The value of bitcoin has gone through the roof in the past month with the approval of Segwit. Many are now predicting for the value to continue to increase, possibly to $5,000 (or even higher) now that Segwit2x is underway.
The people that started their investment in bitcoin earlier this year are making significant profits and enjoying the huge spike in value. But the people that did not invest are now debating whether or not to start investing or wondering if they missed the window of opportunity.
For those that find themselves in the latter group, bitcoins are an incredibly valuable asset because it is one of the only cryptocurrencies that has a cap. There are only 21 million bitcoins available, and about 80% of them have already been mined. Additionally, the number of coins created by the mining process continues to drop by about half with each passing year. The prediction is that no new coins will be mined after the year 2040.
Will you be one of the select few that owns one of the 21 million bitcoins by that time?
The scarcity of bitcoin could lead to an increase in demand, especially if central banks make the executive decision to start buying bitcoin as a foreign currency reserve.
Despite the cap, bitcoin is also said to be just as valuable as gold, if not more with the recent increases in price. Like gold, bitcoin operates in a different pattern than typical stocks and bonds, and the uncertainty surrounding bitcoin can lead to serious increases in its value.
Bitcoin is completely decentralized and there is no third-party interference, like the Federal Reserve that can devalue bitcoin. It is perfectly safe to own, and you can technically be your own bank with your very own e-wallet. The cryptocurrency you purchase is yours and yours only. We can say that cryptocurrency, specifically bitcoin, is digital gold.
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