Looking at Bitcoin’s past price action and reading through expert opinions about its forecasted future performance, you must be asking – Should I buy Bitcoin now?
The short answer to this is yes. While Bitcoin is volatile and the market in which it operates unpredictable, the advantages of investing in Bitcoin far outweigh any of its shortcomings. In this guide, we will look at the top ten reasons why you should invest in Bitcoin right now, while it sells at a highly discounted price and with its future so promising.
We will also look at Bitcoin’s past price action and its forecasted future performance before providing you with a step-by-step guide to buying Bitcoin.
Bitcoin’s (BTC) Past Price Action
When Bitcoin launched in January 2009, it was practically worthless. In fact, according to data from CoinMarketCap, it only broke parity with the dollar in early 2011. A decade later, the pioneer cryptocurrency set its current all-time high price of $68,900 – more than 6890000% above its 2011 prices.
Note that even though it had shed more than 55% of this peak price – to trade around $30,000 at the end of June 2023 – Bitcoin has already positioned itself as one of the most lucrative investments of all time. Perched up here with Bitcoin are some of the best altcoins – Shiba Inu, Ethereum, and Dogecoin. Like Bitcoin, these have posted equally record-breaking gains in the recent past.
The journey to its current peak is a testament to its resilience and growing user demand. These, alongside the warm reception of crypto and blockchain technologies globally, have helped keep Bitcoin price prediction on an overall uptrending price action. These investors are convinced that even if Bitcoin price slips and crashes – like it has time and again – it will always rebound and rally to a new high.
After rallying and growing its value 3X in the 12 months leading to November 2021, Bitcoin’s price crashed by as much as 80% to sell for around $15,000 in December 2022. The digital asset has started showing signs of recovery, first rallying by more than 100% in the first three months of 2023. The digital currency has gone up sharply toward the end of the year and traded above the $40,000 mark.
Moving forward, it is expected to sustain this uptrend, even as it gears up for a possible rally in 2024 after the Bitcoin halving event.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection.
Will Bitcoin Reach $100K Before End of Year
Bitcoin’s volatility, as well as the unpredictable nature of the crypto industry, make it impossible for anyone to tell with utmost accuracy what BTC will be worth at the end of the year. Understand that Bitcoin has no intrinsic value. There also are a myriad of external factors affecting the market direction and all these play a critical role in influencing Bitcoin’s price action.
The majority of analysts, price forecasters, and investors are nevertheless confident that Bitcoin will be worth way more at the end of the year 2024. Most, however, place its price in December 2024 between $65,000 and $100,000. These argue that the current market demand isn’t enough to force a 100%+ value gain for the popular crypto.
Credited to: TradingView
A few optimists have, however, laid conditions that they believe must be met if Bitcoin is to reach $100k before the end of the year. Chief among these is the approval of all – or at least the largest – Spot Bitcoin ETFs by the SEC in the US.
Should You Buy Bitcoin – 10 Reasons to Invest in Bitcoin Today
Most investors rank Bitcoin high on their list of the hottest cryptos to invest in over the longer term. Below, we look at some of the reasons you consider it one of the best cryptos to buy and why you, too, should consider adding it to your portfolio right now.
1. Potential for Lucrative returns
Bitcoin has a hugely promising future. It, for instance, is expected to rally after the Bitcoin halving event of 2024 and again after the 2018 halving. By the turn of the decade, some analysts and investors like Ark Invest CEO – Cathy Wood, are confident the digital asset will have rallied by 4000%+ to break above $1 Million.
The projected rate of returns for the pioneer cryptocurrency is higher than is expected of most other conventional assets. You may, therefore, want to buy Bitcoin now if you want to grow your capital by as much as 4000% over the next 6 years.
Experienced active crypto traders also stand to make a fortune buying and selling Bitcoin. Like most digital currencies, Bitcoin is wildly volatile. As an experienced trader, you can make money in both Bitcoin price directions – going long on BTC when its price is rallying and shorting its price dips.
2. Bitcoin is a perfect hedge against inflation
Inflation waters down the value of cryptocurrencies over time. As governments print and introduce more money into circulation, the value of existing money diminishes. Bitcoin has, on the other hand, put in place solid safeguards that insulate it from the effects of inflation.
For starters, BTC is highly decentralized and its supply is finite. Its decentralized nature makes it hard for any single entity to manipulate Bitcoin. The fixed supply cap, on the other hand, prevents the dilution of Bitcoin’s value through the introduction of more coins.
But these aren’t the only factors making Bitcoin the perfect hedge against inflation. It is also the best hedge because it has maintained an overall uptrending price action. Secondly, there are several passive income-generating opportunities in the crypto verse, especially DeFi apps and programs, whose interest rates far outpace the inflation rate.
The fact that Bitcoin has been the most lucrative asset class of the last decade, outperforming conventional assets like Gold and real estate, also makes it a better inflation hedge.
3. Bitcoin can be used as a store of value
For more than a decade, Bitcoin has been used not just to facilitate online payments but also as a store of value. There have also been a number of institutions, including Tesla, which added it to their balance sheet.
You, too, may want to consider converting a portion of your assets to Bitcoin because it has all the characteristics of a good store of value. It, for instance, is divisible and its acceptability has been on an uptrend. Bitcoin is also scarce and is built atop a highly sustainable blockchain technology.
You may also want to invest in Bitcoin as a store of value because, unlike fiat currencies, BTC is inflation-proof. It is also a better store of value than conventional assets like real estate and treasuries because it is not prone to manipulation and also boasts relatively higher returns on investments.
Most financial experts will also advise you to consider turning to Bitcoin as a store of value because it has consistently outperformed other stores of value – including precious metals like Gold and Silver.
4. Bitcoin is trading at a huge discount and is poised to recover
You should also buy Bitcoin today because the lucrative crypto asset is currently trading at a highly discounted price. Heading into the first half of 2024, for example, Bitcoin were trading more than 35% below its November 2021 peak price.
This makes it one of the best cryptos to buy today because when it eventually rebounds and recaptures the peak price, it will have grown your capital by more than 230%.
Several factors have our analysts and the majority of the crypto market that Bitcoin will rebound and recapture the 2021 peak price. First is the fact that Bitcoin is a resilient investment. Even though it has suffered multiple price crashes in the past, it always rebounds and rallies to a newer all-time high.
Moving forward, our analysts are confident that the many facts that had a positive influence on Bitcoin prices in the past will continue driving its value up in the foreseeable future. These include its growing adoption and positive market sentiments.
They are then complemented by the upcoming Bitcoin halving event – expected in April 2022 – as well as growing institutional interest in the bankable virtual currency.
5. Bitcoin can be used to settle payments and transfer value
The Bitcoin White Paper, introduced to the world by Satoshi Nakamoto, describes Bitcoin as a “purely peer-to-peer version of electronic cash.”
Bitcoin was, therefore, designed to act as a peer-to-peer network that facilitates online payments and the transfer of payments between individuals online but without the need for a third-party intermediary. You may, therefore, consider buying Bitcoin to settle payments.
A growing number of companies, especially eCommerce platforms, will also let you pay for goods and services with BTC. Some of the most reputable brands that let you pay for goods and services with BTC include AMC theatres, Starbucks, CheapAir, and AT&T.
In a 2022 survey, Deloitte reported that as much as 75% of businesses are expected to start processing crypto payments over the next two years. Alternatively, buy bitcoin and use them to facilitate cross-border value transfers.
There are a number of reasons why you may want to pay for goods and services with Bitcoin. First is the fact that Bitcoin network charges are lower than the transition processing fees charged by most payment processors. Additionally, the Bitcoin network is relatively safe. Not forgetting that it is less bureaucratic as it is not subjected to conventional financial reporting rules.
6. Buy Bitcoin because the next halving is fast approaching
After every 210,000 blocks, the reward given to Bitcoin miners for confirming transactions on the network is cut by half. The first Bitcoin halving event took place in November 2012, with the supply being cut from 50 BTC to 25 BTC. The next and fourth halving event is expected to take place sometime in either April or May 2024.
After this event, mining rewards will be slushed from the current 6.25 BTC to 3.125 BTC.
Halving results in a reduced supply of BTC, which has the net impact of boosting Bitcoin price. Much of this can be attributed to not just the reduced miner rewards but also the hype and positive market sentiment accompanying the event.
Note that since its launch, Bitcoin’s price has increased sharply after every halving. For example, 150 days (5 months) after the 2012 halving, BTC’s price had appreciated by more than 1000%. During the second and third halving events in 2016 and 2020, Bitcoin’s price rallied by 17% and 24%, respectively, in the 150 days following this event.
For maximum gains over the longer term, consider buying Bitcoin and holding through the next few halving events. The next two are expected to take place in 2028 and 2032 and they, too, are expected to have a similarly positive impact on Bitcoin price.
7. Bitcoin is one of the most accessible financial instruments
You should also consider buying Bitcoin today because it is one of the most accessible financial instruments. At the time of writing, for example, CoinMarketCap reports that there currently are 670+ crypto exchanges and the majority of these support Bitcoin.
There also are countless peer-to-peer crypto trading platforms operating in virtually all crypto-friendly countries and territories of the world. These have made Bitcoin accessible to everyone, including those without prior access to traditional banking or conventional investing options.
You may also want to buy Bitcoin today because it is easy to acquire and dispose. The best crypto exchanges US and across the world have oversimplified their client onboarding process. They have also narrowed the investing process to a few clicks, allowing you to buy the best altcoins in less than 10 minutes.
They also have affordable minimum investment limits – as low as $1. Some will even let you buy Bitcoin anonymously.
The majority of these altcoin exchanges are also deeply liquid – with the likes of Binance processing tens of billions of US Dollars worth of crypto daily. Here, you can easily liquidate relatively large crypto investments in minutes, which isn’t possible with most conventional financial instruments.
8. Institutional interest in Bitcoin is on a sustained uptrend
You should also consider investing in Bitcoin today because there is an aggressive growth of investor interest in the digital currency. At the time of writing, for instance, six financial service providers – including Blackrock, which has more than $9 Trillion in assets under management – have applied for the approval of a Sport Bitcoin ETF with the SEC.
Grayscale Investments also won a court battle against the SEC, in which the regulator was ordered to review their rejection of the conversion of Grayscale Bitcoin Trust to a Spot Bitcoin ETF.
Analysts are confident that the SEC will have approved at least one Spot Bitcoin ETF before the end of the year. This is expected to create an avenue through which institutions may channel their investments to the lucrative digital asset. More than $100 Billion of institutional investor funds are expected to flow into Bitcoin should the regulator approve the BlackRock ETF.
Several countries, including Singapore, Brazil, Canada, and Australia have already approved a spot Bitcoin ETF. More are crafting crypto-friendly legislation that eases institutional investors’ involvement in the crypto industry. Not forgetting a growing number of institutions are moving towards accepting crypto as a payment method.
All these are expected to play the biggest role in fueling BTC’s net price rally.
9. Invest in Bitcoin to diversify your portfolio
A good investment portfolio should host a mix of high-, medium-, and low-risk investments. Among the best high-risk/high-rewards instruments you need to consider adding to your portfolio is Bitcoin.
A number of financial experts and crypto analysts recommend that everyone converts at least 1% of their portfolio to crypto. They advise you to invest this much regardless of your optimism levels towards virtual currencies.
Our analysts, on the other hand, advise you to invest between 5% and 40% of your portfolio in digital assets. How much to invest in Bitcoin should, however, be informed by such factors as your risk tolerance, crypto trading experience, understanding of the crypto industry, disposable income, investing strategy, and investing goals.
10. Buy Bitcoin and earn passively from that investment
There are two primary ways of making money with cryptos. The first and most common is buying and HODLing as you wait for its value to explode. The second involves leveraging the many options and programs, especially within the DeFi environment, that let you invest your Bitcoin and earn passively. One of the most popular passive income generators is staking.
Today, a handful of crypto exchanges and a growing number of DeFi apps will let you stake Bitcoin and earn comparatively high-interest rates. At Crypto.com wallet, for instance, you earn interest of up to 1.5% p.a.
A number of apps within the DeFi ecosystem will let you stake Bitcoin while rewarding you with double-digit percentage gains. In addition to staking, these expose several other passive income generators, including simple saving, yield farming, mining pools, cryptos lending, and crypto borrowing.
Other ways of making money passively off of your Bitcoin investment include both trading and copy trading. Bots, in this case, refer to successful trade algorithms that analyze markets and execute trades on your behalf.
Copy trading, on the other hand, involves copying the trade settings of highly successful traders. Some of the best crypto exchanges, like eToro, will even let you copy Smart Portfolios, allowing you to diversify your crypto investment.
All these passive income generators stand out because they let you earn doubly from your Bitcoin investment. First, you make money when BTC’s value increases. You also make money passively in the form of interests and rewards.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection.
Is Now the Best Time to Buy Bitcoin (BTC)?
Our analysts and the majority of crypto investors are confident that now may be the best time to start buying Bitcoin. There is a general consensus in the crypto community that Bitcoin’s price will continue to rise in the foreseeable future. Expert analysts and investors have also come up with several other reasons why they believe now to be the best time to start buying Bitcoin.
Among the most convincing is the fact that Bitcoin is currently trading at a highly discounted price. This makes it worth buying because it has not only proved its resilience and ability to always rebound but has also been showing signs of possible recovery.
Bitcoin is, therefore, worth buying today because it will make you money when it eventually rebounds and possibly recaptures the November 2021 peak price.
Where to Buy Bitcoin
There currently are hundreds of highly reputable crypto trading platforms where you can buy the most beginner cryptos like Bitcoin. These are popular for their user-friendliness, deep liquidity, competitive trading costs, support for a wide selection of the best cryptos to buy, and affordable trade minimums.
But finding the best crypto exchange can be rather complicated, especially for novice and intermediary crypto investors. Below, we introduce you to what we consider the three best Bitcoin & crypto apps:
eToro – Best Bitcoin Exchange for User Friendliness
eToro is one of the most reputable Bitcoin exchanges. It is popular for its competitive trading fees and beginner friendliness.
eToro crypto exchange lets you buy Bitcoin instantly and supports a decent range of fiat deposit methods – including credit cards, debit cards, PayPal, bank transfer, and eWallets. The platform also lets you earn passively through copy trading. The trading platform also lets you diversify your portfolio by letting you copy Smart Portfolios.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection.
Binance – Best Bitcoin Exchange for Liquidity and Low Fees
Binance is the largest, most popular, and most liquid Bitcoin exchange. It also has some of the lowest Bitcoin trading fees and won’t even charge you a trading fee when you buy BTC with TUSD.
It has a beginner-friendly interface, features a large selection of both established and new cryptos, and lets you buy Bitcoin with credit cards and 700+ local payment options via their P2P trading platform. Binance also exposes you to multiple passive investing options, including staking, saving, yield farming, and dual investing.
Crypto.com – Best Bitcoin Exchange for Passive Investing
Several factors make Crypto.com one of the best Bitcoin exchanges today. These include its competitive Bitcoin trading fees, deep liquidity, commitment to the safety and security of client funds, and user-friendliness.
Further, Crypto.com introduces you to multiple passive income-generating programs through the DeFi Wallet. You can also stake Bitcoin on Crypto.com and earn up to 1.5% in interest – annually.
Is It Too Late to Buy Bitcoin?
Looking at Bitcoin’s impressive past price action, you may feel left out and probably wonder if it is too late to buy Bitcoin. The simple to this is no, it is not too late to buy bitcoin because its price is expected to continue growing in the foreseeable future.
While you may have missed out on its journey from less than $1 to its current peak of $68.9K, some experts are confident one BTC will break above $1 Million by the turn of the decade. Therefore, by purchasing Bitcoin today, you are setting your investment for a [possible 40x gain in the next six years.
How Much Should Invest in Bitcoin?
Now that you know the reason to invest in Bitcoin and why today is the best time to buy BTC, the question in mind is possibly how much to invest in Bitcoin. The answer to this is subjective as there is no standard to how much anyone should invest in BTC.
The minimum amount will be determined by your preferred Bitcoin exchange. eToro, for example, requires a $10 minimum investment. You, however, get to decide on the upper limit for your Bitcoin investment. We advise that this decision be informed by such factors as your risk tolerance, crypto trading experience, disposable income, and investing goals.
How to Buy Bitcoin – The Easiest Way
Below, we will provide you with a detailed step-by-step guide that teaches you how to buy Bitcoin on eToro.
Step 1: Open an account
On your browser, open the eToro website and hit the “Join Now” icon. Fill out the registration form that appears. It will only ask for such basic personal information as your name, age, address, phone number, country of residence, trading experience, and income sources.
You will then need to come up with a unique username and password for this account.
Step 2: Verify identity
To complete the registration process, you will need to verify your identity. Simply submit a picture of your government-issued identification document, such as your passport or driver’s license. You will receive the approval notification via email within 24 hours.
Step 3: Deposit funds
Log in to the approved eToro trader account and press the “Deposit Funds” icon on the user dashboard. A funding tab will appear, indicating all the payment methods available to you based on your country of residence. Choose one and follow the prompts to deposit at least $10.
Step 4: Search for Bitcoin
On the search bar on the website’s home page, enter “Bitcoin” or “BTC.” This will direct you to the Bitcoin page that has the pioneer crypto’s price chart, news and equally relevant information about the digital asset. Hit the “Trade” button to start the Bitcoin investing process.
Step 5: Buy Bitcoin
Choose the “BUY” option and a trading tab will appear. Use it to customize this investment by indicating how much US Dollars you wish to invest in this digital asset. Hit the “Open Trade” button to execute the buy order.
Note: eToro will immediately debit your cash balance and deposit private keys for the Bitcoin you just purchased to the exchange-provided digital wallet. If you want to move this crypto to a third-party wallet or exchange, you will first need to move it to the free wallet app for iOS and Android provided by eToro – the eToro Money Wallet App.
Conclusion – Should You Buy Bitcoin Today
There are many reasons why you should consider investing in Bitcoin today. Hereinabove, we have looked at the top ten reasons to buy Bitcoin today.
These include the fact that Bitcoin is highly resilient and will and is poised for a recovery and that it is selling at a highly discounted price. Further, ongoing developments – such as the ETF applications and the upcoming halving event – are expected to catapult BTC’s price to unimaginable heights.
Want to start buying Bitcoin right now? Follow the step-by-step guide to buying Bitcoin that we have outlined above. It teaches you how to buy Bitcoin instantly on eToro for as little as $10.
Reviewed and Fact Checked by Kamal Masri, Crypto Writer and Investment Analyst.
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FAQs on Reasons to Buy Bitcoin Right Now
Should you buy Bitcoin today?
Yes, you should consider buying Bitcoin today because it is expected to continue being one of the most lucrative financial instruments in the foreseeable future. Bitcoin has already proven its resilience and there are a number of developments taking place around the asset, including halving and ETF applications, which are expected to have a major positive influence on its future price.
Will Bitcoin price go up in 2024?
Yes, a number of fundamental and technical factors indicate that Bitcoin will sell for way more at the end of 2024 than its current price. These include the possibility of at least one Spot Bitcoin ETF being approved before year-end and positive market sentiments due to the fast-approaching Bitcoin halving.
What is the best time to buy Bitcoin?
There typically are two ideal times to invest in Bitcoin or any other crypto. First is after a market downturn that forces its price to crash – like Bitcoin did when it dipped to $15,000 in 2022. Alternatively, consider the Dollar Cost Averaging (DCA) investing strategy. This involves allotting a specific amount of cash to Bitcoin at regular intervals. You may, for example, buy Bitcoin worth $1000 every two weeks – regardless of its price.
How much should I invest in Bitcoin today?
You will want to consider a number of factors when deciding how much to invest in Bitcoin. These include your disposable income, risk averseness, crypto trading experience, understanding of the crypto markets, investing goals, and the Bitcoin/crypto market trends.
How do I buy Bitcoin today?
It is simple. Start by registering a crypto trader account with one of the best Bitcoin exchanges – like eToro. Verify your identity, fund this account, and start buying the digital asset.
Will I make money investing in Bitcoin?
You could most likely make money with Bitcoin if you buy and hold, especially if the SEC in the US approves the many Spot Bitcoin ETFs filed in the country. You will also make money with Bitcoin if you commit the crypto asset to one of the many passive income-generating programs/projects, like staking, algo trading, yield farming, crypto lending, or liquidity mining.