Many of us decided to buy Bitcoin for our very first time during the Christmas of 2017. We ventured into the world of crypto by purchasing small amounts of Bitcoin, but nonetheless, we arrived in the world of crypto and never looked back. The landscape has evolved significantly since then, prompting us to explore the reasons why you should consider buying Bitcoin this Christmas around as well.
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In 2017, even the most optimistic among us recognized the possibility of being in a bubble as we approached the new year. Cryptocurrency enthusiasm was at its peak as the price of almost anything we invested in soared. Concerns were not focused on potential losses, but rather if the exchange we had signed up to would onboard us in a timely manner or not. The fear of missing out on buying Bitcoin, Ethereum and other digital assets was palpable as individuals rushed into one new project after the other. Influencers posted video after video where they spoke about how much money they have lost by "selling to early". As faith would have it, Bitcoin experienced a nose dive in the years to come, reaching a low of 3500 $. However, it never approached zero and maintained an impressive market cap of approximately 60 billion $.
This Christmas, buying Bitcoin is no longer the speculative gamble it once was. Fidelity, boasting around 4.5 trillion $ in assets under management and actively pursuing a Bitcoin spot ETF, emphasized Bitcoin's unique qualities in a report called "Bitcoin First" last year. According to them, Bitcoin stands out from the crowd: "Bitcoin is fundamentally different from any other digital asset. No other digital asset is likely to improve upon Bitcoin as a monetary good because Bitcoin is the most (relative to other digital assets) secure, decentralized, sound digital money and any "improvement" will necessarily face tradeoffs". Furthermore, they stated that: “Rather, the rest of the digital asset ecosystem can fulfil different needs or solve other problems that bitcoin simply does not.”. As we pointed out a month ago, the fact that the biggest asset managers in the world are seeking to launch spot Bitcoin ETFs, means Bitcoin is en route to become a significant digital asset that one simply cannot ignore. Leading spot Bitcoin ETF analytics James Seyffart still considers there to be a 90% approval chance of one or more spot ETFs within January 10th, 2024.
Moreover, Argentina, with its new government, appears poised to follow in the footsteps of El Salvador's adoption of Bitcoin in September 2021. In essence, Bitcoin has not only endured since the Christmas of 2017, but has taken substantial strides in the right direction, making it worth considering as an investment, especially given its capped supply of 21 million Bitcoins.
However, as with any investment, especially in the realm of cryptocurrencies, it is crucial never to invest more than you can afford to lose. In a market as unregulated as what crypto represents, thorough research is essential, and vigilance against scams is paramount.
This text is intended to inform and is not an investment recommendation.
Kind regards,
Adam Jakobsen.
NBX Team.
