Cryptocurrency has been a phenomenon that has dominated the news for almost a whole decade now. Although it is still not a mainstream method of payment, the community has steadily grown — and is still growing. More and bigger tech firms like Facebook, Amazon, IBM, and Google are in the middle of working on their own blockchain projects. This means that it is only a matter of time before we all will be using cryptocurrency in some form or another.
The million dollar question is if it is too late to invest in cryptocurrency?
The answer is not at all. Bitcoin may have hit an all-time high of $20,000 back in December 2017, but it is now back to $6600. Experts are speculating that it may rise again, so imagine how much profit you could make by buying now. But the value of Bitcoin is not the only reason why there is still time to get into the cryptocurrency game. Here are seven reasons why you should consider investing.
Regulations are being put in place
Governments the world over are getting used to the concept of cryptocurrencies, and are working to put regulations in place. This is a positive development, as it means the industry as a whole will become much more credible. For example, the SEC in the US has determined that cryptocurrencies like Bitcoin are not securities, which means there will be much more investments in the future.
24/7 access to the cryptocurrency market
As opposed to banks and other financial institutions, the cryptocurrency market never closes its doors. No matter what time it is and where in the world you are, you are able to trade in cryptocurrencies. This adds an extra convenience for traders who may perhaps still be working in traditional jobs, and only have the evenings and weekends to trade in.
The traditional route may be getting harder
While there are many traditional assets like gold and commodities, these are no longer the safest route to go. Although they have intrinsic value, as opposed to cryptocurrencies, the interest rates are making it a more difficult and risky route when you consider investments. Cryptocurrencies, on the other hand, does not have these strings attached to them.
The only way is up
More and more people are taking to the idea of investing in cryptocurrencies, and that amount has doubled every year since its inception. The market is showing no signs of slowing down, so there is a huge potential for growth. Sure, the value of various cryptocurrency tokens may have been going up and down, but the overall trend is only going upwards.
Opportunities for diversity
Investing in cryptocurrency offers the opportunity to diversify your trading portfolio if you are already in the trading game. They also offer a great opportunity to circumvent negative financial situations, like in countries that are suffering from hyperinflation.
More and more companies are joining in
As mentioned, big-name companies like Google, Facebook, Amazon, IBM, and many more are working on blockchain projects. When these companies enter the market, there will be many more opportunities for investment.