Bitcoin on the Rise
Bitcoin has accomplished what most might have felt it never would: as I write this, BTC is sitting well above the 11k level. Just weeks before, Bitcoin was facing a 10k ceiling, of which it could not pass successfully every time it tried.
With new interest in the cryptocoin as banks accumulate Bitcoin as reserve currency, investor confidence is on the rise. The crippling of the fiat money system amidst the deteriorating economic situation as a result of the virus, is cause for there to be a mass rush to cryptocurrencies, Bitcoin in particular.
“Many compare the future of Bitcoin to that of the internet, and claim that the commodity is going through the same growing pains of scalability, availability and ease of use that the internet first went through from 1995.” (Cointelegraph.com)
As with all the major advances in the way us humans live our lives, Bitcoin (and cryptos in general) is going through trials and growing pains. With the current state of the economy, where the world is on hold, and governments are requesting money to be printed like it was going out of style (because it actually might be), there is nowhere else for cryptocurrencies to go but up. The future is written in Bitcoin.
This article is not for giving direct investment advice, but to simply provide information that can help those who may need it. With that being said, I myself am an investor in Bitcoin, so I’m putting my money where my mouth is. It is a mistake to ignore the potential of Bitcoin on the world stage, as it has converted into a major method for transactions in some circles. It is convenient, easy, and decentralized, which basically translates into “more efficient”, and when something is more efficient, it tends to be favored over the alternatives.
“The rise of mobile payments and the turn away from cash has central banks scrambling to find their feet in the new virtual-money landscape.” (The Economist)
The article from which this excerpt is taken from is about digital fiat currency, but what this excerpt displays about the current economic landscape is pertinent to cryptocurrencies. New money is the way forward, as we are essentially going through an economic reset. The United States is currently more than $26.5 trillion in debt, with money being willed into existence like water coming out of a tap. People are stuck inside (for the most part) which makes digital transactions the obligatory default method of exchange. With all this in mind, Bitcoin and cryptocurrencies are definitely not a trend, but a godsend. Banks are traditional sources of finance, but are clunky, over-regulated rackets. Bitcoin is an effortless, instant exchange of money, which makes it valuable and necessary.
If you are not up on Bitcoin, then it might be a good idea to start checking it out before things get more expensive than they are at the moment.
https://cointelegraph.com/news/crypto-winter-could-really-be-over-as-new-bitcoin-starts-to-bloom
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