It is no surprise that Cryptocurrency has so much buzz right now because every other day we hear some exciting news of some new bank or a Ecommerce platform like PayPal or even the whole country like Ukraine making an announcement of their plans to adopt block chain technology. Even if you really want to completely ignore Crypto it would not be possible anymore.
I never really cared about Crypto since 2017 hype with Bitcoin when it went up so much and then successfully crashed afterwards. But in 2020 with so many crazy events unfolding I not only have considered but actually decided to start investing into Cryptocurrency and I will give my 5 biggest reasons why:
#1 Worldwide Acceptance by Banks
We see many news from International banks that are starting to adopt cryptocurrency every other day. Cryptocurrencies are part of the main discussions in World Economic Forums and we already see so much integration with well known banks.
For example XRP or Ripple announced their partnership with Bank of America. Even though Ripple undergoing some lawsuit with SEC, but nevertheless they are striking very serious partnerships with companies like Apple, American Express and so many more.
XLM or Stellar making a deal with the whole country -Ukraine to start adopting blockchain technology in to their banking system.
Basically no country wants to be left out from using a block chain technology and possibly creating their own digital currency that can be controlled by Central Bank.
#2 PayPal to Offer Crypto on their Platform
This announcement was so big that it alone drove crypto prices up. If you didn't know PayPal as of 2020 has 286 million active users and 26 million merchant accounts. Imagine once PayPal officially offers crypto to their members and merchant accounts for transactions - this alone will be very significant.
Many people never heard of Binance, Bittrex, Coindesk or even Coinbase, but everyone heard of PayPal and with the announcement that PayPal to use Cryptocurrency most people will start seeing it's real usage.
#3 Debit and Credit Card with Bitcoin Rewards
Coinbase announced their Debit Card if you open a Coinbase account. They will house your crypto which can be used for regular transactions. So, literally before you know we will start using Bitcoins for grocery shopping. Well, maybe not really Bitcoin because Bitcoin now is more valuable than gold, but definitely transactions over block chain.
And the first ever BlockFi Credit Card that will give you 1.5% cash back on all transactions in Bitcoin rewards. I already wrote a separate post on BlockFi credit card it covers all the benefits and my personal view on it.
The coolest part here is that your reward points can appreciate over time. You can accumulate these rewards and let's say few years from now they can increase in value simply because Bitcoin is expected to continue to climb.
Such products like: PayPal platform, Debit card and now a credit card really set the tone that we are indeed moving ahead with block chain technology. There are so many resources thrown to create these products, so it is no longer a hype or a myth - it's a reality.
#4 Cryptocurrency Market Cap At $1 Trillion Dollars
Cryptocurrency market cap surpassed $1 trillion dollars in 2020 making it very significant. There are lots of investments pouring in from small to large investors. Here are the main reasons why:
- Economic instability
- Fear of weakening US Dollar
- Rumors of Global Reset. Move into 4th Industrial Revolution
- Many investors Simply Don't Want to Miss Out
- Lots and lots of other reasons
When back in 2017 Bitcoin hit $20,000 there was a lot of hype and the market proved it right by collapsing. After that many people made a conclusion that crypto was fraud. In 2020 things were really much different.
We got lots of signs that proved to us that we are moving into quantum financial system where everything will be digitized. And it's happening really fast. We may see more emerging products using blockchain technology in 2021.
#5 Regulatory Clearance in Many Countries
If you have been following the news in Crypto world then you will know that many countries including Japan, China, Europe and even US already recognized Crypto currency to some level.
For example China already developed Central Bank Digital Currency which is backed by Yuan and is governed unlike most other cryptocurrencies which are completely decentralized. In US SEC gave clearance to Bitcoin and Etherium not calling them a security and allowing people to heavily invest in them.
There are simply many examples if you follow the news and this time we are seeing more regulatory clarity that give cryptocurrencies a green light to become a future. The question now is not whether it happens or not - It is more when does it happen?
In this post I only listed 5 reasons how I got convinced to start investing in to crypto, in reality there are lots of confirmations like the last World Economic Forum that discussed the future of new banking system and so much more.
My Final Thoughts
I don't give any personal advise to anyone but one of the main reasons I decided to start investing into crypto is that I didn't want to miss out on the biggest opportunity of my lifetime. In fact whatever I have invested already doubled in profit at the beginning of 2021 and I am pretty positive it will only continue to grow.
Don't invest the money you can't afford to lose, so that you can sleep comfortably at night. And if you do decide to invest I suggest Coinbase platform for the long term investments as they are very reliable and secure platform.
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Let me know what are your thoughts on Crypto and if you are investing in it.