Bitcoin, while one of the most prized assets today, barely had an easy tread across the financial scene ever since its inception. The traditional financial institutions had been vehemently against the coin, even tagging BTC as “child of dark web”. However, the tables seem to be turning off late. Bitcoin’s excellent resilience and high potential as both a high ROI-driven investment asset and revolutionary payment system have led to a wave of change in the market. Put simply, a large section of long-time Bitcoin haters have turned to Bitcoin believers- and they have also advised to buy Bitcoin. Read more about what is bitcoin
But what are major factors that led to such transformational change? Bitcoin has been around for just little more than a decade and that’s probably too brief to bring this breakthrough change in mindset.
Also Read: purchasing crypto
The post below underlines the key points that have inspired former Bitcoin haters to advise people to buy Bitcoin.
Bitcoin or crypto in general has taken the world by surprise (including haters) with its exponential rise and that too in a short time. According to a 2021 survey, Adoption of crypto and Bitcoin around the world shot up to jaw-dropping 880%+ in just a year. The astronomical rise in BTC and crypto adoption is one of the major reasons why former Bitcoin haters have advised to buy Bitcoin.
- From 2019-2022, there has been a 93% rise in number of people creating unique BTC wallets to buy Bitcoin
- Bitcoin is expected to have 1 billion users by 2030-2032
- Number of Bitcoin ATMs has surged from 15,000 in 2020 to 34,000 in 2021, thereby signalling a surging urge in people to buy Bitcoin
Rising rate of adoption is certainly one of the basic reasons to buy Bitcoin currently.
Bitcoin has experienced increased adoption as both a “means-of-exchange” and “store-of-value”
- 15,000+ businesses today accept Bitcoin as payment system
- Businesses have 40% higher chance of retaining customers if they accept Bitcoin and other crypto payment
- Bitcoin payment adoption has expanded to several industries such as hospitality, food and beverage, electronics, e-commerce, and more
- Added to retail or commercial payments, Bitcoin was recently used for a donation campaign in war-hit Ukraine
- Bitcoin has already received legal tender from two countries
Did you know that Bitcoin prices shot up by a solid 8% immediately after the U.S. government declared their executive order for cryptocurrencies?
With national governments softening their stance on cryptos, the digital asset market is expecting a mighty rise in adoption. As more people line up to buy crypto, the BTC value is predicted to shoot up to the moon. Rising rates of adoption will invariably improve the coin price.
History bears witness to the fact that novel network-based technologies tend to experience faster adoption than market predictions or expectations. The observation has been derived from the historical adoption graph of popular disruptive technologies, such as social media, internet, smartphone, electric power, and so on. A similar trend (if not faster) has been observed with Bitcoin and crypto in general.
You always do not need to invest in 1 whole BTC to buy Bitcoin. Rather, you can just buy a fraction of it when you sign up to buy Bitcoin.
Rise in institutional investment
Institutional investors were initially the biggest Bitcoin haters. Cut to 2022, they are the biggest Bitcoin holders who increasingly advise to buy Bitcoin. In fact, an iconic American investment bank who had infamously dubbed Bitcoin as “scam” has now labelled it as “digital gold”! The multinational bank has also developed a crypto exposure basket for BTC proxy stocks.
Bitcoin started 2022 with a mighty institutional investment inflow of $95 million. Currently, institutional investors own around 8% of total Bitcoin supply. Increasing involvement of institutional investors, especially the former staunch critics, shows increasing faith in the potential of Bitcoin. It’s definitely a major reason to buy Bitcoin.
Despite its wild volatility, Bitcoin is now considered a “safe-haven” asset.
This is a primary reason why a leading business analytics firm has converted a whopping amount of $425 million cash to BTC. Many other renowned businesses have followed the same footsteps afterwards. Improving confidence in Bitcoin among these top business leaders has inspired a long line of aspiring investors to buy Bitcoin.
Bitcoin will rise higher
Bitcoin hit its 2nd ATH in late 2021, reaching up to around $69,000. Cut to June 2022, the king of crypto had sunk down to a devastating low, plummeting to $17,593. It’s a terrible picture no doubt and might discourage you to buy Bitcoin. But, a large section of Bitcoin evangelists, including the former haters, have advised to buy Bitcoin and have faith in the asset.
According to a huge number of crypto experts, Bitcoin holds all the potential to rise higher and even touch the $100,000 mark by the end of 2022. In fact, they have stressed that the current dip in Bitcoin presents a golden opportunity to buy Bitcoin at a low price so that investors can HODL and earn exponentially high returns later. BTC has been forecasted to cross the $700,000 mark by 2030.
Bitcoin price has already started recovering since the mid quarter of July 2022. After a tumultuous bearish run in June 2022, the coin has finally been able to rise over the $20K mark. Whether you are planning to buy Bitcoin for short-term investing or long-term investing, “now” is the ideal time to purchase in BTC.
There are various ways to buy Bitcoin.
You can go for a P2P exchange or you can buy Bitcoin from Bitcoin ATMs. But, the most popular way to buy Bitcoin is through a crypto exchange. Just make sure that your chosen exchange accepts people from your specific geographical location. Also, you must check beforehand that the exchange has adopted tight security measures before you proceed to buy Bitcoin from that exchange. There are both centralized and decentralized exchanges. If you want lower fees and don’t want to get into the KYC formalities, decentralized exchanges are a good option. But, centralized exchanges offer faster processing speed.
However, irrespective of your choice of platform for buying Bitcoin, make sure to store them in an independent hardware wallet.