2017 was a record-breaking year for bitcoin. The alternative currency started at a price of around $900 USD at the start of the year and grew to $6,300 by the end of October. However, a lot of people still aren’t sure whether cryptocurrency is the right investment for them as we move ahead into 2018. There are many different opinions emerging about bitcoin in the financial space. While some people assume that it’s just a trend, others are convinced that the price of bitcoin will continue to skyrocket as we move into the future, reaching anywhere up to $55,000 within the next five years. Here, we’re going to take a look at five reasons why bitcoin might be your best investment for the year ahead.
#1 Adoption will Skyrocket in 2018
Adoption of bitcoin is becoming increasingly popular around the world. In April 2017 it became an official method of payment in Japan, and now, 260,000 retail locations and food establishments are accepting cryptocurrency as payment. Japan’s acceptance and adoption of Bitcoin is setting a precedent for countries around the world.
At the same time, trading volumes are also increasing worldwide. BTC has seen a 55% increase in their transaction volumes within 2017, and there were 30,000 new wallets created around the world. Rumors suggest that Amazon will soon start to accept bitcoin too.
#2 Disruption is Everywhere
Disruptive technology and new business models have changed many major industries around the world today, and BTC is poised to move in the same direction when it comes to the financial sector. The blockchain technology that these cryptocurrencies use is in a state of rapid expansion, and there are now around 1,200 new variations available throughout the marketplace which attempt to solve unique problems in the space.
#3 Accessibility is Increasing
When Bitcoin was originally launched, it was nothing more than a peer-to-peer system for currency. This meant that you needed to be seriously technologically savvy if you wanted to buy and store bitcoin safely.
Today, various sites around the world have made it easier than ever to use bitcoin and make the most out of this form of finance. What’s more, you can learn more about the state of bitcoin and what it means to your financial position across the web, at places like the letsgobitcoin.com.
#4 Regulation and Oversight will Expand
There’s a good chance that 2018 will bring with it a dramatic enhancement in terms of regulation and oversight for cryptocurrencies around the world. This means that financial institutions may continue to invest a lot of new cash into the space.
ETFs are expected to be approved by the U.S. Securities and Exchange Commission by 2018, and this will allow major financial institutions to begin investing in the space, and providing clients with new opportunities for investment. ETFs would mean that bitcoin becomes available to a much larger group of investors who might feel uncomfortable buying and securing coins.
#5 People have lost trust in Wall Street
Finally, people around the world still haven’t forgotten thee problematic dealings in Wall Street that developed into the 2008 financial crisis. We all watched as our own tax money was used to save the banks that caused the market to crash in the first place.
Today, financial institutions no longer trust in Wall Street, which means that blockchain is emerging is a much more secure and reliable alternative for many investors.