There was a time in history when gold was the most valuable asset that anyone could possess. People converted their money to gold and waited for the value of gold to be appreciated. Then, if you have gold, you’re deemed as belonging to a top-class of individuals in the society.
Regardless of the size of the gold you have, the value is always on the positive side. However, with the introduction of digital currencies and their continuous growth over the years, It is safe to say that the gold run is over now, and the cryptocurrency market is taking over.
Who wants to go after gold when they can buy, trade, or invest in digital currencies? Maybe the older generation would still prefer to hold on to their gold. However, for young individuals, especially those who are tech-savvy, cryptocurrency is their new gold.
The world has seen how the value of a cryptocurrency like Bitcoin can move from $1 to over $66,000 in 13 years. The good thing is that if you missed out on the rise of Bitcoin, there are other easy ways that you can invest in cryptocurrency. You can buy Bitcoin Cash or any other new cryptocurrencies that are not as expensive as Bitcoin and wait for them to increase in value.
Bitcoin and the Rise of Other Cryptocurrencies
The world is now a digital place, and everything about it is following the digital trend. Unlike before, you don’t have to leave your room to shop for items; you don’t have to walk into a school to learn. Technology has made virtually everything easier and more accessible.
However, the introduction of digital currencies as a replacement for hard currencies is the height of this technological advancement.
Hard currencies are not difficult to keep because of inflation. The value of a currency keeps decreasing while the value of commodities increases. The world is facing serious financial crises. Individuals and governments are incurring debt. In times past, a solution to these crises would be to buy and keep gold. Many do this with the mindset of selling the gold at a later time for a higher sum.
Today, all that has changed as digital currencies have been introduced with their transforming power. We have seen many companies, organizations, and even governments considering virtual currencies.
While Bitcoin was the first digital currency created, contributing to its popularity and global acceptance, there are still other valuable coins. Statistics have it that there are way over 11,000 digital currencies available in the cryptocurrency market.
The Place of Cryptocurrency in the Investment World
Over the years, Bitcoin has established itself as a force to reckon with in the investment world. It has not only created a viable way for businesses to accept payments, but it has also contributed to widening the customer base of several startups.
Before now, businesses found it difficult to sell to a global audience because of the many financial restrictions hard currencies are known for. However, all that has changed as businesses can receive payments for the products and services they offer in cryptocurrency.
Investors also have the opportunity of adding to their investment portfolio when they invest in cryptocurrency. Despite being a volatile investment, with the right knowledge of how the market works, crypto can bring in a lot of profits into your investment portfolio.
Many people who talked down on Bitcoin and the many other cryptocurrencies are now investing massively in them. Surprisingly, many governments that talked down on the possibility of a universally accepted currency are beginning to embrace virtual currencies. No one will be wrong to say Bitcoin is the new gold.
The Future of This New Gold – Bitcoin
Interestingly, all we have of Bitcoin now is not all there is to it. As the days roll by, we continue to see more digital currencies’ opportunities, especially functioning on the blockchain. Experts have predicted that Bitcoin will not only be more valuable in the future, but it will also replace hard currency in its entirety.
We are heading towards a financial future where those with gold are nowhere close in wealth to those who have Bitcoin. Every activity going on in the cryptocurrency markets points to how near that future is.
Gold and cryptocurrency are two solutions to financial crises, but they do not work together. Only one can work at a time, and from all indications, that one appears to be Bitcoin. There is a fall in the price of gold and a rise in Bitcoin price. The cryptocurrency market is a gold mine. Hence, you should invest in cryptocurrency.