Is Now the Right Time to Buy Cryptocurrency?
20 November, 2018 | 5 MIN
No matter what your strategy, HODL, sats or whale; cryptocurrency is alive and here to stay and buying cryptocurrency is now more viable than ever before.
The return on investment (ROI) for successfully mined digital coins is enormously worthwhile and with such high stakes, every savvy buyer wants a piece of the best shares, funds and ideas in order to strike it rich.
Of course, Bitcoin has been through some tumultuous waves in recent months resulting in huge fluctuations in its price. The digital currency dropped to $6,500 in mid-August from a high of over $8,000 at the end of July.
This plunge saw both bearish experts and skeptics of cryptocurrency (including athletes, celebrities and Warren Buffet ) weigh in on cryptocurrencies, describing Bitcoin and other coins as mere speculative bubbles.
For bullish experts and legendary crypto traders, the fall in prices can be likened to the teething phase in any new technology before stability.
In an interview with CNBC’s “Power Lunch”, Brian Kelly said, “What you’re seeing now is a bit of panic selling. To me, it’s one of the better entry points that we’ve had in a long time.”
Nevertheless, the incredible spikes in value and mind boggling rewards continue to generate lots of interest from banks, hedge funds, asset managers and millennials seeking a lifetime opportunity in a global, fast-growing market.
The Bigger Picture of Cryptocurrency
While the entire buzz around cryptocurrency is attributed to Bitcoin and its plunge in value, there is a plethora of innovative digital assets in circulation for those who are interested.
The disruptive underlying cryptocurrency technology Blockchain is climbing from strength to strength, going beyond the daily fluctuations of various coins.
And guess what?
Many forward-looking global entities like Microsoft are already injecting substantial resources and funds into cryptocurrency and are looking at how it can benefit their already successful business plans and/or strategies going forward.
Last week, Fidelity Investments, a giant financial services provider that administers over $7.2 trillion in customer assets, launched a new company dubbed Fidelity Digital Asset Services, to offer cryptocurrency custody services to rich hedge funds investing in crypto.
In a press release, Abigail Johnson, Chairman and CEO of Fidelity Investments said, “Our goal is to make digitally native assets such as Bitcoin, more accessible to investors. We expect to continue investing and experimenting, over the long-term, with ways to make this emerging asset class easier for our clients to understand and use.”
Such moves solidify the fact that blockchain is huge and bound to transform the way we do business. And as it stands, there’s nothing else that will revolutionize the world in the future than the mass adoption of blockchain technology, given its advances and innovations.
The Future Is Cryptocurrency
Times are exciting and crypto is increasingly becoming popular as a store of value that is undeniably thriving. Governments are taking note and legitimizing it as an innovative asset class with amazing potential.
Think about the early days of the Internet. As the rise of dot.com wrapped up in 2000, folks thought the internet had expired. Investors in the 90s made a kill, while skeptics were left dumbfounded and did nothing except wallow in self-pity trying to imagine how such an amazing opportunity had eloped for good. But, the best was yet to come.
This scenario can be replicated in the current cryptocurrency world. Today, the internet is booming and everything is narrowed down to adoption and innovation — both of which continue to evolve at a rapid speed in the crypto world.
A decade ago smartphones, YouTube, Facebook and Twitter were just beginning to gain momentum. How quickly these platforms have grown to the point of dominating strategies and driving lives and economies in ways many of us never imagined.
According to new statistics, out of a population of about 7.7 billion people on the globe, there are about 34 million cryptocurrency wallets in existence.
Zhang Jian, founder of digital assets exchange FCoin predicts that “There is plenty of growth to come,” and notes that the virtual currency market is extremely small when compared to the existing traditional asset markets.
With the small but increasing customer base, it may become tricky to unwind positions. However, this does not mean that savvy buyers should shy away from digital assets altogether, but a proper cryptocurrency strategy is paramount to mitigate the risks.
Just like any other financial market — whether i bonds, equities or currencies, risks are inevitable and people must learn to balance potential risks with rewards.
While the traditional financial sector boasts universally accepted practices that protect market participants, retail customers in the cryptocurrency space should focus on making informed decisions that encompass proper timing, probability and viability.
Often when newbies first think about buying digital assets, they feel lost in a mammoth sea of unknowns. What cryptocurrencies should I buy? What is the best cryptocurrency strategy to use? What available platforms support cryptocurrency for beginners? What is the best cryptocurrency today?
Luckily, millennial investors seeking opportunities to profit in their first crypto purchase can consider using trading and exchange platforms that are designed for new customers.
Improved Cryptocurrency Regulations
As a young asset, cryptocurrency is extremely volatile with low liquidity, but with amazing rewards and opportunities. And this is the million dollar question — is it the right time to take the plunge and buy digital assets?
Arguably, the most notable benefit of the unprecedented upsurge in cryptocoins is the introduction of better regulations that are already taking shape. As a result, uncertainty has reduced, hence the improved trading activities and coin prices.
Stringent regulations help deal with the various ICO frauds and cryptocurrency scams that have previously ruined their desirability, given that all digital coins will have to adhere to specific criteria.
As a result, potential buyers will have the confidence to buy and a stronger foundation will be established for growth in future.
For example, the Securities and Exchange Commission (SEC) in Thailand is now a part of the approval process of every ICO through a special regulatory portal, as stated in a report published in the Bangkok Post . This undertaking will see each ICO vetted one case at a time.
Buying Cryptocurrency Has Never Been Simpler
Most people have heard of Bitcoin but for those new to crypto, the challenges of figuring out how to actually buy and store it are considerable. With just under 1% of the planet currently involved in crypto assets, there’s incredible potential in the years ahead.
As many cryptocurrency enthusiasts will agree, choosing to take the leap into the world of crypto can be a daunting prospect initially. But the right cryptocurrency platform can help you safely navigate through the muddy waters of cryptocurrency. Dacxi, which is considered to be one of the most secure and innovative platforms for the purchase of digital assets, is becoming an all-time favourite for many.
As a friendly cryptocurrency platform, Dacxi focuses on empowering buyers to instantly buy into a diversified portfolio, through the purchase of the most trusted crypto assets (Bitcoin, Ethereum and Litecoin) in a single bundle and with no transaction fee.
To be completely honest, a platform that makes it easy for retail buyers and beginners to gain exposure to various digital assets is sure to deliver maximum returns.
So, your commercial bank closes business at 5.00pm.
Wall Street closes business at 4.00pm.
Crypto currency does not close business. Ever!
So, is now the right time to buy cryptocurrency? Your guess is as good as ours.