Funny thing about people who love Bitcoin…
It took them a while to get there, even while the Bitcoin price was going up, in fits and starts.
Almost everyone I talk to went through a stage of dismissing Bitcoin.
This was certainly true for me. When I first took a look, about 8 years ago now, I figured it was just a fad. Like toy money for gamers online. Nerd money. Not real.
But that’s not how I see it anymore.
And during those early years, the stories we were hearing about Bitcoin certainly didn’t help.
It was being used by drug dealers on the Dark Web, because you could buy and spend it anonymously. There was talk of arms dealers and even terrorists using cryptocurrencies as well.
It’s little wonder that mainstream investors were dismissing it out of hand.
And during those formative years, Bitcoin and other cryptocurrencies had real teething problems of their own.
But those days are behind us now.
If you need reassurance that Bitcoin is now legitimate and here to stay, you don’t have to look far.
According to a survey conducted by digital asset manager Grayscale Investments, 55% of U.S. investors are now interested in buying Bitcoin.
And while many banks are still feeling very cautious about Bitcoin – as they should – others are embracing what they see as inevitable. For example, Goldman Sachs has its own altcoin trading desk.
Even PayPal is getting in on the act. It recently announced that it is enabling the buying, selling and holding of cryptocurrencies on its platform.
The PayPal move is huge, because it has more customers than any other bank on the planet. This is a massive of vote of confidence in cryptocurrencies, bringing crypto in front of hundreds of millions of prospective users and investors.
Also, over the last month or two, a number of publicly traded companies have announced large investments in Bitcoin.
- MicroStrategy recently purchased an additional $175M in Bitcoin, bringing its Bitcoin holdings to $425M.
- Square, the payment processing company led by Twitter co-founder and CEO Jack Dorsey, recently purchased 4,709 bitcoins at the price of $50 million.
- Mike Novogratz’s Galaxy Digital Holdings, a TSX-listed firm, holds 16,651 Bitcoin, worth about $188 million.
In other words, this is no longer a playground for nerds, cypherpunks and various shady characters on the Dark Web.
Bitcoin has gone mainstream and offers a huge opportunity for smart investors.
As the Bitcoin price continues to go up, lovers of gold should pay more attention.
In future posts I’ll be writing more about how Bitcoin represents a new and digital version of gold.
In the meantime, remember that, like gold, Bitcoin provides a safe haven for your wealth outside of the banking system.
It has plenty of attributes that make it similar to gold, but as a digital asset.
And it has some advantages too. It’s easier to store, transport and spend.
Plus… the upside potential as an investment is significantly higher.
More on this soon. Stay tuned.
Where can you buy Bitcoin?
There are various ways to buy Bitcoin. But unless you’re already an expert, your best bet is to buy through an exchange.
This allows you to buy, sell, and store your Bitcoin all in the same place.
Kraken and Coinbase are two of the largest and best established exchanges.
Create an account with Kraken…
Set up an account at Coinbase…
[OwningGold is an affiliate of both Kraken and Coinbase. This means that if you sign up for either service after following one of our links, we’ll receive a small commission.]
Further reading:
Bitcoin… It’s like gold, but digital. There’s plenty to love about it.
6 Good reasons to own gold coins or gold bars.
Storing gold – at home, in a safety deposit box, or with your dealer.