Why the World of Bitcoin is Blooming and it’d be Costly to Ignore?
Many investors who refused to invest in bitcoin when it was going for just a few grands a few years ago are now regretting their decisions.
15:14 22 November 2021
Bitcoin, as an investment option, sounds remarkably simple and financially prudent today. Not the case a few years ago, when it was frowned upon by investment pundits and was written off as nothing but the privileged currency of financial know-nothings. But the situation has reversed and how. As things stand, it is hard to look away from the crypto market considering that Bitcoin and other leading currencies like Ether have sort of hit a purple patch in the past year or so.
Non-Believers to Believers
Many investors across the globe who scoffed at the opportunity of investing in bitcoin when it was going for just a few grands a few years ago are now regretting their decisions. And that list includes billionaires like Peter Thiel, too. In a recent appearance at an event in Miami, which is proving to be a hotbed for crypto investors, the tech billionaire expressed his remorse at not having accumulated more bitcoins in the past decade. It is important to note that this optimistic statement comes from a man who had his own questions around how Bitcoin could pose a threat to fiat currencies, particularly the US dollar. Although his hesitation to buy Bitcoin in bulk, in introspection, seems to be a bit of a gaffe he still thinks the best approach one can take to Bitcoin given its present conditions is to go long. Yes, he made his statement at a time when Bitcoin was trading roughly around $66,000 USD for a single token, which is almost a few grands shy of the short-term high that the hot cryptocurrency has managed to scale so far.
Bitcoin over Gold
The recent crypto rally has converted a lot of non-believers into believers while creating a paradigm shift among many investors, even the ones with deep wallets. Ranking up top among the growing list of rich and wealthy patrons to throw their support behind the cryptocurrencies particularly Bitcoin is billionaire hedge fund manager, Paul Tudor Jones. Having been an advocate for cryptocurrencies for some time now, he has backed up his claims by portioning out a good 5% of his portfolio assets into Bitcoin. Reaffirming his allegiance to Bitcoin, Paul stated that Bitcoin as the primary cryptocurrency of the pack would be a great hedge against inflation. He is pretty positive that crypto has secured its own place in a world that’s becoming increasingly digitized with time. The rate at which crypto is becoming mainstream is so impressive that it won’t be long before Bitcoin is considered a proper alternative to Gold particularly for hedging against inflation. If more people jump ship (take their money out of gold and put it to Bitcoin) this cryptocurrency in particular can continue to keep up this momentum for a few more years and chart its next journey towards new highs in a steady and controlled manner unlike the bumpy, adventurous rollercoaster ride it took all the investors in-- which saw it ebb and flow from $63k USD to $30k USD and back up to $70k. A special shout-out to all those people who were brave enough to hold on tight as the market went on an adventurous ride, but it’s certainly not something for the faint-hearted traditional investors who’re conditioned to operating in markets where volatility behaves in a whole new way altogether.
Bitcoin- the Real Deal
As you can see, a lot of billionaires are looking to Bitcoin, the primary cryptocurrency, as the real deal. They have their own reasons for increasing their investments in bitcoin by a substantial margin. Some say Bitcoin is next in line to gold (looking at) the way it works as an inflation hedge, while a lot of investors are optimistic that in a few years time Bitcoin will rise further to become the main currency displacing US dollar, while a faction of the investing community strongly believes that they see bitcoin will be the cryptocurrency to invest in mainly for its store of value. The larger investing community is pretty much divided on why they’re investing in Bitcoin and why they think others should as well. In any case, there has been a fundamental shift in the way Bitcoin is looked at in general. Bitcoin has clearly come to the fore, a clear departure from where it was and how it was perceived when it rolled out a decade or so ago. People wrote it off as just another shady internet scam talked up by the anonymous traders of the dark internet. Things have changed and how. The lens is still the same but the perspective about bitcoin has changed for good, which is an encouraging sign for things to come.
People are extremely bullish about BTC and are not very circumspect about the price plummeting to a low after they get on board. Every time it dropped down to a low, it has found its way to be able to rise further and post a new high. And its recent mad run bears testimony to this argument. Remember the market is still a little hot after completing a mad run which saw its value triple in under 12 months, and it is likely to consolidate in a range for a few weeks before it takes off for its next rally upwards. But it’s no deterrent to people looking to get involved with crypto investing and trading for the first time. The overall long-term outlook remains positive and things are looking up.
If you want to take the plunge, there are many ways to get started in the world of crypto. Maybe you’re still sitting on the fence but a bit uncertain at the moment not knowing how to get started and which way to go. If you’re looking for a good, proven option to trade and invest money into bitcoin, look no further than Bitcoinup Pro. For someone to be successful in bitcoin trading and investment, it requires algorithmic smarts and the power of automated trading and Bitcoinup Pro is a smart combine of the two. So what are you waiting for? Just head over to their website and open an account and set yourself up for success in the world of crypto.