In one year, the price of bitcoin has multiplied by six to reach $ 57,000 per unit.

A spectacular take-off which is accompanied by a new credibility brought by famous investors, like Elon Musk.

Behind it, more and more amateurs are buying, in small steps, fragments of bitcoin in search of a profitable investment.

DECRYPTION

Once again, bitcoin is driving the financial markets into a panic.

The most famous cryptocurrency breaks record after record and on Sunday a bitcoin was worth $ 57,000, six times more than a year ago.

The approximately 18 million bitcoin in circulation are now valued, in total, at 1,000 billion dollars.

Spurred on, among others, by Elon Musk and his company Tesla who have invested heavily in cryptocurrencies, the market is soaring and attracting more and more amateurs.

"Sir and Madam everyone" who see bitcoin as a potentially very profitable investment.

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Mysterious origin and revolutionary protocol

The current craze for bitcoin, which recalls, on a larger scale, the first boom of 2017, is the symbol of the credibility acquired by this cryptocurrency, long looked down on by the financial markets.

It must be said that this virtual currency has dragged for years a sulphurous reputation linked, in particular, to the legend surrounding its creation.

Indeed, no one knows who invented bitcoin.

The paternity is attributed to a Japanese, Satoshi Nakamoto, who would have created it in 2009. But no one has ever found any trace of this person or of the collective behind.

On the other hand, bitcoin has always interested specialists in blockchain, the very advanced technical protocol that supports it.

Each unit is created by computers that run 24 hours a day, solving equations.

This creation process, mining, is very energy intensive.

It is estimated that bitcoin transactions consume more energy than countries like the Netherlands or Argentina.

On the investor side, it is also very locked: you can only buy bitcoins on specialized platforms and the price fluctuates only according to the law of supply and demand.

© Lars Hagberg / AFP

Sometimes very young investors

With investments from major banks and companies as well as intensive lobbying by Elon Musk, bitcoin appears much "cleaner" today than in the past.

As a result, it attracts a lot of amateurs and curious people.

People not necessarily used to betting on the financial markets but intrigued by the boom and the freedom that surrounds cryptocurrencies.

"The more bitcoin climbs, the more new buyers we have," Manuel Valente, Director of Analysis and Research at Coinhouse, one of the main French cryptocurrency exchange platforms, told Europe 1.

These first-time entrants to the bitcoin market are mainly young people who see it as an alternative to banks and the traditional Livret A, like Vincent, a computer student.

"I was interested in bitcoin on social networks six months ago and I started in November. I started investing with 800 euros and, since then, I put 100 to 180 euros per month", tells Europe 1 the 18 year old young man.

"When I do a small job I put 30% aside, the same when I get money at Christmas. I have bitcoin and other cryptocurrencies like Ethereum and XRP."

A financial investment like any other

"We see a lot of people under the age of 20 arriving but we also have retirees," Manuel Valente nuance.

In fact, investing in bitcoin has become very simple and very accessible.

No need to be a geek, a simple phone and an application are enough.

"Whether they are young or old, what all these new buyers have in common is that they are overwhelmingly men", explains Manuel Valente.

DECRYPTION>

 New record reached for bitcoin: how can this craze be explained?

While not all of them are looking to become millionaires, new bitcoin buffs are still looking for a profitable investment.

"95% of people who use our platform buy cryptocurrencies with a view to investing and building up savings", underlines Manuel Valente.

At Coinhouse, the minimum amount of a transaction is 50 euros (i.e. one thousandth of a bitcoin).

Most investors therefore stick to modest sums which, logically, do not generate astronomical profits.

Vincent, our computer science student, won around 100 euros in four months.

Bitcoin, a time-consuming investment

In 2021, we therefore buy bitcoin as we would open a PEL.

An investment that must still be monitored like milk on the fire so that it remains profitable.

"I set myself a routine. Every morning, I go around the news of cryptocurrencies for an hour. I regularly watch the prices to see how they are evolving. And then I exchange good deals with other investors. on specialized forums. In total, I have to spend almost three hours a day there, "says Vincent.

Investing in bitcoin can therefore be time consuming.

Because if the price has been flying for a few weeks, it can go down very quickly, as in 2018: in one year, its value had been divided by five.

In financial markets, it is customary to say that trees never reach the sky.

But no one knows where the sky is today.

This uncertainty means that even at more than $ 50,000 per bitcoin, it is not necessarily too late to invest.

"There is very high volatility, you just have to be extremely careful," recalls economist Christopher Dembik.

With bitcoin, you have to know reason to keep

"We really advise people to take a medium or long term approach. You should not watch prices constantly and panic when there is a sharp drop. It is in the long term that cryptocurrencies become profitable ", supports Manuel Valente.

In an attempt to bring serenity to this somewhat crazy market, Coinhouse offers its customers services modeled on those of a traditional bank, for example the possibility of talking to an advisor by telephone to manage their portfolio.

Another reason to keep your bitcoins for a while: it is an asset that is not used for much.

The initial promise of being able to shop in bitcoin is struggling to materialize.

On the Internet, you can use it with PayPal, but that's about it.

Some companies, like Uber, Tesla and Visa, are thinking about integrating it soon into their payment methods.

As for physical stores, in France, there are only a handful here and there to accept cryptocurrency.