The birth of bitcoin in 2009 opened doors to investment opportunities in an entirely new kind of asset class – cryptocurrency. Lots entered the space way early.
Intrigued by the immense potential of these fledgling but promising assets, they bought cryptos at cheap prices. Consequently, the bull run of 2017 saw them become millionaires/ billionaires. Even those who didn’t stake much reaped decent profits.
Three years later cryptocurrencies still remain profitable, and the market is here to stay. You may already be an investor/trader or maybe contemplating trying your luck. In both cases, it makes sense to know the benefits of investing in cryptocurrencies.
Cryptocurrency Has a Bright Future
According to a report titled Imagine 2030, published by Deutsche Bank, credit and debit cards will become obsolete. Smartphones and other electronic devices will replace them.
Cryptocurrencies will no longer be seen as outcasts but alternatives to existing monetary systems. Their benefits, such as security, speed, minimal transaction fees, ease of storage, and relevance in the digital era, will be recognized.
Concrete regulatory guidelines would popularize cryptocurrencies, and boost their adoption. The report forecasts that there will be 200 million cryptocurrency wallet users by 2030, and almost 350 million by the year 2035.
Opportunity to be part of a Growing Community
WazirX’s #IndiaWantsCrypto campaign recently completed 600 days.
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It has become a massive movement supporting the adoption of cryptocurrencies and blockchain in India.
Also, the recent Supreme Court judgment nullifying RBI’s crypto banking ban from 2018 has instilled a new rush of confidence amongst Indian bitcoin and cryptocurrency investors.
The 2020 Edelman Trust Barometer Report also points out peoples’ rising faith in cryptocurrencies and blockchain technology. As per the findings, 73% of Indians trust cryptocurrencies and blockchain technology. 60% say that the impact of cryptocurrency/blockchain will be positive.
By being a cryptocurrency investor, you stand to be a part of a thriving and rapidly growing community.
Increased Profit Potential
Diversification is an essential investment thumb rule. Especially, during these times when the majority of the assets have incurred heavy losses due to economic hardships spurred by the COVID-19 pandemic.
While investment in bitcoin has given 26% returns from the starting of the year to date, gold has returned 16%. Many other cryptocurrencies have registered three-digit ROI. Stock markets as we all know have posted dismal performances. Crude oil prices notoriously crashed below 0 in the month of April.