Popular cryptocurrency Bitcoin hit an all-time high Wednesday after the Bureau of Labor released troubling inflation data for the consumer price index (CPI).
In short, consumer price inflation has just hit a 30-year high, prompting investors to seek out inflation-proof places to park their money. And Bitcoin is perceived as one such hedge against inflation.
According to experts, yes, it is a great time to invest in BTC
Whether this particular problem continues to catalyze Bitcoin adoption remains to be seen. After all, the federal government is working to keep inflation in check. So the fundamental question is whether cryptocurrency will generally be in demand in the future. And there is reason to believe it will. That's why Bitcoin could be a good investment even at all-time highs.
There are few investments that can match Bitcoin's returns over the past 10 years. But even today, many retail investors are wary of Bitcoin's credibility, making them reluctant to buy. If these skeptics became believers, it would push Bitcoin higher - and there are good reasons to think this could happen. Governments like El Salvador now consider Bitcoin to be legal tender. Regulators like the Securities and Exchange Commission (SEC) are moving closer to cryptocurrencies, as evidenced by the recent approval of a publicly traded Bitcoin futures ETF. And multi-billion dollar companies like MercadoLibre have bought coins for their balance sheets. All of these things contribute to Bitcoin's credibility, increasing its perceived viability as an investment.
Therefore, those who want to invest in the flagship cryptocurrency immediately, can do so through Bitcoin Revolution. It is a trading platform suitable even for beginners, which can be used at no cost and with a minimum investment of $ 250.
Because the price of Bitcoin is bound to rise
Also consider that there will be more use cases for Bitcoin in the future. Right now, people can transact with Bitcoin or just buy and hold. But the Bitcoin blockchain is updating soon to make smart contracts possible, opening up a realm of new possibilities. These and other things can create more demand for Bitcoin, causing its price to rise.
Of course, there is also a lot of risk. Bitcoin's price has plummeted 50% or more times in its history, typically following steep rises like the one we're looking at right now. Plus, there are tons of innovation in the cryptocurrency space right now, offering solutions that could outrun Bitcoin's innovation and steal market share.
Aside from these risks, I believe there is a strong possibility that Bitcoin can continue to win if investors patiently endure the inevitable ups and downs in the future. If cryptocurrency is here to stay, Bitcoin is likely the main beneficiary.