It is not frequently that you will a major media outlet affirming that you should buy Bitcoin (BTC), but it seems that it has happened. CNN Business has recently affirmed that Bitcoin is the newest buy and hold investment of the moment and that its prices have surged almost 60% after lost 75% of their value in the previous year.
According to the article, the most popular crypto token might still be away from reaching its all-time high of around $20,000 USD again, but its price is nearing $6,000 USD now, so crypto investors are starting to get optimistic again. There is the possibility that the prices may go even higher this year, so it can seriously be a great investment.
The article acknowledges that some people will just think that investors are insane for investing in BTC all over again, but CNN Business actually sees some important hints that the future of cryptocurrency will be great now.
Bitcoin Will Be Regulated
According to the Gainesville Coins analyst Everett Millman, the crash which happened last year was mostly something that happened because speculators got crazy in 2017 and prices went up too fast. If the prices are more stable this year while going up, the volatility down should not be as high.
Millman defends the idea that some traders are still only buying because they want to be rich, but he believes that the worst of the market is finally over right now and that Bitcoin can put its own past behind it.
After being oversold last year, several analysts believe that Bitcoin might be “going legit” now. The token was very hyped and it eventually crashed, but it called the attention of several hedge funds at this time. Because of this, it started to become a more solid investment than just a bet.
People got tired of selling their assets after the prices went below $4,000 USD. After that, the token finally bottomed and then the institutional investors and other important players started to come in because they knew that it was their time.
However, while Bitcoin is trending now, most tokens are still not doing that well, as some of them were only based on hype. This may mean that the crypto market may eventually be more detached from the price of bitcoin (BTC).
Bitcoin Is Finally Going To Be Mainstream
Another important point cited in the CNN Business article is that Bitcoin and some other cryptos are finally becoming mainstream as investors from important companies are starting to trade them and they are being more widely offered.
The popular Robinhood app, for instance, now offers Robinhood Crypto for its investors. Companies like Fidelity Investments also decided to start investing in this field as well.
Even the Intercontinental Exchange (ICE), which owns the New York Stock Exchange (NYSE) is already planning and its own Bitcoin futures exchange, Bakkt, and it has only not launched it already because of compliance reasons.
This could all add a lot of legitimacy to Bitcoin, as pointed out by the article. Now that these important players are betting on Bitcoin, it can finally be a worthy investment for the most traditional investors, which would boost its price a lot.
The technology is also better in most areas. There is more infrastructure in almost everything related to Bitcoin, from payments to custody services, and everything is growing fast.
However, the volatility will not stop anytime soon. The fact is that Bitcoin is naturally a volatile asset. A 30% drop in BTC is just like a 10% drop in stocks, something that could be considered routine. If the token really grows in acceptance, however, there are improved chances that the volatility may go down a bit.
2019 is shaping up to a great year for Bitcoin right now and there are $BTC price predictions that 2020 will be even better.
- Source: First Appeared Here
- Published Time: 2019-05-07 23:53:24
The views and opinions expressed in the article Bitcoin’s Up 60% YTD, Says It’s The New Buy And Hold Asset; Real Praise or Panic Time? do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research..
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