If you’re wondering whether it’s too late to purchase Bitcoin, think again. The cryptocurrency has been growing in value and popularity since 2009 when it was launched. Even though the recent bitcoin rally put its price at around $50K per coin, there is still a long way for this cryptocoin to go before hitting saturation point.
There are several reasons why it isn’t too late to start investing in bitcoin:
Bitcoin Mining Crackdown Is Over
The main reasons behind Bitcoin’s recent crash are a mining crackdown in China. Following this, several BTC miners moved to more conducive locations with greener energy and friendlier regulations for cryptocurrencies. Now that these same miners have set up shop in their new location, they are expected to contribute positively towards increased hash rates which will hopefully lead to an increase in prices as well. If Bitcoin mining becomes environmentally friendly, Tesla’s CEO stated that it would resume accepting BTC payments in future. Hence, if this happened, we could see major price gains for the cryptocurrency market.
Bitcoin Has Great Support System
Bitcoin is a cryptocurrency that has been supported by various players in the crypto space. While Satoshi Nakamoto remains anonymous, other people who believe in BTC have taken up its ecosystem and are contributing to ensure it can coexist with rapidly changing blockchain technology.
Jack Dorsey, Twitter CEO and founder of Square Cash app has always been vocal about his support for Bitcoin. He’s launched a cryptocurrency wallet and decentralized exchange to ensure that the ecosystem remains competitive as more coins are introduced in the market.
MicroStrategy CEO, Michael Saylor has already made serious gains on his BTC investments. With the price of a single coin now sitting at $6400 meant that he would have seen over 200% returns in just four months if invested when he first talked about it! He also analysed BTC and believes prices will hit $100k by year end. With such prominent individuals talking up the lead role to promote BTC, future price rallies will be experienced.
Bitcoin Is Rallying
Investors are wondering whether the crypto rally of early 2018 will happen again after Bitcoin’s price surge. Many have taken note that BTC is nearing $50K and beyond, which has been followed by a massive increase in cryptocurrency prices since late July. As it continues to take charge on leading the charts with its new gains, many investors wonder if this means we’ll see another repeat from earlier this year or not. Bitcoin could reach an all-time high of $63,500 this year. The market has been bullish lately so if you want to invest in Bitcoin now would be a great opportunity.
The crypto market is expected to see a bullish rally in the coming months as many analysts believe it’s currently near its mid-cycle month. This means that BTC could achieve higher gains by year end if this trend continues.
Institutional Adoption Is Growing
Bitcoin is paving the way toward widespread adoption of institutional investment in cryptocurrencies. As a primary cryptocurrency, it has found its way into many investors’ portfolios who believe that digital assets are the future of investments.
The analytics firm MicroStrategy is one of the many companies that has heavily invested in Bitcoin. Recently, they have accumulated more than 100,000 Bitcoins and plan to accumulate even more as time goes on. Wall Street banks like Goldman Sachs and JPMorgan are also embracing this money for their growing clientele demand to invest with it, too.
As the demand for Bitcoin as an investment option continues to increase, prices are expected to skyrocket in future. This is because more financial products that involve bitcoin will be launched into market and this will continue having a positive effect on its value.
Bitcoin Is Still in Its Early Stages
Although Bitcoin was trading at $0.0008 and $0.008 in 2009, it has since grown to reach its current values of over 0$. It is interesting to note that even with the huge price rise seen by BTC from 2017 onwards, the cryptocurrency still remains a major investment opportunity for future growth as illustrated by some experts including John McAfee who famously predicted that one BTC would be valued at 1$ million or more within 2020s if not before then.
BTC’s early years were marked with much opposition from those who did not understand blockchain and virtual currencies. BTC’s recognition and adoption by governments and financial institutions has only kicked in recently, and this is attributed to the growing value. With only around one or two years of adoption, BTC has grown tremendously in value. This adoption is expected to progress into the future, and as BTC becomes mainstream, values will skyrocket.
There are many merchants all over the world who accept BTC as a means of payment. A few months ago, PayPal launched cryptocurrency services that allow buyers to purchase from various global merchants using Bitcoin. As more people start to trade with cryptocurrencies like Bitcoin, we can expect it will be widely accepted and there might be another price rally in future for this form of money.
