Bitcoin asset now offers a favorable balance of risks and potential rewards, according to experts, Bitcoin represents an unusual buying opportunity following a selloff that has left its coin decline by over 50% year to date, according to analysts.
Crypto market lore is replete with stories of how rich you could be if you had bought Bitcoin (BTC) early on. But now the only important question that matters is this: Is Bitcoin crypto a good buy right now?
To find the answer to that question, consider Bitcoin’s present situation and where it’s likely to go, not where it’s been.
Bitcoin has all the qualities of a great investment. For starters, it has performed extraordinarily well in the last years, with the CoinMarketCap placing its ROI for the past 10 years at 14,000%+. Most crypto experts are also confident that the coin can grow its worth by more than 5X to reach $100,000 in the next five to ten years. It is virtually one of the most lucrative investments and, therefore, one of the greatest addition to any investment portfolio.
However, note that Bitcoin has some of the most volatile price action. Between 10th and 19th May 2021, for instance, BTC prices fell by more than 43%, from $59,000 to around $34,000. It is also one of the hardest investment products to analyze and predict its future. Most of its critics have accused it of lacking an intrinsic value and thriving primarily on speculation and hype.
Presented with its splendid past performance, the promise of a rosy future, and the threat of unmatched volatility, it is only right that you stop and ask if Bitcoin is a good buy.
So, Should You Buy Bitcoin (BTC)?
Truth is, even with all its volatility and unpredictable price action, Bitcoin still comes off as one of the best investment products because it has a net positive return on investment. This says that it always rises again after a fall and goes on to set a higher price action.
For this reason, BTC continues to draw both retail and institutional investors in droves. In the last few years, several big-name brands started converting their cash reserves to crypto and adding Bitcoins to their balance. The most notable are Elon Musk-led Tesla which owns about $210 million worth of Billions (10,725 bitcoins), and Michael Sailor-led MicroStrategy which currently owns $3 Billion worth of Bitcoins (130,000 bitcoins as of September 20, 2022).
Moving forward, more corporations are expected to invest in the lead crypto in a bid to hasten their post-pandemic recovery and escape the imminent inflation that will be brought about by the reckless printing of cash by big economies throughout the covid-19 pandemic period. These sentiments were shared by Raoul Pal, a Bitcoin investor, Real Vision founder, and former hedge fund manager at Goldman Sachs.
All these examples seek to explain why Bitcoin is a good buy. As more institutions and moneyed investors rush in to buy Bitcoin moving forward, they will create flush demand that pushes the coin prices up, effectively growing your crypto portfolio immensely.
Other factors that make Bitcoin a must-buy today include its resilience and ability to overcome virtually all obstacles that comes its way. For instance, China emphasized its Bitcoin ban and threw out BTC miners from its county in May 2021, Tesla stopped accepting BTC payments for its vehicles, and Biden Administration proposed a crypto regulation bill.
These crashed the coin prices as it lost close to 60% of its peak price. Less than six months later, it recovered from the value lost and broke new price levels.
Read Also: 15 Reasons Why You Should Invest in Bitcoin Today
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Why Is Bitcoin (BTC) So Popular Right Now?
Being the first, oldest and largest cryptocurrency by market cap, Bitcoin has always been a popular cryptocurrency. In the recent past, however, a lot of factors in or affecting the crypto industry have attracted significant attention to the Bitcoin digital currency.
After recovering from the crash in May 2021, it reached a new all-time high before dropping at the end of the year. The last crypto market price rally received wide coverage from the global mainstream media, and the world watched in awe as Bitcoin hit its highest peak price yet.
Reports of one celebrity after another turning to BTC investments have also played a crucial role in keeping the Bitcoin debate alive. Musicians like Snoop Dogg and Kanye west to entrepreneurs like Elon Musk and Mark Cuban, and even politicians haven’t shied off from flaunting their BTC acquisitions. This then creates a discussion within their circle of followers that almost always spills over to social media.
One may also dare say that the many challenges facing Bitcoins have helped make it popular. For instance, the recent ban on BTC mining in China, the threat of regulation in the U.S., and the untamed price volatility are currently hot topics of discussion about Bitcoins.
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Will Bitcoin (BTC) Reach $100K?
There is an overwhelming conviction within the crypto community that Bitcoin prices will perpetually increase, which means there is a high chance it could reach $100K in the next years.
Seeing that it grew its value by more than 200% in 2021, there is a lot of optimism that it can grow its current valuation to reach this target. This theory is especially given weight by the overall expectation of the crypto market recovery and the upcoming halving event in 2024. Just as the Taproot update boosted Bitcoin's price in November 2021, those factors are expected to incite another price rally.
That said, though, most crypto analysts don’t believe that the two will present Bitcoin with enough momentum to drive its prices above $100K by the end of 2023.
Earlier in 2022, most experts expected BTC to reach $100K before December, but most have since pushed this timeline.
Morgan Creek Digital founder, Anthony Pompliano, had, for instance, predicted that Bitcoin would hit this target price before December 2021. He has since adjusted his prediction and now believes that the price of Bitcoin may reach $100,000, by the next halving, which is expected in 2024.
Crypto experts at Hackernoon have also tried to explain why it was difficult for Bitcoin to hit the $100K target price in 2021. They argue that the number of investors the coin will attract won’t be able to give BTC a market cap of $1.8 Trillion and a per coin price of $100K.
The bottom line, however, is that BTC prices will continue rising and that the coin will be worth more by the end of the year and in the years to come than it currently is today. This effectively makes it a good buy.
Ready to invest in Bitcoin. Here is the buy Bitcoin guide.
How To Buy Bitcoin (BTC)
Buying Bitcoin involve the same steps as buying any stock. Here is a close look:
1. Evaluate Bitcoin's Price Performance
2. Determine How Many Coins You Want To Buy
3. Decide Where To Buy Bitcoin Cryptocurrency
4. Choose Your Order Type and Place Your Order
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Should You Invest In Bitcoin Asset?
Whether or not you should invest in Bitcoin is a discussion best reserved for you. However, here are some of the factors you should take into account.
- How long are you willing to hold the coin?
- Can you stomach the flucationas that are inevitable when owning Bitcoin?
- Do you believe in the long-term success of cryptos assets?
Bitcoin crypto has proven to be a winner over the long term. The lead crypto recognition will likely make it a winner over the next 10 years or longer.
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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
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