Cryptocurrencies have been making waves in the investment world for more than a decade now, with Bitcoin, in particular, having long been enjoying a slice of the limelight. Making a number of savvy young millennial investors overnight millionaires during its initial rise to prominence, it remains a great addition to any portfolio even today – but just why has Bitcoin seemed to eclipse competing cryptocurrencies, and in such a monumental way?
The crypto network counts more than five million users today, the vast majority of whom are trading with Bitcoin. Its popularity is now so great that many experts even believe that Bitcoin has the potential to become the world’s first official legal cryptocurrency – and that a point may even be reached where we see Bitcoin become the universal global payment method.
There are several reasons this particular cryptocurrency has enjoyed such a great level of success, and those who cottoned on early are already reaping the benefits. Here are the reasons it remains the superior choice for investors – and why you might want to consider adding some to your own portfolio.
Far more valuable than other cryptocurrency
The number one reason that Bitcoin takes the throne above other cryptocurrencies is the fact that at the present moment, it’s by far the most valuable on the market. Following Tesla’s $1.5 billion investment in February 2021, the value of just one Bitcoin surged to over $50,000. These days, Bitcoin is on the same pedestal as gold when it comes to its price – and that’s not something to be taken lightly.
No other cryptocurrency even comes close to this value, and it is because Bitcoin is so precious that the profit to be made is much higher than with other cryptocurrencies, too.
One particular study found that there are now more than 100,000 millionaires who made their fortune with Bitcoin, and that number continues to grow.
Most trading sites focus on Bitcoin trading
Trading sites are the platforms used by traders to sell their assets and make a profit. While most trading platforms accept multiple cryptocurrencies, the majority of them are focused on Bitcoin trading, since this cryptocurrency brings them the highest number of users, thus generating a substantial profit.
Not only that, but reputable sites like BitQS use advanced AI systems that are able to collect all the available data surrounding Bitcoin in order to help traders maximise their profits. Systems like these can predict Bitcoin’s future fluctuations and let the traders know when is the best time to sell their assets. This Bitqs review contains all the details about the process of trading with Bitcoin, so if you are a new trader, it’s definitely worth a read.
Bitcoin holds a majority of the market on cryptocurrencies – in fact, it’s estimated that up to 90 per cent of crypto traders are only interested in dealing with Bitcoin alone.
Add to that the fact that numerous celebrities have invested in Bitcoin – including Floyd Mayweather, Logic, Paris Hilton, Elon Musk, Bill Gates, Gwyneth Paltrow, Snoop Dogg, and 50 Cent, and it’s clear that this special cryptocurrency is quite simply a cut above.
Elon Musk has been a supporter of Bitcoin from the beginning, with his company, Tesla, often investing and turning over a billion dollars in profits as a result.
More recently, Logic took the plunge, too – he invested $6 million in 2020 and is growing a steady return as we speak.
Many global brands are already starting to accept Bitcoin as a payment method. The likes of Microsoft, PayPal, Shopify, Wikipedia, AT&T and Expedia are leading the way – but there is little doubt that we can expect to see many other big names follow soon.
The crypto trend began with Bitcoin
Bitcoin was the first cryptocurrency, and was invented by Satoshi Nakamoto, an individual whose exact identity is still unknown to this day. Introducing the world to the innovative blockchain technology that has since gone on to be implemented by many other cryptocurrencies, Bitcoin was a pioneer in its field – and its innovation has won it a glowing reputation that has long set it apart from the crowd.
First to the party, it seems the competition has never quite measured up – so if you’re looking to boost your investment portfolio in 2021 by dipping your toe into the world of crypto, then Bitcoin remains the leading way to go.
Disclaimer: Investing money carries risk, do so at your own risk and we advise people to never invest more money than they can afford to lose and to seek professional advice before doing so.