Good Reasons To Buy Bitcoin Now
Should you be investing in Bitcoin now? The answer is probably yes. While all cryptocurrencies are very volatile and truth be told, anything can happen, there's a good chance Bitcoin is now going to start gaining in value again.
Most of the time, while Bitcoin can lose 2x the value it has overnight, its value can go up in a short time frame, think of a few months, 100 times. And that's based on experience. While right now there are estimations that the price of Bitcoin could go up to 25k or 50k by end of year, and it's nowhere near the 100x I mentioned, there's still lots of room to grow.
While compared to the end of last year the number of people interested in Bitcoin might be way lower, the ease of buying Bitcoin has gone up a lot. During the bull market in December it was difficult and time consuming to open an account somewhere and get verified, just to buy Bitcoin. Now there are various places where you can buy Bitcoin with ease and with no delays. My account in Luno got verified in a matter of hours although they said it might take up to five days. And even before you can get verified you can buy bitcoin for a 1000. Binance has even higher limits without verification.
Last year a good amount of crypto funds were established. And those funds are ready to invest in crypto in a much larger scale than before. Also big financial institutions, and established investment funds, are starting to invest in crypto.
There are efforts in the market to create crypto ETFs (Exchange-traded fund) and once the SEC approves one of them, it could be a big game changer in the market. When the first Gold ETF was created in 2003, the price of gold started going up a lot. At the same time, note that counting on crypto ETFs is dangerous.
Currently there is a problem with speed and cost of transactions when it comes to Bitcoin. Lightning network, in addition to other technological innovations, could change that. There are still issues with lightning network that need to be ironed out, but once that happens, it will also influence the price of Bitcoin.
And when it comes to the decision on whether to buy Bitcoin now or to wait until Crypto ETF are real, until lightning network has ironed out its problems, until more big investors enter the market, the decision should be an easy one. It's good to buy now cheaply than to wait.
Potential to grow
Most of the time, while Bitcoin can lose 2x the value it has overnight, its value can go up in a short time frame, think of a few months, 100 times. And that's based on experience. While right now there are estimations that the price of Bitcoin could go up to 25k or 50k by end of year, and it's nowhere near the 100x I mentioned, there's still lots of room to grow.
User growth and ease of buy
While compared to the end of last year the number of people interested in Bitcoin might be way lower, the ease of buying Bitcoin has gone up a lot. During the bull market in December it was difficult and time consuming to open an account somewhere and get verified, just to buy Bitcoin. Now there are various places where you can buy Bitcoin with ease and with no delays. My account in Luno got verified in a matter of hours although they said it might take up to five days. And even before you can get verified you can buy bitcoin for a 1000. Binance has even higher limits without verification.
Crypto funds and large investors
Last year a good amount of crypto funds were established. And those funds are ready to invest in crypto in a much larger scale than before. Also big financial institutions, and established investment funds, are starting to invest in crypto.
ETFs
There are efforts in the market to create crypto ETFs (Exchange-traded fund) and once the SEC approves one of them, it could be a big game changer in the market. When the first Gold ETF was created in 2003, the price of gold started going up a lot. At the same time, note that counting on crypto ETFs is dangerous.
Lightning network
Currently there is a problem with speed and cost of transactions when it comes to Bitcoin. Lightning network, in addition to other technological innovations, could change that. There are still issues with lightning network that need to be ironed out, but once that happens, it will also influence the price of Bitcoin.
And when it comes to the decision on whether to buy Bitcoin now or to wait until Crypto ETF are real, until lightning network has ironed out its problems, until more big investors enter the market, the decision should be an easy one. It's good to buy now cheaply than to wait.
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It's an old news but still worth thinking about. Back in 2010 a Florida programmer Laszlo Hanyecz managed to talk someone in Domino's pizza into selling two pizzas for 10,000 Bitcoins he had mined.
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