Although Bitcoin is slowly becoming an authentic asset class with increasing mention in the mass media, billionaire investors behind it and Fortune 500 companies investing in cryptocurrencies, many people are still hesitant to get involved.
Top commentator and entrepreneur in Bitcoin space Brandon Kuitam recently explained the 12 reasons why everyone should buy cryptocurrency.
Some of them are as follows.
Bitcoin is the best performing asset in 2010
Bitcoin was by far the best asset in the last decade, jumping from literally $ 0.001 (and perhaps less) to a record $ 20,000.
Quitham explained that this fact alone should attract investors because of the potential for growth.
This is not to say that past performance is not indicative of future results, but many see Bitcoin as a likely contender for one of the most effective assets of this decade. Former hedge fund manager Raul Pal said in January that in terms of risk and reward, Bitcoin “beats everyone”.
Pal has previously argued that all other asset classes are overvalued, while cryptocurrency is undervalued.
Bitcoin is “born” for the current macro environment
Among the pandemic that causes mass printing of money, the virus itself, which is forcing the adoption of digital technologies, the conflict between the United States and China over Hong Kong, and disintegrating countries, it can be said that “Bitcoin was born for this.”
Quitem explained that the cryptocurrency “thrives on uncertainty.”
Prominent investors buy BTC
In the last few months, the number of Wall Street veterans and Silicon Valley big names in the Bitcoin space has grown exponentially.
Quitham lists people such as Paul Tudor Jones, Dan Tapiero, Shamat Palihapitia, Raoul Pal, Tim Draper, Peter Teale and Naval Ravikant.
The argument is, what does the average investor see as a danger of owning Bitcoin that the aforementioned investors do not see?
The US dollar will not last forever
Due to the huge amount of money printed, Bitcoin is gaining more and more meaning as a scarce asset:
US Federal Reserve Chairman Jerome Powell: “The Fed is not thinking about raising interest rates.” How long will it be before the Fed buys art?
“Unlimited dollars chasing a limited 21 million bitcoins , ” Quitham explained.
The only reason hyperinflation did not take place was that the velocity of money collapsed as the rate of savings increased and the economy came to a halt due to quarantine.
Bitcoin is the “fairest money”
Unlike Fiat’s monetary systems, which many cannot access due to lack of documents or a criminal record, Quitham explained that Bitcoin is “the fairest money.”
It can be reached by anyone with a cellular device and internet connection:
“Bitcoin allows for equal opportunities. Everyone can participate in the same monetary system. Let’s put an end to state money that discriminates against the poor, minorities, the elderly and the helpless. “