Over the past several months, Bitcoin has shown some staggering promises. In March 2021, Bitcoin crossed the All-Time-High value of $61,500.
Well, Elon Musk’s enthusiasm regarding crypto and Tesla’s investments appears to have immensely contributed to Bitcoin growth, witnessing rising demand. Therefore, we can safely conclude the past six months were exceptionally phenomenal for Bitcoin growth and saw the best of Bitcoin ever since its inception in 2009.
Despite this growth, people around the world often wonder, is it too late to buy Bitcoin? Should you continue to invest in Bitcoin? In this analysis, we have decided to get to the bottom of these questions.
The Growth Of Bitcoin
The ongoing Bitcoin bull run brings the total market value of cryptocurrencies to more than $1 trillion. Before we delve deep into whether investing in Bitcoin is the right choice amid the ongoing cryptocurrency bull run, we need to understand factors that make Bitcoin valuable*.
We have not observed any sharp decline in Bitcoin value in the weeks after reaching its all-time high. At the time of writing this article, Bitcoin has been trading above the $56,000 mark. It is also believed that Bitcoin could rally as high as $100,000 in 2021. Some experts also predict Bitcoin could surge to as high as $300,000 in 2022.
These numbers assert sustainable Bitcoin growth.
Even though the Bitcoin price continues to remain on the higher side, this is just the beginning. Some people may also argue Bitcoin has already reached its maximum value, and there may not be enough potential for it anymore.
Many businesses worldwide are now looking for ways to integrate Bitcoin and cryptocurrencies into their financial ecosystem for various reasons. It only shows that Bitcoin is fully capable of growing despite temporary setbacks in its price.
The Future Of Bitcoin
Coming back to your question, is it too late to buy Bitcoin?
The answer lies in people’s perception and understanding of the future of Bitcoin and the overall cryptocurrency ecosystem.
Experts believe the future of cryptocurrencies is bright, and often consider Bitcoin a digital gold. Investors continue to treat Bitcoin as a digital asset in large numbers, from what we have seen.
There are two primary reasons why Bitcoin sees such dramatic growth:
- Many businesses are widely accepting Bitcoin as a valid form of payment.
- Many individual traders use different strategies such as day trading, swing trading, and arbitrage trading to their advantage to churn out profits, essentially boosting the trade volume of various cryptocurrencies, including Bitcoin.
From the profitability perspective, Bitcoin continues to remain the go-to option for the most part. During the past decade, Bitcoin has garnered enough fame and become a household name. Therefore, Bitcoin will stay relevant and on its mainstream acceptance path.
Is It Too Late to Buy Bitcoin?
As you can see, despite some slight dips, the overall future of Bitcoin looks very bullish. Besides, Bitcoin’s adoption rate has been growing like never before. The year 2020 saw a massive rise in the number of wallets holding Bitcoin. Meaning, more people are looking forward to long-term investment.
Experts also say the structure of Bitcoin is suitable for the macroclimate. The currency and the blockchain network can easily withstand the skyrocketing price and adoption rates. Lest we forget, mainstream organizations have also been integrating crypto into their services.
PayPal allows customers to buy and hold cryptocurrency. Many Wall Street organizations are also planning to enable Bitcoin and crypto trading on their platforms. You can count on your Bitcoin investment even when orthodox market assets leave you baffled.
The ongoing coronavirus situation is a perfect example. Even when the world struggled with the COVID-19 and its impact on the economy, Bitcoin saw steady and positive growth. We remain hopeful that Bitcoin’s perseverance as a digital asset is why it is still not late to buy Bitcoin.
Currently, around 18.5 million bitcoins have been mined. This leaves less than three million that have yet to be introduced into circulation. Only 21 million Bitcoins are available for mining. Scarcity can help preserve value at a time of rising prices and lower purchasing power.
Considering that not many investors have plans to sell the Bitcoins they have any time soon, BTC’s value will persist. To answer the main question: No, it is not too late to buy Bitcoin.
Going Beyond Bitcoin
Bitcoin is one of the many cryptocurrencies available in the market. If you want to diversify your crypto portfolio, you can also consider other investment opportunities in the crypto ecosystem.
You can consider other cryptocurrencies like Ethereum (ETH), Litecoin (LTC), Cardano (ADA), Stellar (XLM), and Tether (USDT).
Long story short, it is not too late to buy Bitcoin, and it will probably not be for many more years to come. Bitcoin has the potential to stand the test of time, and traders use this potential to generate good profit.