An Overview
Bitcoin was invented in 2008 by Satoshi Nakamoto, an alias for an individual or a group which nobody is sure about. It was released in 2009 as open-source software. Bitcoin is a decentralized digital currency that is not under the control of any Government or Central Bank and can be transacted between users on a peer-to-peer Bitcoin network. As per estimates of the University of Cambridge in 2017, there were around 5.8 million users of cryptocurrency wallets, and most of them have Bitcoins.
When you wonder whether it is too late to invest in Bitcoin, consider the crypto’s volatility. Bitcoin has always been a highly speculative and volatile asset, with prices ranging in an extensive band. However, of late, the digital currency has been overtly stable, and in October last year was trading in a tight range at a 17-month low. Some experts contend that this is just the lull before the storm of another upheaval and fluctuations while others believe that the crypto is now showing signs of maturity.
Both groups were left confounded when Bitcoin crashed from a stable $6,400 to $5,400. This could be due to the splitting of Bitcoin Cash on November 15 into Bitcoin ABC, which will be the core crypto and Bitcoin SV, a shorter version. Further, the recent dumping of tech stocks in conventional exchanges might have affected the crypto markets, disrupting the stability of Bitcoin.
The current price of a Bitcoin
In recent times, the price of Bitcoin has been shooting through the roof. This year it is trading at $33,195 and is projected to end the year even higher at around $55,000. At this high opening price now, the question is whether it is too late to invest in Bitcoin for people who have not already done so. At $30k plus, it might seem so, but it is not the reality. It is never too late to invest in Bitcoin simply because the crypto is yet to mature fully and find its true bearings.
These predictions are based on an analysis of historical data and Bitcoin price movements over the last decade. Around June 2020, Bitcoin prices hit an all-time high due to the depressed traditional economies because of the Covid-19 pandemic. Bitcoin was considered to be a safe-haven for investors. Not surprisingly, Bitcoin is now trading around $30,000. Some analysts say that four years down the line, Bitcoin might break through the $100,000 glass ceiling. Even if this is remotely true, how can it be too late to invest in Bitcoin, even at $30k when the upward journey has just started?
Is it too late to invest in Bitcoin?
The answer to this question depends on your perspective and goal for buying Bitcoins. There are two possibilities here. The first is buying for the short-term mainly to meet your daily transaction requirements. The second is that you are buying the crypto as an avenue of investment and will be holding it for the long term.
If the first option is your objective, you have probably missed the bus at the current rate. There are over 50 million wallets till June 2020, with individuals, governments, and businesses adopting and recognizing the crypto as a means of exchange and purchase. Bitcoin has been a flag bearer in the cryptocurrency field and sets standards that others follow. As a successful crypto, it is bound to create major changes in the fiscal world in the future, with transaction modes being increasingly slated to be based on the crypto. But for transactions per se, it might not be such a good idea to invest in Bitcoins.
When you buy Bitcoins as a mode of investment and plan to hold on to it for long, you are very much in the game, though, at $30,000, you might feel the price is a bit steep, and you are too late. But take past data, and you will think otherwise. Just about a decade back, Bitcoin was at $100, and the people then might have felt the same way as you now at $30,000.
There will surely be price fluctuations before Bitcoin stabilizes, but the curve can only go North. Currently, the volume of Bitcoins in circulation is 18.5 million, and the total supply of Bitcoin can go to 21 million. With the narrowing leeway in Bitcoin mining, it takes a lot more hash rate to mine the coin than before. The last coin may not be mined until 2140, and by then, the price of Bitcoin can be millions of dollars. Once again, then, it is not too late to invest in Bitcoin if a long-term holding is on your mind.
Why you should invest in Bitcoin now
The first and very critical reason you should invest in Bitcoin is that it is the market leader in the crypto world. There might be thousands of coins in this space, but no serious competition for Bitcoin. While the crypto price has fallen dramatically several times, it has always come out of the lows and risen to new heights and is the most reliable coin with many potentials.
For investing small amounts, you will need to hold on to the investment for a long period to get substantial returns. On the other hand, for large investments, you can get very high returns even in the short run as any minor changes will rake in dollars for you. Unless something unforeseen happens, Bitcoin forecast predicts the next five years will be a golden period for the price of Bitcoin – about $100,000 in early 2025. It cannot get better than this as an investment. As the value of Bitcoin reaches its all-time high and it continues its bullish zone; it is never too late to invest in Bitcoin.
Where can you invest in Bitcoin?
There are many reliable platforms for buying, selling, and investing in Bitcoin. These include Binance, Coinbase, Huobi, Remitano, and Bitmex.
Conclusion
Summing up, it is never too late to invest in Bitcoin. Rather it is the other way around – start now as it is better late than never. Bitcoins will not let you down as a solid investment platform to be on. Before investing in Bitcoin you can check and know more about Bitcoin Future.
