The price of Bitcoin is now below $7,400. This is bad news for cryptocurrency investors and believers. On the other hand, crypto skeptics are happy about this.
But all is not over. There are still some very good reasons to buy Bitcoin regardless of what the current price may look like. In fact, now may be the best time to buy as the price is very low and you can make a lot of profit from it when it increases. Read on to see six reasons why you should buy Bitcoin now.
1. Bitcoin is the biggest player in cryptocurrency:
Bitcoin was the first cryptocurrency to be introduced to the world. There has been a lot of ‘Bitcoin killers’ introduced to the market, but none of them has caught on as much as Bitcoin. The introduction of these coins has only made Bitcoin more popular. A lot of these coins have touted several advantages like faster transaction times, better security, better uses, support by various industries, support of some governments, support of some financial institutions, support of credible people, etc. But none has managed to overthrow Bitcoin. With the increase in the number of ICOs that emerge monthly, cryptocurrency is getting more and more popular. This popularity of these cryptocurrencies will make the value of Bitcoin to go high.
2. More companies are adopting Bitcoin:
The list of companies that accept Bitcoin is on a steady increase. As more companies adopt Bitcoin, you can expect the price to go up. Steam, the number one online platform for buying PC games in the world accepts Bitcoin. Microsoft accepts Bitcoin. Overstock accepts Bitcoin. Other companies include Virgin Galactic, Save the children, eGifter, OkCupid, Namecheap, Wikipedia, Tesla, Peach Airlines, Zynga, 4chan, Mega.co, Square, Mint.com, Fancy.com, Shopify, MIT Coop Store, Newegg, Lionsgate Films, Stripe etc. Shopnow.ng and other online merchant sites are now accepting bitcoin in Nigeria. This is just a tip of the iceberg, and there is more to come!
3. The number of Bitcoins gets halved every few years:
Every four years, the number of Bitcoins in circulation get halved. So, the supply will go down a lot which will cause an increase in the value. The last halving happened in 2016. Another one will happen in 2020. And another one will happen in 2024 etc. Each halving will boost the price of Bitcoin. There is a limited amount of Bitcoin, and about 80% of all Bitcoins are already mined. So, after the year 2040, there won’t be any new Bitcoin.
4. Some people see Bitcoin as the new gold:
Gold is a high-valued metal that has been used as a standard for a lot of fiat currency all over the world. Gold is an asset whose value can’t be controlled by the government. Even if war affects a country or if the country prints too much money, the value of gold will remain the same. Bitcoin has so many of the properties that gold has. It operates on a decentralized platform that no one can control. There is no Federal reserve that can devalue the value of Gold.
5. The financial industry is taking more steps to support Bitcoin:
A lot of mainstream financial experts are now taking Bitcoin seriously. Bitcoin is now seen as a legitimate asset like commodities, stocks, and bonds. Sequoia Capital, Andreessen Horowitz, and other financial firms are now betting on hedge funds that invest millions of dollars in Bitcoin. Also, the financial structure to support Bitcoin is now on the increase. Financial firms have been authorized by the Commodity Future Trading Commission to sell digital currency options.
6. Technologies are being created to fix Bitcoin issues:
There are some issues that plague Bitcoin and the technology to fix these issues are being created. For example, the Lightning Network will fix the long transaction wait times that Bitcoin has. Also, there are some third-party solutions that are coming up as credible alternatives to the Blockchain. These technologies and many more will make Bitcoin better and make the value increase.
You may end up doing yourself a favor if you buy Bitcoin now. The future looks bright, and there are a lot of positives to look forward to.