The digital currency market is growing at a very fast pace. In just a year, the price of Bitcoin – the largest coin by market cap and somewhat of a bellwether in the market – has exploded from just over 7000 AUD in March of 2020 to a 2021 high of more than 63,000 AUD.
While the price of Bitcoin has fluctuated significantly since this high, the coin is perceived as being a hot commodity right now, with interest in the market undimmed by corrections in the price. if you’re considering jumping on board the crypto train, look before you leap – here are four reasons to consider before buying Bitcoin in 2021.
You Are Still Early
The very first and the most important reason to invest in Bitcoin is the fact that it has a great future. Many people think that Bitcoin’s price peak has already been reached, making it forever a losing investment. First, we’d love to see the crystal ball these people are looking into! Second, there’s no guarantee that the stratospheric prices we’ve seen in 2021 are anywhere near Bitcoin’s ceiling. If you have a substantial portfolio, adding Bitcoin to it can create significant opportunity, with some analysts tipping that Bitcoin’s price will continue to rise as adoption increases.
Bitcoin Investment is Easy
Investing money is all too often a frustrating and difficult process. Suppose that you want to invest in the real estate market – not only will you need to conduct significant research into your local market, you’ll need to work with a broker, a property manager and a conveyance to help you complete the sale and manage your investment. On the other hand, consider Bitcoin. Anyone with a (free!) digital wallet and access to the internet can check the current BTC price at CoinSpot and buy Bitcoin instantly and easily.
It is More Reliable than Other Cryptocurrencies
People who have been in the crypto world are often tempted to invest in smaller market cap coins as they have more growth potential. However, you must take into account the fact that all altcoins are judged against the value of BTC. While there are a lot of other cryptocurrencies that you can invest in and make 2-10x profits, they are also a lot riskier, with many of them simply never achieving any measurable kind of success. Bitcoin remains the most popular option for new investors as its significant market cap and early entry onto the scene make it the no brainer option.
Governments Are Starting to Support Bitcoin
There used to be a time when Bitcoin was considered to be a hoax, with many people suggesting that it was just a scam that would eventually disappear from the web. Far from it – instead, Bitcoin has become a respectable and normalised part of the global investment market. Acceptance ahs reached the point where many governments have begun to recognise it officially, giving it a status that would previously never be imagined.