Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
Is It Too Late To Invest In Bitcoin?
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Imagine you would have decided to invest in Bitcoin for $1,000 apiece in early 2017. By the end of that year, you would have made approximately $20,000 profit by selling 1 BTC. However, if you had waited a year more, your ROI would have been only around $2,500.
The 2017 Bitcoin bubble saw many one-time investors exit the crypto market. They were those who started selling when the BTC price began to plummet. On the other hand, those who “hodled” licked their wounds and learned some valuable lessons.
In 2021, Bitcoin had the most impressive bull run. We saw Bitcoin topping the charts at $60,000 apiece. Furthermore, in November 2021, it reached as high as $69,000. In 2022 Bitcoin experienced the 2022 bear market and dropped to 16,000 by the end of 2022.
Today, January 2023, it’s trading at around 23,000. For those who didn’t buy BTC for $1,000 four years ago, entering the market today may seem overwhelming. But is it too late to invest in Bitcoin?
Why Should You Invest in Bitcoin?
Bitcoin is the first and most popular cryptocurrency, which refers to virtual currencies featuring a digital representation of value. These virtual currencies are cryptographic assets operating on peer-to-peer networks, which you may know as blockchains.
Bitcoin is the oldest and most reputable cryptocurrency. It surfaced back in 2008 from the anonymous Satoshi Nakamoto. Other cryptos operating on similar networks, such as Tether and Ethereum, shortly followed it into existence. However, to this day, they fail to match Bitcoin’s popularity and value.
Due to its highly volatile nature, many crypto enthusiasts use Bitcoin as a store of value. They also prefer using it as a means of payment since its transactions are faster and more secure.
So Is It Too Late to Invest in Bitcoin Now?
Suppose you might think that the Bitcoin ship has already sailed. Also, you may regret not investing in it when its price was accessible. Nevertheless, you should know that in the crypto market, late, it’s better than never. Here’s why!
Timing
Everyone wishes they could go back to 2010 to buy millions of BTC for only a few dollars. However, when looking back, Bitcoin’s price evolution seems incredible. After all, its value has gone from a mere few cents to over $65,000 in just a few years.
Bitcoin has a market cap of $440 B, making it the 15th most valuable asset globally. It is worth mentioning that gold is worth $10T, Apple $2.2T, and Google $ 1.3 T. But Bitcoin has risen the ranks much faster than most of these entries.
So, have you missed the Bitcoin boat?
Well, it depends on several factors. For instance, we cannot predict its future. So, it is difficult to tell if it has reached its all-time highest value. Also, more investors are entering the Bitcoin market every day. So, as more money is pouring in, its value can only increase. But conversely, we don’t know if these investors are in it for a quick ROI or the long-term. After all, they could all jump ship if the BTC price plummets again.
Supply and demand
The maximum supply of Bitcoin is 21 million units. This means there will be no more BTC once they reach this amount. Currently, 19.2 million BTC are in circulation, leaving only 1.8 million to surface through mining. So, what does this mean for investors?
Soon, the price will shoot further through the roof than it already has.
Only a few institutional investors, including Microstrategy, Blackrock, Tesla, and PayPal, have invested in Bitcoin. However, many more are monitoring this space closely and ready to jump in anytime. When Amazon, Apple, Google, and many others jump on the Bitcoin bandwagon, the number of available BTC may be scarce. As a result, governments, hedge funds, national estates, and international conglomerates will fight over the remaining assets.
The limited supply of these crypto-assets results in their high demand. Today, Bitcoin is hard to find, mine, store, transport, and impossible to counterfeit. Also, it is a deflationary currency as it has no external regulatory bodies. To this end, Bitcoin will maintain its value for a long time, unlike the US currency.
Blockchain
Thanks to its blockchain protocol, Bitcoin has an immutable nature. This means that the data available on the Bitcoin blockchain can never change. Therefore, neither governments nor hackers can destroy its structure or alter its evolution.
Bitcoin is the most secure way of recording transactions ever in existence. Not only is it in use for finance, but decentralized apps and smart contracts are also using it. That’s how they revolutionize various industries like supply chain, property, notary, and health. When this occurs, Bitcoin and other cryptos will increase in value due to network effects.
FIAT Money
Fiat money refers to currencies governments control and manage, such as the Euro, Yen, or the US Dollar. This type of currency is susceptible to inflation. Also, as the central government keeps printing money, its value diminishes.
Some believe that the inflation rate of such currencies will be approximately 10% a year in the next ten years. So instead of dealing with inflation, why not choose a deflationary currency like gold or silver or even invest in Bitcoin? Making such investments helps your money save time.
Crackdown by governments
It is no secret that many governments worldwide do not embrace crypto. For instance, the Chinese government cracked down on the trading and mining of bitcoin in late May. This event caused the BTC prices to plummet.
However, Boris Schlossberg, managing director at BK Asset Management, claims that the crackdown was to help their upcoming digital currency. If other governments follow the same direction, the future of Bitcoin and other cryptos could be uncertain.
Conclusion – Is It too Late to Invest in Bitcoin?
Gold is a long-term investment that has been in use for years. However, many investors question its ROI due to its limited utility. Since its launch, Bitcoin has grown in utility and value. Furthermore, it is a virtual currency that should soon value more than anything.
Btc
Bitcoin
$62.547
price
price
0.84959%
price change
Likewise, the adoption of Bitcoin and other crypto is inevitable. For instance, investors will soon earn significant profits thanks to its volatility, deflationary nature, and liquidity. So, if you still want to squeeze some money out of the Bitcoin hype, you should consider creating an investment plan and sticking to it.
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