. So, to answer most people's questions regarding the worthiness of investing in this new year - yes, folk, Bitcoin is still a promising holding.

Despite the tumultuous period that Bitcoin has gone through lately, it might reach an expected yet well-welcoming growth in this new year, according to experts. Analysts agree that Bitcoin could acquire a significant value in the coming months, so investing in this coin is still a viable option in 2023. And how could specialists not expect so when it comes to this veteran, the most popular crypto of them all? Bitcoin might have experienced several shortcomings throughout time, but it has always bounced back, providing investors with hard-to-ignore returns. However, if this coin has caught your attention, don't rush to purchase it. Instead, take the time to do your research and get a grasp of everything from how to buy Bitcoin from an exchange to how the price of this crypto has evolved in time, as well as how factors such as volatility and the exchange's liquidity could influence Bitcoin's price.

Let's see what 2023 is cooking in the oven - is there any positive on the horizon?

2022 - not so friendly to Bitcoin?

Compared to 2021, when Bitcoin reached its all-time high, 2022 was a painful year for the world's largest cryptocurrency. Instead of hitting $100,000, as it was expected to, Bitcoin experienced a meteoric shortcoming, and the consequences are felt even today.

A challenging period in the history of digital currency - the so-called crypto winter - has influenced the coin's price so hard that it is now not just far but also kilometers away from its all-time high in November 2021. Last year's bear market set itself apart from the others, impacting not just the crypto's king but also altcoins. Not to mention the FTX meltdown, which caused panic and liquidity concerns. So, investors are worried about the future of their holdings and keep asking questions regarding the worthiness of purchasing in 2023.

The collapse of LUNA and TerraUSD made things even harder to digest. May 2022 was characterized by massive losses among investors, who now have doubts about Bitcoin. Well, if we're to see the big picture, the situation is not as dramatic as it might seem. Apart from the several negatives, there were also some bright spots, including the positive rise of Bitcoin adoption. Bitcoin wallets surpassed 84.02 million, with thousands of users holding the coin, hoping for big returns. Plus, the crypto's network has never been safer than it is now, with its hash rate reaching all-time highs last year.

Is Bitcoin a viable investment despite the risk?

Investing in Bitcoin is risky, but what if we tell you there is a risk in any speculative investment? Even cash or cash equivalents present some risk if you're not serious about your financial practices. Consider documenting yourself thoroughly before buying any kind of asset and assessing your risk tolerance to know whether a particular investment suits your needs.

The volatility of Bitcoin - and literally any cryptocurrency - is the main factor determining whether the coin is a viable investment, but more often than not, it is not enough to assess the coin's potential. In fact, volatility is neither good nor bad - it all depends on the perspective you approach things. The personal decision to purchase Bitcoin and hold on to it comes down to your risk profile and mindset. Russia, for instance, is eager to adopt cryptocurrency to minimize its dependence on USD. Since Bitcoin is likely to disrupt this fiat currency, it could be an excellent investment.

Furthermore, Bitcoin is considered a powerful tool against inflation. And if volatility were lower, the coin would have been even more promising. However, more governments and institutions are expected to enter the market, so the volatility could decrease considerably.

Outlook for 2023

A positive bull run is expected for Bitcoin in 2023 after a long period of uncertainty. Experts agree on the coming of a big bull run for digital gold, which might drag into early 2023. Indeed, cryptocurrency is not wholly out of the woods, and we don't even have such great expectations. It takes time for a coin that has been repeatedly hit by price declines to get back on track. Once again, some investors fixed Bitcoin's value at $100,000, basing their prediction on the 2017 bull cycle, when the coin experienced a positive comeback from $1,000 to no less than $19,000. This 19x rise is nothing but impressive and proves that Bitcoin has the power to fight tough times. Tim Draper, for example, serial blockchain investor and billionaire venture capitalist, believes in that mark, expecting the crypto to hit as high as $250,000 in this new year.

There might also be an increase in worldwide adoption. Apart from El Salvador and the Central African Republic, several countries consider the adoption of Bitcoin as legal tender, including Russia and the United States. Besides, the founder of the Digital Assets Council of Financial Professionals, Ric Edelman, estimates that about half a billion individuals globally will own Bitcoin.

Mass adoption could make Bitcoin the most important asset of the decade. The various use cases of this coin, including trading it for goods and services, and more expected to come, make Bitcoin a viable investment option for people who want to go digital and embrace change. Numerous companies already use the coin to transfer money (cross-border payments), secure their transactions, and avoid high-cost fees. Going past this threatening bear cycle might see this crypto's use cases upsurge at a fast pace.

Last but not least, the first spot ETF (Exchange-traded Fund) is expected to be adopted in 2023. This would give investors direct exposure to this crypto without being forced to wait for an intermediary's approval.

Bitcoin has a massive upside

The most significant advantage of Bitcoin is that it is a store-of-value asset, which can increase its value over time and generate massive ROIs. That is what differentiates it from fiat currencies.