While this past year has been a year of corrections and up and downs for the world’s biggest cryptocurrency, a lot of investors are still holding the fort, and Bitcoin is far from the crash naysayers have been predicting since its inception. While Bitcoin lost a lot of its value since the beginning of the year, it has also somewhat stabilized and many are still hoping that the coin breaks out. And it’s still a very attractive coin to invest in for a variety of reasons. Here are a few reasons why it’s still a great time to invest in Bitcoin.
Bitcoin Reliability Has Been Proven
Many cryptocurrencies and legacy systems have been shown to not always be reliable, but Bitcoin has been able to prove time and time again that it was resilient and was able to weather the storm. New innovations are also being introduced to make sure that Bitcoin remains scalable over the long term, like the lightning network which will allow for more off-chain transactions and reduce the load on the network. This will prevent fees from ballooning, which was one of the biggest issues with Bitcoin to begin with.
Big Institutions Are Starting to Get Interested
Another thing about Bitcoin and cryptocurrencies in general is that big companies and banks are finally starting to warm up to them and consider investing more aggressively in them. Then there’s the possibility of cryptocurrency ETFs entering the market and pushing the demand. The current CEO of Goldman Sachs, David Solomon, has mentioned time and time again that the firm needs to embrace cryptocurrencies if they want to remain relevant. More recognition from bigger players will bring more legitimacy to the coin and make it more attractive to risk averse investors.
Bitcoin is Still the Gold Standard
Bitcoin is still the gateway to all other cryptocurrencies, which is one of the biggest elements that drives demand for the coin in the first place. This is mainly why the value of all cryptocurrencies are pegged to Bitcoin. Bitcoin will go wherever the crypto market will, and there is no reason to believe that the market will be going anywhere but up over the course of the next few years.
Another thing about Bitcoin is that it is still a much better performing coin than the average altcoin. Many were showing concerns that altcoins would end up saturating the market, but so many coins came and went that the market suddenly started losing interest in them. Bitcoin, on the other hand, has always found a way to bounce back and succeed where every other altcoin has failed.
More Information is Available on Bitcoin
Many analysts were and are still very much in the dark when it comes to Bitcoin, but more are starting to understand the forces that dictate the market and some are coming up with actionable systems you can use to replicate their results and invest in cryptocurrencies the right way. Mike Ward publisher Money Morning recently released a comprehensive Bitcoin training and investing system made specifically for new crypto investors. And with more and more people paying attention to crypto markets, you can expect more data to come flowing and more experts coming up with their own strategies.
Tech Gurus are Standing Behind it
While Bitcoin and cryptocurrencies have received a lot of flak from old time investors like Peter Schiff and Warren Buffett, Bitcoin and cryptos seems to have the ear of Silicon Valley. As a matter of fact, some of the biggest pioneers in the industry seem to be very bullish on Bitcoin. Ben Horowitz and Marc Andreessen, two very prominent figures who help spearhead the .com revolution, have recently announced that they are launching a three hundred million venture fund to support cryptocurrency initiatives. Others should also follow suit, which could eventually have a snowball effect and help Bitcoin get even more momentum.
Major Financiers are Following Suit Too
But tech gurus aren’t the only ones who are bullish on Bitcoin. Many billionaires have shown support for it and have been very vocal about their faith in Bitcoin. Mark Cuban has recently stated that he owns Bitcoins and advises every investor to at least invest some of their net worth into the cryptocurrency in case it eventually breaks out in the future. Other prominent figures that have shown their support for Bitcoin include the famous Winklevoss twins of Facebook fame and billionaire Marc Lasry who recently bought over 16 million US dollars’ worth of the currency. All of these endorsements should have a direct effect on how mainstream Bitcoin will be and will make sure that it always remains part of the discussion.
Thomas Reuters Will Start Tracking Cryptos
News that a major and reputable organization will be monitoring cryptos should be great news for anyone in the crypto market. The news company will start analyzing market sentiment, various data, and key themes surrounding cryptos in order to get a better understanding of the forces that are influencing the market. This will not only bring more attention to Bitcoin and cryptos in general, but will also demystify it for many investors who may still be reluctant to invest due to lack of information.
Bitcoin Goes Far Beyond the Coin
While for many people, Bitcoin seems to be nothing but a speculative tool, for others, Bitcoin goes more deeper than that. “Hodl” culture is very real and many investors have vowed to hold on to their Bitcoin whichever way they can. These people make it their personal duty to make sure that there is always a demand for Bitcoin. Ideological Bitcoin investors are bringing stability to the coin, which is one of the reasons it seems so resilient.
Bitcoin is still alive and kicking and is still showing great promise for the future. Bitcoin should still continue to make the headlines for years to come and might be on the verge of becoming the great coin it originally set out to be.