Amid serious criticism from China, several developments have been noted for the flagship cryptocurrency. One of the biggest developments is Michael Saylor’s investment in Bitcoin, regardless of the formation of a scary pattern in the market.
The other development is the investment made by Mexico’s third-richest in Bitcoin, who is also of the opinion that BTC is an excellent investment.
Considering these developments, if you also want to invest in BTC then you can use secure exchanges such as SwissBorg and Kraken and purchase it easily. Keeping in mind the market trends, if you also want to become a trader then PrimeXBT Covesting is one of the best exchanges for beginners.
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Should You be Investing in BTC?
Bitcoin is the top crypto asset in the world and despite serious criticism from China, it is still afloat. Bitcoin is currently trading at $32,737 (at the time of writing), which is possibly a result of China’s Bitcoin ban. Due to the ban, the BTC hashrate has dropped to 46% and a majority of BTC miners have also shifted to other destinations.
However, crypto enthusiasts believe this to be one of the best things that could happen for the Bitcoin network.
Despite the ban from China, the third richest man in Mexico, Ricardo Salinas Pliego, is of the opinion that Bitcoin is a crypto asset that should be in every investment portfolio. Salinas stated in a recent interview that Bitcoin is a solid investment, similar to gold. He also stated that arguing over its nature is not so important if people take a look at its properties.
“In my opinion, all the advantages that bitcoin has are enough to make the gold of the modern world … There is no point in discussing whether it is a currency or not.”
According to Salinas’ perspective, Bitcoin is the kind of crypto asset that should be owned by every investor. He gave three reasons that make Bitcoin a top digital asset that should be in every investment portfolio.
The reasons being:
- Bitcoin is finite (only 21 million Bitcoin)
- Bitcoin is easy-to-transport
- Bitcoin offers extreme liquidity on a global scale
Salinas was one of the first businessmen in Latin America to support Bitcoin. He has been vocal about the digital asset and has even supported it on social networks.
Apart from highlighting the importance of Bitcoin, Salinas also shared that he already has made his investment in the flagship cryptocurrency. 10% of Salinas’ liquid investment portfolio is held in BTC.
Salinas is not the only one to speak in favor of BTC during the volatility that is being witnessed since yesterday. Michael Saylor also shares Salinas’ opinion as his company has reportedly purchased 13,005 more BTC yesterday. MicroStrategy now holds 105,000 Bitcoin, despite the ups and downs noted in the price of the digital asset.
This can be encouraging for people who have been planning to invest in BTC. If it is according to your suitability, you can make use of BTC’s price and purchase the digital asset safely and easily through SwissBorg or Kraken.
If you are a crypto trader you should also make sure you use a trustworthy exchange. One of the best exchanges for crypto traders is ByBit.
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Planning to Invest in Altcoins?
Apart from BTC, many crypto enthusiasts have also been intrigued by altcoins, especially Ethereum. ETH is the second-largest crypto asset by market cap and is believed to outperform BTC at one point, by ETH enthusiasts.
However, according to Salinas, this might not be the case as he spoke about the weaknesses in the Ethereum network.
“The scarcity of Bitcoin, the 21 million, is the key to everything. That is why I mention Ethereum. Because as long as it does not have a finite amount of issuance, I will not believe them because they can issue more, and the asset depreciates.”
Salinas is of the view that Bitcoin is less likely to be manipulated by any government, individual or a group because it is a finite asset, which cannot be said for Ethereum.
Choosing the crypto asset you invest in is based on personal preference, however, you should always be sure to use secure exchanges.
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