The first reason is not good. Buying Bitcoin because the mempool is less congested. The mempool can be congested in two times: when Bitcoin rises a lot, and when Bitcoin falls a lot. Is it good to join and buy Bitcoin because people are FOMO with Bitcoin? I don't see it is good strategy.
Other reasons you write have been discussed many times and in many years. Repeat it won't make Bitcoin haters will change and love it.
It is fine if you say "You should buy Bitcoin because it is discounted 20%". Take it easy and simple.
Topic: 6 reasons why you should buy Bitcoin right now (at USD 50K-53K) - page 5. (Read 881 times)
If the bitcoin investors know everything about bitcoin and how it will work, it possible these 6 reasons already have them.
For me, anytime you can invest in bitcoin as long as they can hold it for the long term and sell when profit was there. However, I agree above that the number 3 is a very accurate reason why we need to invest, we know that many institutions and big companies start accepting and adopting bitcoin and time will come when there are more of them will follow on the early big investors, I guess it will have an effect to the demand and supply which is the supply will become less and the demand will increase.
For me, anytime you can invest in bitcoin as long as they can hold it for the long term and sell when profit was there. However, I agree above that the number 3 is a very accurate reason why we need to invest, we know that many institutions and big companies start accepting and adopting bitcoin and time will come when there are more of them will follow on the early big investors, I guess it will have an effect to the demand and supply which is the supply will become less and the demand will increase.
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3. Acceptance of Bitcoins by Corporations:
I think this is more appropriate as the reason for the long-term investment goal of bitcoin.3. Acceptance of Bitcoins by Corporations:
But unfortunately, people still think that the history of bitcoin in 2018 will repeat itself, without thinking that the signs of global adoption have started since big companies started using bitcoin in their business.
Yes, that is true. People generally tend to be attracted towards negativity rather than the positive aspects of it. They either get panicked at short term fluctuation or greedy to book short term gains and overlook the long term gains of Bitcoin.
There are always reasons to collect more bitcoin, especially when it is dumped very hard in a short time like this. No matter how low bitcoin is, the current momentum is still strong and the impacts of corporations are enough to force the price back to the track
I also buy a small amount of bitcoin when it is $48000. I will sell my bitcoin when it hit $65000 then looks for extra opportunity to buy bitcoin once again. Even though bitcoin can surpass its peak and create another ATH, always remember that what goes up must come down. Bitcoin cant go up forever.
I also buy a small amount of bitcoin when it is $48000. I will sell my bitcoin when it hit $65000 then looks for extra opportunity to buy bitcoin once again. Even though bitcoin can surpass its peak and create another ATH, always remember that what goes up must come down. Bitcoin cant go up forever.
-snip-
3. Acceptance of Bitcoins by Corporations:
I think this is more appropriate as the reason for the long-term investment goal of bitcoin.3. Acceptance of Bitcoins by Corporations:
But unfortunately, people still think that the history of bitcoin in 2018 will repeat itself, without thinking that the signs of global adoption have started since big companies started using bitcoin in their business.
The price of Bitcoin is hovering around USD 52K at the time of writing this article. In the last 24 hours, Bitcoin hit a bottom of USD 47K and has recovered since. Now you might be wondering if it is the right time to invest in Bitcoin. Here are the 6 reasons why you should:
1. Decreasing Mempool congestion: The current mempool congestion is said to be one of the reasons for the current fall in Bitcoin prices. While this might sound ridiculous, you can check and compare the charts of Bitcoin prices (https://www.coindesk.com/price/bitcoin) vs. the chart of Mempool Transaction count chart (https://www.blockchain.com/charts/mempool-count). While this congestion was at its peak between Apr 18 to Apr 24, it has since reduced considerably and we are already seeing Bitcoin price recover. When the mempool congestion is minimum we are likely to see the Bitcoin price rise.
2. Support price: The support price of Bitcoin has been set to around USD 48K-USD 50K by multiple exchanges and researchers (Refer: https://www.barchart.com/crypto/quotes/%5EBTCUSD/cheat-sheet and https://www.newsbtc.com/analysis/btc/bitcoin-makes-comeback-53-5k/). What this means is that when Bitcoin hits these price levels, people will be resistant to sell and large scale buying is expected. What largescale buying means is that the price of Bitcoin will shoot back up again.
3. Acceptance of Bitcoins by Corporations: Given that several large organizations are coming forward to accept Bitcoins as valid mode of payment, it is likely that Bitcoin adoption increases many folds. This is due to the reason that once these large corporation earn in bitcoin, to pay their suppliers, vendors or employees, they would naturally have to use Bitcoins. This increase in usage by itself would drive the demand for Bitcoin high. Further, on seeing large corporations accepting bitcoins, smaller organizations are likely to follow suit and same cycle would be followed by them.
4. Scarcity: While it is needless to say that bitcoin has always had the concept that it would remain scarce and that issue of new blocks would reduce over time, in the recent times, the amount of people engaging in Bitcoin mining has increased to such levels that miners get a very small portion of the mined Bitcoin. In this regard, one major pattern that I have observed is that every time that block rewards get halved the Bitcoin price slingshots to an all time high. This is is clearly visible with the Bitcoin price rising to an all time high in 2017 (1 year after halving in 2016) and now in 2021 (1 year after halving in 2020). Considering the above, I believe that bitcoin is likely to explode by the end of 2021 and break the current all time high again.
5. Increased HODLing: One more reason that I would consider is that there is an increased number of people who get attracted to the technology and concept of Bitcoin and therefore end up HODLing Bitcoin (like me) and would love to see their Bitcoin rise in value over the years rather than selling and making a quick buck. This would propel Bitcoin to higher prices without crashing.
6. Lost wallets: Around 20% of the Bitcoins that have been mined are locked in wallets (Refer: https://www.nytimes.com/2021/01/12/technology/bitcoin-passwords-wallets-fortunes.html). As time passes we could see a lot of people actually forgetting where they have kept the private key or seed phrase for their wallets (But ensure you keep them safe
). This is eventually going to cause decreased supply in Bitcoin over the years and help maintain the increase in Bitcoin prices.
While the above is my analysis of why Bitcoin should be purchased, please carry out your own analysis before you invest in Bitcoin. Further, while I have highlighted the reasons as to why Bitcoin needs to be purchased now, you should also consider various risks, legal/tax issues, etc. before you invest in Bitcoin.
Would be happy to hear your thoughts on this. Thank you.
1. Decreasing Mempool congestion: The current mempool congestion is said to be one of the reasons for the current fall in Bitcoin prices. While this might sound ridiculous, you can check and compare the charts of Bitcoin prices (https://www.coindesk.com/price/bitcoin) vs. the chart of Mempool Transaction count chart (https://www.blockchain.com/charts/mempool-count). While this congestion was at its peak between Apr 18 to Apr 24, it has since reduced considerably and we are already seeing Bitcoin price recover. When the mempool congestion is minimum we are likely to see the Bitcoin price rise.
2. Support price: The support price of Bitcoin has been set to around USD 48K-USD 50K by multiple exchanges and researchers (Refer: https://www.barchart.com/crypto/quotes/%5EBTCUSD/cheat-sheet and https://www.newsbtc.com/analysis/btc/bitcoin-makes-comeback-53-5k/). What this means is that when Bitcoin hits these price levels, people will be resistant to sell and large scale buying is expected. What largescale buying means is that the price of Bitcoin will shoot back up again.
3. Acceptance of Bitcoins by Corporations: Given that several large organizations are coming forward to accept Bitcoins as valid mode of payment, it is likely that Bitcoin adoption increases many folds. This is due to the reason that once these large corporation earn in bitcoin, to pay their suppliers, vendors or employees, they would naturally have to use Bitcoins. This increase in usage by itself would drive the demand for Bitcoin high. Further, on seeing large corporations accepting bitcoins, smaller organizations are likely to follow suit and same cycle would be followed by them.
4. Scarcity: While it is needless to say that bitcoin has always had the concept that it would remain scarce and that issue of new blocks would reduce over time, in the recent times, the amount of people engaging in Bitcoin mining has increased to such levels that miners get a very small portion of the mined Bitcoin. In this regard, one major pattern that I have observed is that every time that block rewards get halved the Bitcoin price slingshots to an all time high. This is is clearly visible with the Bitcoin price rising to an all time high in 2017 (1 year after halving in 2016) and now in 2021 (1 year after halving in 2020). Considering the above, I believe that bitcoin is likely to explode by the end of 2021 and break the current all time high again.
5. Increased HODLing: One more reason that I would consider is that there is an increased number of people who get attracted to the technology and concept of Bitcoin and therefore end up HODLing Bitcoin (like me) and would love to see their Bitcoin rise in value over the years rather than selling and making a quick buck. This would propel Bitcoin to higher prices without crashing.
6. Lost wallets: Around 20% of the Bitcoins that have been mined are locked in wallets (Refer: https://www.nytimes.com/2021/01/12/technology/bitcoin-passwords-wallets-fortunes.html). As time passes we could see a lot of people actually forgetting where they have kept the private key or seed phrase for their wallets (But ensure you keep them safe
). This is eventually going to cause decreased supply in Bitcoin over the years and help maintain the increase in Bitcoin prices.While the above is my analysis of why Bitcoin should be purchased, please carry out your own analysis before you invest in Bitcoin. Further, while I have highlighted the reasons as to why Bitcoin needs to be purchased now, you should also consider various risks, legal/tax issues, etc. before you invest in Bitcoin.
Would be happy to hear your thoughts on this. Thank you.
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