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In October 2008, a paper titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ was written and published by Satoshi Nakamoto. This paper explained the idea behind Bitcoin, outlining exactly how it would operate and describing the details of a completely functional cryptocurrency. Bitcoin works in a fully decentralized system, operating in a trust-less manner making it possible to send and receive financial transactions without the need for a third-party. Over 10 years later, this network has grown rapidly and evolved to connect with the needs of its ever-burgeoning user-base.
Bitcoin has had a crazy history of up and downs. In March 2010, 10,000 BTC was auctioned for $50 but no buyer was found. A couple months later, L.Haynecz completed the first real-world transaction by buying two pizzas in Florida for 10,000 BTC (an amount that would be over $50m today). Fast forward 7 years and we experienced the parabolic Bitcoin rise in December 2017. Bitcoin hit its all-time-high of $19700 on the 17th December, making many early investors a great amount of profit. Since then, this has still been the top and the price had experienced a rocky 2018, crashing all the way through to Feb 2019 – where the price seems to have bottomed at $3300. The price experienced some sideways action and it has been rising slowly since we saw the $3000s (we are now at around $5000).
We believe Bitcoin’s price will rise from its current value for a number of reasons. Markets work in cycles and the hype of 2017/2018 has cooled off with the price correcting accordingly. When hype has reduced and the price has stabilized – that is when you need to start accumulating and investing, and that time happens to be now. That is just one reason why you should invest in Bitcoin, take a look below to see more solid arguments for getting yourself involved in the cryptocurrency market.
Bitcoin has been the most exciting asset to invest in for decades, the profitable gains that are possible trading Bitcoin are second to none. There have been huge rises in the past and when we saw the highs of December 2017 many people would have rushed to buy anything below $10000. Now Bitcoin is around $5000, people have lost confidence due to the past rough year – but in fact this is the time you need to start accumulating. The price is low compared to the all-time-high so it makes sense to accumulate at a low price and sell at the highs (and above). The market works in cycles, and you can see from the above chart we have had a healthy correction – the new cycle is ready to start that could spark another parabolic movement.
Bitcoin’s potential huge gains are not the only thing making it such an exciting asset. The fact that that both the technology and market are so young means there is so much room for improvement and therefore price growth. In the grand scheme of things, people investing now could still be seen as early investors. Bitcoin is around 10 years old and the amount of work being done on blockchain is increasingly massively each year. Bitcoin developers are always at work and the code is being worked on non-stop to increase scalability, privacy and other impressive features. The potential growth for Bitcoin is unimaginable. The higher the market cap grows, the higher the prices rise due to more money circulating.
The adoption rate for Bitcoin is growing at an extremely impressive rate. In 2013 there were 1,789 merchants accepting Bitcoin. In December 2018 there were 14,346 venues globally accepting BTC, which is a massive 700% rise – indicating that adoption is growing constantly and will continue to do so throughout the years. More and more people want to use digital currencies for their everyday purchases. Looking at the above infographic, we can see that countries experiencing issues with corruption, difficult monetary policies and hyperinflation (Venezuela) are adopting Bitcoin the fastest and rightly so. People are losing faith in their own country’s currencies and are warming up to cryptocurrencies. This would positively impact because more people using and buying Bitcoin increases demand, which will increase the price as the supply is capped.
The potential of publicly trade bitcoin ETFs should not be ignored. An exchange-traded fund is an investment fund that follows the price of an underlying asset (such as gold) and is traded on exchanges. Since regulated bitcoin futures contracts are now on the CME and CBOE, the chances of an approved ETF are improving. ETFs would legitimise BTC further and would attract all kinds of investors, especially institutional investors. It would also remove barriers for the masses to invest. In the early 2000s, the ETF market opened for gold and the price rallied for years, the same could happen for Bitcoin. As an approved ETF would remove barriers to entry, a huge spike increase would be likely.
Start owning your money! Bitcoin is decentralised, meaning you own the coins and transactions. Banks and other third parties are not involved and you have access to deposit and withdraw money 24 hours a day, 7 days a week. A great example of where decentralised money would be extremely effective was during the Greek financial crisis, where citizens were not even able to withdraw their own cash due to a government lock down to pay off debts. Bitcoin is available to withdraw whenever you want, no matter the situation of the government. We are in a time where people are becoming increasingly worried about their money, and decentralised forms of payment are becoming more desirable which would drive the price up.
If every millionaire in the world wanted one Bitcoin, it would not be possible! There are only 21million Bitcoins available in total, and 17.6million have already been mined. New research also claims there could be up to 4million Bitcoins already lost, decreasing the supply even further than it already is. It is similar with gold, gold must be mined out the ground and Bitcoin must be mined via complex algorithms. Demand will increase with the years to come, and with that value increases also.
International bank transfers are still very difficult to do, they take much longer than national transactions and the fees are much more expensive. Bitcoin removes the middle man and allows you to send payments anywhere in the world instantly for low fees. It allows you more freedom and privacy when handling your money, which is crucial these days. Using standard bank accounts are somewhat old fashioned, so it’s worth investing in this new piece of technology, removing barriers and allowing people to send money to each other no matter where they live.
Metcalfe’s Law is a term coined by Robert Metcalfe that states that the value of a network grows by the square of the size of the network. The idea behind this law is that a network’s value is increased as the size of the network increases. For example, approximately 0.7% of the population use Bitcoin so (0.72 =0.49), but if we saw an increase to 2% of the population using Bitcoin, then the value of the network would quadruple (22 =4), if 4% of the population used Bitcoin then the value would of the network x16 (42 =16) and so on. The value of the network quadrupling would also push the price exponentially – there is no limit to what price Bitcoin can hit!
Lack of privacy and anonymity is becoming an increasing issue in 2019. Bitcoin operates differently to your usual banking network. Opening a bank account requires lots of effort, identification and sometimes cost. You could use Bitcoin to keep your funds anonymous, an interesting example is a domestic abuse victim could use Bitcoin to safely and securely save funds to prepare for an independent life. Privacy and anonymity is something people are beginning to value more nowadays due to increased hacks, malware and viruses. If people are valuing privacy and anonymity more, they will with Bitcoin too.
Investing and trading Bitcoin can be done on any day at any time. Giving you flexibility to work with your investments and no barriers. Unlike stocks you do not need to wait for the market to open to handle trades and your investments. This gives investors and traders more freedom with their money. Flexibility is valued and traders do not want to be told when they can and can’t trade with their own capital. Thus, this will be positive and drive the price as the flexibility is attractive to traders.
There is increasing regulation when it comes to Bitcoin and cryptocurrencies but this is not necessarily a bad thing. With more regulation, the asset will gain trust and adoption will increase. As stated in one of the previous points, increased adoption is one of the quickest ways Bitcoin can rise in price. Investing in Bitcoin will be safer and information about the asset will be much more clear, bringing in many more investors. Governments are constantly discussing Bitcoin and other cryptos, showing that it is here to stay.
Since the beginning of 2019, buying every significant Bitcoin dip has proved to be a rewarding strategy. Dollar-Cost Averaging (DCA) is a popular trading strategy that involves buying the same dollar amount of an investment regularly. Entry points can be daunting for investors so this method decreases the importance of short-term volatility and allows investors to scale into an asset. People have become more reluctant to invest in cryptocurrencies due to the latest crash from the 2017 highs, but the market has been correcting since and some stability has been found. There is good risk/reward ‘DCAing’ the dips on Bitcoin and could prove to be very rewarding in say a years time.
The above table breaks down Dollar Cost Averaging with an example of buying on the 1st of every month from December 2019. If you had invested $1000 at the 1st of every month since then you would have made just under $2000 today from simply buying Bitcoin, not even day trading. This is a great time to start scaling into Bitcoin so if you’re not feeling extremely confident just invest what you can, once a month!