I said in my last post that I’d give you my reasoning behind bitcoin to reach $50,000+
So here is my view on why I think we will see bitcoin hit these heights.
Through all the bitcoin mania at the moment, most people who are now investing in bitcoin [and it’s still minuscule], have little if any idea about the true value of bitcoin and what it means.
The minute I heard of bitcoin and mentioned it, I thought to myself that this could be big.
Of course I wish I had followed my hunch and bought loads of coins back then. But that is not the point I’m trying to make.
The point is that back then I thought…that’s very interesting… a way to take payment or move money for anything to anyone.
That is the true value of bitcoin. Being able to transfer wealth from anyone who is anywhere to someone else without using traditional methods like banks, or if you like a middleman.
Bitcoin is the first standalone global currency. It speaks all languages. It is also pretty hard to trace.
Rise of the Bitcoin
The reason that bitcoin grew at such alarming rates is for one simple reason. Crime!
Around 3 years ago, the main use for bitcoin was [and probably still is at the moment] to trade drugs online.
This trading of drugs on websites like Silk Road, then, fuelled the rise in bitcoin’s price and helped get it noticed by the masses which in turn led it to becoming more mainstream.
Now however, there are other crypto currencies that are completely anonymous and I assume criminals will soon start to opt for those over bitcoin. This will again drive the prices of those cryptos higher.
For now though the general public and masses are just about to start learning about bitcoin.
Everyone will Accept Bitcoin payments in Due Course. It will change the traditional FIAT monetary system for good.
Bitcoin to Reach $50,000
Once Amazon accepts bitcoin payments [which I think will be very soon], this act alone will make the statement to the world that bitcoin is “Safe”. When that happens, I think that the bitcoin bubble that everyone is talking about now will seem more like a snowflake at the start of a gargantuan snowball.
In all honesty, I think that bitcoin to reach $50,000 is still conservative.
How to Invest in Bitcoin
If you have never invested in crypto’s then the first port of call is to get an account with a trusted broker. I have used bitpanda to buy bitcoins.
You can then store those purchased coins in a paper wallet for security.
Bitcoin is Still at Very Early Stages.
You might find that the bitcoin exchanges are slow and even crash regularly. This is unfortunately the way it is at the moment. There are way more customers than there are sales and tech assistants at the moment.
Look at it like this. Herds of customers trying to get into the apple store because they have announced a lightning sale, for one day only and everything is £50… it’s going to take time to get to the front of the Q isn’t it?
That is sort of how the bitcoin exchanges are at the moment… overloaded.
However, this gives you time to start off small and learn how everything works and go from there. It may seem complicated at the moment, but so was flying the first plane.
One day very soon, you’re going to have to learn how to pay with bitcoin and how it all works. You may as well start today.