About a decade ago, you could buy 1BTC for just US$ 0.125. These days, however, 1BTC is equivalent to approximately US$11 719.90 (4 Jul 2019). It’s unlikely that Bitcoin prices will ever go back to the days of its infancy, seeing that interest in the cryptocurrency market is on the rise. That being said, it’s still not too late to start investing in Bitcoin and other cryptocurrencies, and you can still profit if you start now. Here’s why:
There’s still room for growth
The surge in Bitcoin prices might be off-putting. It might even make you think you don’t stand a chance in profiting from investing now because it’s just too late, however, that’s not true. When you’re investing, it’s important to invest in projects or commodities that have real value and still see room for growth. And as it happens, cryptocurrency happens to be a sphere where growth and new developments are on the rise.
At the moment, Bitcoin and many altcoins are undergoing numerous developments and improvements. Issues like scalability, fungibility are just some of the many challenges cryptocurrency projects are hoping to solve. In this atmosphere of continued developments and advancement, more room for growth will take place in the cryptocurrency sphere and investing in cryptocurrency right now will likely yield returns.
More companies are venturing into blockchain technology
According to an article published in Forbes, 50 public companies are exploring the blockchain technology, possibly incorporating the technology into their business. Some of these companies include American Express, IBM, Facebook, among others.
Although the adoption of blockchain technology does not have a direct effect on the value of cryptocurrencies, the rising adoption of blockchain could have a positive influence on the value of crypto in the future. Additionally, this could also pave the way for the rising adoption of cryptocurrency in the future.
Institutional investments will start to pour in
Just last year, Vertex Ventures invested an undisclosed amount in Binance, months before the launch of Binance Singapore. With increasing interest from governmental institutions, it’s inevitable that huge amounts of investments in cryptocurrency will start to pour in. Although not many institutions have invested in cryptocurrency yet, many are open about exploring possibilities in this sphere. According to an article, Morgan Stanley stated its keen interest in cryptocurrency, calling crypto “a new asset class”.
Cryptocurrency is always open
The great thing about cryptocurrency is that its exchange is always available and it never closes after a set time. Since you can buy and sell cryptocurrency wherever you are, whenever it is, you’ll be able to make more trades and increase your opportunities for making a profit. According to Patrick Gray, CEO of HashChain Technology, "Banks and Wall Street are open Monday through Friday until 4:00 PM, whereas cryptocurrency exchanges never close. The 24/7 ability to access and trade digital currency is an important and often understated long-term benefit in the space.”
In the last decade, Bitcoin and the cryptocurrency sphere has made lots of progress and prices have been soaring as of late. Nonetheless, it’s still not too late to start trading and investing in cryptocurrency. Governments and large organisations have only just started to take interest in crypto and with these shifting attitudes, more money will start pouring in. If anything, cryptocurrency is still in its early stages and you’ll likely yield profits even if you’ve only just started investing.
Want to learn more about investing in crypto? Read this to get started.