The coronavirus pandemic has changed the world like never before. The economic meltdown is staring at our face, and the recent announcement of Federal Reserve to print infinite currency has come across as a double-edged sword. While this move will bring much-needed relief for investors, it is surely going to hurt the value of the dollar currency in the long run.
In such circumstances, Bitcoin is emerging as a safe haven for investors. Of course, Bitcoin has suffered some reverses in recent times, but the largest cryptocurrency by market capitalization has recovered quickly and outperforming most of the other investment options, including stocks of most of the bigwigs listed in S&P 500 index.
Is it the right time to buy Bitcoin?
Now the most crucial debate raging among investors is whether to buy Bitcoin now or wait for the value of the coin to come down, say plunging below $3,000 before buying the coin. Now opinions in this regard are different, although cryptocurrency experts believe that it is one of the most opportune times to buy Bitcoin. This analysis is not based on market speculations but has strong underpinnings of technical analysis.
Given the fact that the fundamentals of Bitcoin continue to remain strong since it reached its highest lifetime valuation of $20,000, the investment in the cryptocurrency will not result in the loss of the money in the long term. Over the years, a significant number of developers and miners have become part of Bitcoin’s ecosystem, which signifies the long-term sustainability of the digital currency. In addition, the Bitcoin hash rate has also gone up and the upcoming Bitcoin halving event – where the rewards for the miners is going to decrease from the current 12.5 BTC to 6.25 BTC – is further going to have a positive impact on the valuation of the digital currency. The halving of Bitcoin mining rewards will constrain its supply and increase its demand. In such a scenario, prices will go up and investors will be benefited from this particular development.
Federal Reserve Policies
Coming back to the major event of Federal Reserve announcing printing of around $6 trillion also bodes well for the Bitcoin value. Flooding the market with so much of the Fiat currency will ultimately devalue the dollar and strip it of its purchasing power. In such a scenario, investors are expected to patronize other commodities, including gold and Bitcoin, for investing their money and reaping rich dividends. One smart strategy to make money by investing in Bitcoin is opening an account with the Bitcoin Evolution. The Bitcoin Evolution Review 2020 reveals why this automated trading software has become a preferred choice of traders across the globe. It is a very convenient choice, and you will be amazed at how easy it is to invest and trade in Bitcoin with the help of this software. So what you are waiting for, just click on the link above and enjoy its unmatched convenience.