Did you know that over 23% of Americans own bitcoin in 2021? This isn’t just a record high for the market. It appears to indicate a pattern that shows the popularity of cryptocurrency on the rise.
But is it smart to invest in bitcoin?
Here, we’re going to take a look at what bitcoin is and assess the market. Read on for an in-depth and accurate answer to this question.
What Is Bitcoin?
Bitcoin is the most popular type of cryptocurrency on the market. Rather than being issued by the government, bitcoin is untraceable and unregulated. It, therefore, isn’t tied to the user’s personal or financial information.
Many people believe bitcoin to be associated with crime, but fewer than 1% of bitcoin transactions are illegal. It’s primarily used to make online purchases from vendors that the buyer doesn’t want to give all of their information. People like using cryptocurrency because it keeps their information safe and secure while lowering the risk of theft.
All bitcoin transactions are recorded on the blockchain ledger and sealed off to prevent the crypto from being reused.
What Does the Crypto Market Look Like?
As of 2021, the cryptocurrency market is at around $1.6 billion. It’s expected to be worth around $2.2 billion in the next 5 years. This means that it will grow at a CAGR of 7.1%.
Because of this growth, investing in cryptocurrency that you can save has a really high ROI. If you buy $100 worth of bitcoin today and let it sit for a year, you’ll have $107.5 next year even if you do nothing with your eWallet. In 10 years, you’ll have made a $75 profit, and this is only on a small investment.
Is It Smart to Invest in Bitcoin?
Purchasing bitcoin is, therefore, an awesome idea for people who want to accrue more money. After all, $7.5 is much more than the 4¢ that you might get by keeping fiat currency in the bank for a year.
Bitcoin also is a great purchase because you can spend it in stores. Major credit card companies are now offering bitcoin debit cards that you can load up with cryptocurrency and spend anywhere. All you need to do is swipe the card that’s connected to your eWallet and appropriate funds will be removed and spent.
Is Bitcoin Safe as an Investment?
Bitcoin is a safe investment because you don’t need to give any personal information to access it. All you need to do is trade fiat currency for bitcoin and let it accumulate in your secure eWallet.
You can also get bitcoin safely and securely from your local grocery store, gas station, or bank. Click to see how bitcoin ATMs work and what makes them so convenient and secure.
So, is it smart to invest in bitcoin?
The answer to this question is a resounding ‘yes.’ Not only can you make a lot of money by keeping cryptocurrency for later, but you also can spend it at a variety of venues.
Now that you know all about bitcoin as an investment, it’s time to learn more about the market. Check out the ‘tech’ tab on our home page to learn about how you can access cryptocurrency. You can also learn how the blockchain works and why this is important to you.