Bitcoin

3 reasons to buy Bitcoin like there’s no tomorrow

Published

8 months ago

25 May, 2024

3 reasons to buy Bitcoin like there's no tomorrow

Very few assets, if any, have outperformed Bitcoin (CRYPTO: BTC) over the last decade. Now, as this top cryptocurrency boasts a market capitalization of $1.3 billion and is constantly in the top financial news, investors have no choice but to pay attention.

But you might be wondering if Bitcoin is still worth buying, even though it’s close to its all-time high price. Here are three reasons why I still believe it is a smart decision to add this digital asset to your portfolio.

Fixed supply

Perhaps the most attractive feature of Bitcoin is its fixed supply limit. There will only be 21 million coins in circulation, a limit that is written in the software code. And with continuous halvesthe inflation rate continues to decline.

This fixed supply contrasts sharply with many other asset classes whose supply can increase. Companies can raise more capital and issue more bonds. Gold miners may invest aggressively in exploring previously uneconomic areas if the price of the metal rises high enough. In other words, supply can change to meet demand.

This is not the case with Bitcoin. Unless more than half of the blockchain nodes voted to change the supply cap – which is unlikely given that it would basically hurt the value of the entire network – the situation will remain the same.

Bitcoin’s strongest supporters see it as a direct competitor to the current monetary system. Central banks have historically increased the supply of fiat currencies while decreasing purchasing power. Bitcoin is a solution to this problem.

Seal of approval

Another reason to buy Bitcoin is related to a development that happened this year. I’m talking about the long-awaited approval of spot ETF products. With these investment vehicles now on the market, investors can gain price exposure to Bitcoin in a convenient way. There is no need to open a crypto wallet or manage custody. It can be purchased directly from the main brokers.

This is especially useful for institutions that want to access Bitcoin securely. The approval of these ETFs can be seen as a regulatory stamp of approval from the Securities and Exchange Commission. The hope is that more capital will flow into the asset.

So far, there have been inflows of $12.1 billion into ETFs. And since the approval date on January 11, the price of Bitcoin has soared 43%, a positive indication of increased demand.

Infrastructure expansion

Bitcoin is about 15 years old. This is tiny in the grand scheme of things, as there are companies that have been around for a century or more. Therefore, most people probably see the digital asset as a very new and risky asset that will eventually disappear, calling it a Ponzi scheme or fake Internet money.

The story continues

However, we cannot ignore the growing list of financial products and services involved in the Bitcoin ecosystem. The previously mentioned Bitcoin ETFs fall into this category. Numerous start-ups are working to drive long-term Bitcoin adoption, focusing on energy, gaming and artificial intelligence.

There is also a well-known company, fintech company Block, which is working on ways to increase the utility of Bitcoin. Whether that means facilitating payment mechanisms or simply making it easier for people to buy, hold, or sell Bitcoin, crypto is slowly integrating more and more into today’s financial system.

Bitcoin can be compared to the early days of the internet. No one knew what the effects would be over time, but with the help of various platforms and applications built on top of it, adoption expanded enormously. It’s hard to imagine modern life without it nowadays. And Bitcoin could be the next big game changer.

Investors looking to buy Bitcoin should consider its fixed supply, regulatory seal of approval, and expanding infrastructure.

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3 reasons to buy Bitcoin like there’s no tomorrow was originally published by The Motley Fool

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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