Bitcoin and Cryptocurrency are becoming mainstream. Cryptocurrency, including meme coins such as Dodgecoin, are become hot topics on Twitter and social media. In fact, investing has become popular again thanks to Reddit and the Game Stop investing that went on against the Wall Street big shots.
The future currency of Earth
— Elon Musk (@elonmusk) February 6, 2021
Bitcoin went above $48,000 for the first time ever after Tesla (TSLA) said it would accept Bitcoin as payment for its vehicles. According to CNN, the electric carmaker, led by crypto enthusiast Elon Musk, also disclosed that it’s holding $1.5 billion of reserve cash in Bitcoin rather than traditional currency.
“Tesla … has de-risked the acquisition of #bitcoin by public companies and accelerated the digital transformation of corporate balance sheets,” tweeted MicroStrategy CEO Michael Saylor, a Bitcoin advocate. “Treasurers are now thinking about how to convert a non-performing asset into the best performing asset.”
Even before Tesla’s investment, there was a clear indication that cryptocurrency was becoming more acceptable. We’ve seen PayPal start to accept it as a form of payment on it’s platform. Many experts predict it won’t be too much longer before we see cryptocurrency as an acceptable form of payment in your Apple wallet too!
In a recent interview with CNN, CEO Michael Sonnenshein said that Grayscale clients are also looking to build cryptocurrency exposure.
“It’s really about recognizing the benefits of owning Bitcoin,” Sonnenshein told CNN. “There’s certainly the diversification angle.”
Investors are drawn to the “verifiable scarcity” of Bitcoin, he noted. Bitcoin is designed so the total number of coins that will ever be issued is 21 million, bolstering the case for those who view it as a “digital gold.” For those new to cryptocurrency, treating Bitcoin like a piece of gold is really the same principal. It’s not tangible, but it’s precious in nature because it is scarce.
“When you see days [with] Bitcoin dropping 10% … we’re not fielding calls and emails from investors panicking,” Sonnenshein told CNN. “We’re seeing investors opportunistically using those drawdowns in price to add to their positions.”
As the popularity grows in Bitcoin and other cryptocurrencies, investors will likely be pleased in holding long-term.
Many people expect Bitcoin to head easily into six figures, with some estimates as high as $500,000 per coin!
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