As the popularity of cryptocurrency continues to rise, one wonders what’s the future of Bitcoin.
It seems that Bitcoin will continue to rise in price. Those investors who bought whole Bitcoins early on will likely become wealthy after they cash out. Others may wish to hold their Bitcoin as they see it as an alternative or superior form of currency.
But what about Bitcoins detractors? What about other cryptocurrencies that compete with Bitcoin?
Let’s look at a few scenarios that might affect the future of Bitcoin:
Currency vs Asset
For the average person, Bitcoin is a great investment asset as shares of a company are. Their goal is to accumulate as much Bitcoin as possible. Afterward, they’ll sell their Bitcoin once it reaches a high price.
This attitude toward Bitcoin will likely continue. However, we may also see a surge in buyers who want to own Bitcoin as an alternative form of currency.
The economic crisis of 2020 has led to high levels of inflation throughout the world. The average person is aware that their Dollars, Euros, or Pounds are losing their purchasing power.
As such, we can expect more people to buy Bitcoin to use for future purchases. With more physical and online retailers accepting cryptocurrency, buying Bitcoin as a form of currency will become more popular.
This will especially be true in areas where Bitcoin ATMs such as those provided by Byte Federal are prevalent. You want to consider your goals before accumulating large sums of Bitcoin.
Attitudes Toward Bitcoin
The next factor to consider is the attitudes toward Bitcoin. Within the crypto community, many see Bitcoin as the best option for investing in crypto.
Some crypto enthusiasts have serious complaints about Bitcoin. These include its high cost, high transaction fees, and slow transaction speeds. This might cause Bitcoin’s popularity to wane in the future.
Another concern to consider is the governmental attitudes toward Bitcoin.
Countries such as India have considered banning Bitcoin ownership. The United States allows Bitcoin ownership but taxes its ownership. Countries such as Singapore don’t have strict regulations regarding Bitcoin. El Salvador became the first country to make Bitcoin a legal tender!
Anyone interested in buying Bitcoin must consider their goals with owning Bitcoin. One country might have no strict laws for buying Bitcoin. But that same country might regulate trading Bitcoin!
Bitcoin investors might wish to live in a place that works best for their goals. One should keep track of proposed laws and regulations surrounding Bitcoin to decide which is the best location.
Let’s Watch the Future of Bitcoin
The future of Bitcoin remains uncertain and one that everyone should consider watching.
While Bitcoin works primarily as an investment asset, it’ll likely become a serious competitor to fiat currency. One might also see other cryptocurrencies surpass Bitcoin due to their shortcomings.
Anyone considering investing in crypto will also keep an eye on governmental attitudes toward Bitcoin. Bitcoin investors will seek jurisdictions that have favorable laws on cryptocurrency ownership.
You can read more great articles on Bitcoin on our website!