12:39 24th Sep, 2020
Is it Too Late to Buy Cryptocurrency in 2020?
Unlike traditional fiat currencies, these can’t be created in more numbers by the government. So, the more people get involved in bitcoin, there will be a rise in price as there will be scarcity.
Anyone who wants to know whether it is too late to buy bitcoin is treating bitcoin as an investment. But you also know that bitcoin is used as a substitute for currency. Given that, you can also make payments in bitcoin for shopping goods and even for many services.
However, if you are looking for an investment in bitcoin and you don’t know much about its valuation, then you will be intrigued by these questions. The straightforward answer is ‘no,’ it’s not too late. And if you want to know the reasons behind it, read the full article.
Reasons Why It’s Not Too Late to Buy Bitcoin
Well, there are several reasons for which we can say it’s not too late to invest in bitcoin. Here are some factors that support the previous statement.
- Scarcity of Bitcoin
- Demand is Growing
- Blockchain Infrastructure is Evolving
- Safe Investment Asset
- Volatility concerns
All of these factors show that it’s not too late to open demo account and earn some significant profits from bitcoin. Do you want to know what these factors mean? Continue reading.
Scarcity of Bitcoin
There is a limited number of bitcoins available because the total supply is 21 million units. Unlike traditional fiat currencies, these can’t be created in more numbers by the government. So, the more people get involved in bitcoin, there will be a rise in price as there will be scarcity.
Apart from that, more than 30% of bitcoins were lost, which can’t be used further. So, there will be a rise in its value, and people who are holding it for a long time will get benefitted. So, scarcity is one factor that shows it’s not too late to invest in bitcoin.
The rise in Demand and Its Value
Although it’s considered a speculative investment, the number of people investing in bitcoin is growing every day. Consequently, the price is going higher with a fixed supply, so you can invest in bitcoin to get some profits. If you plan to invest in bitcoin, then it’s the right time to invest in bitcoin.
Blockchain Infrastructure is Evolving
One of the major drawbacks of bitcoin transactions is the amount of transactions is limited due to verification. It is due to the inefficiency of blockchain technology to verify bulk transactions. On the other hand, a large amount of money can be transferred to traditional money.
However, with technological development, the underlying technology blockchain is also improving day by day. It is a positive factor that bitcoin can become the mainstream of transactions with blockchain technologies.
Safe Investment Asset
Like gold, bitcoin is also considered as a safe investment asset. For many investors, bitcoin has proved to be one of the best investment assets during any economic instability. It is also used as a vehicle to hedge against inflation in some countries. So, bitcoin is also a safe investment asset.
Recently, the coronavirus pandemic is a clear example. Although the value has gone down to half of its value in March, now it has bounced back to its average value. So, bitcoin is a safe investment asset, and it’s the time to invest in bitcoin.
One of the scariest factors of bitcoin is volatility. However, bitcoin corrects its value after sharp bursts. But you can reinvest in it during correction and gain more profits over the years.
Another positive news that supports the rise in the value of bitcoin in 2020 is the bitcoin halving. If you look at the past bitcoin halving events, every time the value has increased. So, it’s also the time for a burst in the price of bitcoin.
All of these above factors and forecasts show that it’s not too late to invest in bitcoin. However, it entirely depends on you and your risk appetite. Note that you shouldn’t follow everything that you read from the internet, trust in your strategies, and if you feel that it’s a good investment, then go ahead with keeping the risk factor in mind.
- Bobble AI bullish on growing business via regional content; announces dedicated keyboard in Malayalam
- Acer India launches business PC at Just Rs 9999
- TCL 4K QLED with Hands Free AI TV Pre-booking Coming Soon at Reliance Digital
- Linksys India Launches VELOP MX5300 WIFI 6 Mesh System
- Acer introduces Nitro 5, its first 10th Gen Intel® Core™ Gaming Laptop
- Barco Introduces New Series of Advanced Video Processing and Presentation Control Systems
- NETGEAR Orbi RBK50 Mesh System to Augment Your Home Wi-Fi Network for Improved Work Efficiency
- Motorola announces its new flagship in India with the Fastest, Loudest, Boldest; motorola edge+
- Surface Pro X, Surface Pro 7 and Surface Laptop 3 are now available in India
- Genelec Announces 1235A: Classic Heritage, Cutting Edge Performance