In recent times, Bitcoin price has been increasing and is currently looking more profitable. It then raises the question – “is it too late to invest in Bitcoin?” for people who are yet to invest in it.
It might probably look late to invest in it. But the truth is that it is never too late to invest in bitcoin as it is still in its infant stage.
However, to answer the question, we have to consider the perspective in which this question is asked. Why do you want to buy bitcoin? Is it to use it in day to day transactions? Do you want to buy and hold it for a long period as an investment?
If you are buying bitcoin for day-to-day transactions, you are probably one of the late comers as over 50 million wallets have been created as of the 12th of June 2020. Individuals, businesses, and governments are now adopting bitcoin and recognizes it as a means of purchase and exchange. Bitcoin is the first successful digital currency and more than 6000 coins have been created after it.
Bitcoin being the first, serves as the pioneer for every other coin. If it fails, it is most likely every other coin will fail. But if successful, it will create a massive change in the financial world. There will be massive adoption and growth, explosive usage of bitcoin, and other successful digital currencies.
If you are buying bitcoin to hold for a long period as an investment, and you feel it might be too late because the current bitcoin price is over $30,000, well, you are also not too late to invest in it. Bitcoin is just 11 years, lots of people had the same feeling when bitcoin was still about $100. Guess how they are feeling now!
Bitcoin price will surely rise and fall before it gets to a stable price. BTC price could rise to about $100,000 or $1 million and according to analysts, bitcoin price can no longer fall below $6,000. If the projected price is correct, bitcoin’s current price is just a small fraction of the projected price.
The amount of bitcoin in circulation is 18.5 million, and the total supply of Bitcoin is 21 million. Nowadays, it takes much more hash rate to mine a bitcoin, so the last bitcoin won’t be mined until 2140, and by then, the price could be millions of dollars. Therefore, it is obviously not too late to invest.
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Why you should invest in Bitcoin now
The first reason you should invest in bitcoin is that there are still very few market competitions. You might say there are thousands of coins, but there isn’t much competition for bitcoin in actuality.
The price of bitcoin crashed a few times, but it is standing the test of time, and it is still the most reliable coin out there. The market is still young and wild with lots of potentials.
You can still make a fortune investing in BTC, although it might not be so profitable when you invest with a small amount of money unless you want to hold it for many years. However, if you invest with a huge amount, you can get a huge return on your investment within a short period.
It isn’t a get rich quick scheme or a Ponzi scheme. In the early stage, some people used it as a quick means to make money. But in recent time, it is becoming more and more obvious that BTC investment in not a get rich quick scheme. Before you can use it as quick means to make money, you have to understand it well.
It is still in its growth and development stage. At the start, people thought the government would ban it, but now, its adoption has increased all over the world, and the world is recognizing the relevance of cryptocurrency.
These are a few of the reasons you should invest in bitcoin now. It’s never too late to invest in it, and join the moving train.
Bitcoin price prediction
Lots of experts have predicted what the price of bitcoin might become in the short and long term. It might look like they are just mere predictions, and no one knows the future, but the truth remains that these predictions are based on analysis and facts.
Around June 2020, when no one expected bitcoin to hit a new all-time high because of the coronavirus pandemic, an analyst predicted that bitcoin would hit $20,000 by the end of the year. In fact, as of 31st of December 2020, BTC price was close to $30,000.
Some analysts predict that bitcoin price would also hit $100,000 before the end of 2021. So, how can one say it is too late to invest in bitcoin when it obviously still has a long way to go?
Where can you invest in bitcoin?
This is another important question on the minds of bitcoin enthusiasts that would like to invest in bitcoin. People want to have peace of mind knowing that their money is safe and secure.
In conclusion, it is never too late to invest in bitcoin. It is better late than never. Also, create a well-planned strategy to know when to buy and when to sell.