Three reasons why you must take cryptocurrency seriously
Imagine the year is 2035. You and your friends have planned a vacation to the planet Mars. And you are asked to pay for your space shuttle in Bitcoin or let's say meme-inspired Dogecoin (as proposed by Elon Musk!). How cool does it sound? I get it. It's for the future. But what you're saying is far-fetched. Why should I invest in cryptocurrency today?
Let's stop pretending for a second. Given the opportunity, we all want to maximize our returns. But how? We don't have an answer to this. However, for the last couple of years, cryptocurrency has offered the best ROI in comparison to traditional assets. Don't believe me? Let's take the help of our dear friend facts to solve your doubts. The price of one Bitcoin at the beginning of 2020 was Rs. 5 lakh. On November 23, 2020, it was trading at Rs. 13 lakh. Today, the price is hovering around Rs. 35 lakh after touching an all-time high of Rs. 45 lakh in mid-May.
Okay genius, I agree, Crypto has been giving unbelievable yields. But doesn't this sound fishy? What's driving the price? Temporary fluctuation in prices (Crypto's Bourne Identity!) can be due to myriad factors including speculations. However, cryptocurrencies' long-term bullishness and the community's relentless support are derived from its underlying technology - the Blockchain and its use cases. Experts have compared Blockchain technology to the steam engine of the industrial revolution or the internet of the modern era. Cryptocurrency powering the Blockchain will eventually permeate every aspect of our lives- finance to healthcare. It makes sense to be ahead of the curve, right?
In the last year, cryptocurrencies saw an 800 percent increase in global adoption with the Indians ranking second. India's largest crypto trading app known as CoinSwitch Kuber has seen more than 1 crore registrations in just a few months. El Salvador in Central America became the first country to legalize Bitcoin as a legal tender. Meanwhile, big public companies like Tesla, MicroStrategy, and Twitter along with other institutional investors are busy adding cryptocurrencies to their investment portfolios. So, is it too late to invest? Nope. Cryptocurrency has been around for a while and has in store ample opportunities for everyone to propel their dreams to the moon. The first step, however, is to make the move today!