If you are curious about entering the crypto space then you have probably heard all about what Bitcoin can do and why people say that you should invest. A lot of first time investors are however wary that back in 2017, the price of BTC came down just as quickly as it had gone up, and they are worried about a repeat performance. Many experts like Robert Testagrossa however, are noticing some seriously positive signs with regards to BTC, which could mean that the cryptocurrency does have a bright future ahead.
This is of course not financial advice, but speculation on the positive things which are happening for the coin.
Buying Items
One of the main criticisms of BTC by many doubters was that you couldn’t buy anything with it, so how could it possibly be a currency. Well all of that has changed a great deal in the last 12 months and there are now many locations which are accepting BTC as payment. WE have seen towns in countries like Japan which trade only in BTC, the Guatemalan government now accepting it as payment and the announcement by Tesla that you could buy one of their cars with the currency has been a real game changer. This only looks set to continue and will certainly give a lot of investors renewed hope.
Major Backing
The first time that the coin really pumped back in 2017, this was largely based on whale investors who largely remained private. What BTC failed to get back then however was the backing of major banks and financial institutions, which it has now secured. In the last 6 months we have seen the likes of JP Morgan get on board, old banks such as Mellon NYC and even major transaction companies like PayPal and Visa integrate BTC into their services. This additional backing is only going to continue to secure the safety of BTC and it in turn will encourage far more people to have faith in it and invest to increase the market cap.
Showing Resistance
Back in 2017/18 we saw very little resistance from BTC each time that it faced a dump, and this is something which has been greatly different this time. BTC continues to hold strong levels of stability and each time that its resistance has been tested this year, it has held and then gone on to do even better than it did before. his is a very good indicator that the currency is finding some footing and that it has become increasingly more stable than ever before. At the very least we should assume that any price drops will either be corrections in a bull run or that they will be small enough to let the market take action against the drop in price.
If you are looking to invest in BTC then these three factors may be enough to give you the confidence that its future is certainly looking bright.
