Bitcoin: Is Now a Good Time to Invest?

If you have been watching the news for the past couple of months or so, you will have undoubtedly seen a news feature or two about bitcoin. For several years, cryptocurrency has become a favorite among many investors.

As the days pass by, bitcoins are definitely finding their way into many mainstream markets and are currently poised to become a true alternative to the government issued currencies. Also, there is a steadily growing ‘stock exchange’ market for bitcoins, which is making it a crowd favorite among many bitcoin traders, hence the Bitcoin Revolution. So, you might ask ‘is it a good time to invest in bitcoins?’ Let us explore the answer below.

More and more websites are accepting Bitcoin each day

Bitcoin continues to grow; as a matter of fact, we see a lot of other cryptocurrencies being used online. Many website owners are accepting it for payments. There are a lot of online retail shops, branded clothing stores, and service providers offering programming and web development, and other novelty websites, which make up the vast majority of bitcoin adopters so far.

Other developments in finance and web use

PayPal is also finding a way to accept bitcoin payments, this might mean that they can partner with eBay and other companies, which are not far behind. This can lead to the further explosion of bitcoin for various online uses. However, there is an offline presence too, with the first ever bitcoin ATM machine opening earlier this year. The popular content aggregation website Reddit had a viral post in which a convenience store is shown displaying a sign which reads; ‘We accept Bitcoins’.

The exchange rate for bitcoins is higher now

Many people that choose to buy bitcoin often do so for its investment value. This time last year (July 2018) the rate of bitcoin was around $7,500 dollars each but with a few peaks & troughs in between, the currency had a bullish period last month (June 2019) due to Facebook unveiling its highly anticipated cryptocurrency ‘Libra’, bringing it up to a strong value of $12,900 (the all time high was $20,100 in December 2017). As of today it is still strong at a rate of $10,500 and many success stories prove that fortunes have definitely been made & more are to come, just by buying and selling bitcoins.

While bitcoins volatility in the past couple of years has scared off people from investing, it has spurred on many more to jump feet first into the world of crypto. The most crucial thing to remember is that so far, every time the currency enters a bearish period it recovers; jumping to a much higher value. Indeed, it certainly does display some erratic behaviour; to dismiss the growing importance & value of cryptocurrencies in today’s markets however, would be an obstinate move.

Bitcoin is still in the starting phase

The main reason why you should invest in bitcoin is that this currency is still in the starting phase. There are many indicators that point to the currency seeing a considerable increase in value and its implementation is sure to become widespread in the future. Those who have successfully invested in bitcoin and those who took a leap of faith will surely see substantial returns on their investment.

Will you make the wise move and join the bandwagon, or will you regret later on missing out on the next big thing?

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This article does not necessarily reflect the opinions of the editors or management of EconoTimes.