There is much talk of Bitcoin and other cryptocurrencies serving as safe places to park money during the economic shutdown and beyond. Whether you are looking for a potential “safe haven” for your money, are in search of a value store or simply believe in the power of digital currency, Bitcoin and Bitcoin casinos are worth your attention. Buy Bitcoin today, hold it across the long haul and it just might outgain the stock market as well as other investments.
Ride the Bitcoin Rollercoaster
Take a look at Bitcoin’s chart since the summer of 2017 and you will see it undulates more than most stocks. It is no secret Bitcoin is a volatile investment. However, this cryptocurrency has consistently moved back toward its highs even after significant selloffs, meaning it has a “floor” in which there is significant resistance to a drop below a bottoming out point of around $3,200. Buyers have swooped in when the cryptocurrency reaches this level, scooping up Bitcoin and pushing it back up toward the $4,000 level.
Today, Bitcoin sells for around $8,700. Bitcoin has been so successful that it has halved three times in its short history, ultimately making it that much more popular with everyday people on crypto casinos and elsewhere.. The moral of this story is if you are willing to take a risk and ride the Bitcoin rollercoaster, there is a good chance you will emerge with a significant profit.
Why Bitcoin is a Solid Investment today
Bitcoin appears to be a fantastic investment, especially in the coronavirus era. The virus attaches itself to tangible items including paper currency and metal coins. This means citizens and governments alike are considering the merits of cryptocurrencies such as Bitcoin that much more seriously. After all, there is no sense relying on tangible currency when intangible Bitcoin can be used in a much more efficient and seamless manner.
It is quite possible Bitcoin will eventually replace traditional currency in the United States and possibly across the globe, giving this cryptocurrency a considerable value boost. However, even if a government never officially replaces its currency with Bitcoin, that many more people are likely to begin using this cryptocurrency rather than tangible bills and coins as it is comparably efficient. Furthermore, if the coronavirus continues to linger, fewer and fewer people will be willing to touch dollars and cents, making the intangible Bitcoin that much more popular as it is completely digital.
Bitcoin Might be the new Gold
Bitcoin appears to be somewhat inversely related to the stock market. This cryptocurrency has increased in value during the coronavirus pandemic while the stock market has declined in value. There is likely to be significant economic turmoil in the months and possibly years to come as jobs are lost and trade declines. It is quite possible the stock market will continue to decline while Bitcoin and other cryptocurrencies attract even more investment dollars. Therefore, it makes sense to own Bitcoin in addition to traditional stocks, mutual funds, bonds, land and other investments.
It is best to think of this cryptocurrency as somewhat of a hedge against your conventional investment portfolio, similar to gold and other precious metals. Gold also has somewhat of an inverse relationship to the stock market as investors view it as a safe haven. There is a chance those who traditionally flocked to gold during times of uncertainty will move some of their money toward Bitcoin rather than precious metals as the economy continues to slide.
Is bitcoin a Good Investment for the Future?
Unlike traditional currency, Bitcoin has an inherent cap. This means an infinite number of dollars can be printed yet a finite number of Bitcoins will exist. As a result, Bitcoin is that much more likely to hold its value or increase in value. Once 21 million Bitcoins are made, production will stop, ensuring this cryptocurrency holds its value across posterity. In other words, people are that much more likely to scoop up as many Bitcoins as possible as it is less likely to lose its purchasing power in comparison to traditional dollars that are now being looked at as “funny money” due to the Fed’s excessive currency printing.
The Future is Digital
Think back to the last time you pulled out your wallet or purse and paid for something in all cash. If you are like most people, you have not bought something with cash in quite a while. We are moving toward a digital payment system in which cryptocurrencies like Bitcoin reign supreme. Bitcoin casino promotions in which the digital currency is used for online gaming are also proving that much more popular as time progresses. It is possible online casinos of all types will accept Bitcoin in the near future.
There is no risk of catching a virus or other germs from Bitcoin as it is completely digital. Furthermore, you can easily lose traditional paper money yet digital currency such as Bitcoin cannot be misplaced. This heightened safety makes Bitcoin that much more appealing as we transition to an era dominated by digital technology.
Bitcoin Tends to Increase After Halving
Bitcoin is set to halve once again this month. This means the price of the digital currency while be chopped in half, making it that much easier for everyday people to own the digital currency. Bitcoin has halved several times in the past, increasing in the aftermath of these monumental events as that many more people are able to afford it. In other words, this might be a good time to stock up on Bitcoin and hold it for the long haul.
Bitcoin has Value Across the Globe
Wouldn’t it be nice to pay for something in France, Italy, Japan or elsewhere by simply pulling out your phone? Invest in Bitcoin and you will be able to do exactly that. Bitcoin does not require conversion to the local currency. Though some stores do not yet accept Bitcoin, that many more merchants are accepting this digital currency as time progresses. It is much more convenient to pay for items with Bitcoin rather than convert traditional paper currency to the local currency when traveling abroad.
The Financial Professionals are Bullish on Bitcoin
When Bitcoin first debuted, the mainstream press and finance gurus were bearish on it. The so-called experts doubted Bitcoin would increase in value or be widely used simply because it was unconventional and unproven. My, oh my, how times have changed. JPMorgan has stated cryptocurrency is drawing significant interest from institutional investors. Furthermore, finance industry professionals far and wide are now recognizing the fact that cryptocurrencies such as Bitcoin are serving as a hedge against a tumultuous economy
Add in the fact that domestic currency that is likely to inflate across the future while Bitcoin holds or increases in value and it is that much easier to understand why the future is bright for this digital currency. This is not to say the dollar is dead. Rather, there is growing momentum for Bitcoin to be used as an alternative to the traditional dollar and possibly, as a replacement one day in the future.