3 Reasons to Buy Bitcoin While It's Around $61,000
After hitting an all-time high of $73,750 in March, the price of Bitcoin (CRYPTO: BTC) has recently slipped back under $61,000. The upcoming distribution of assets from the notorious Mt. Gox exchange is stirring the pot right now, and inflationary pressures are still doing funny things to volatile asset classes such as growth stocks and cryptocurrencies.
But don't let the short-term noise fool you. With the recent halving of Bitcoin mining rewards, a capped lifetime supply, and new exchange-traded funds (ETFs) making Bitcoin more accessible than ever, there are some strong reasons to consider buying now. Let's dive into three of them.
Bitcoin's halving eventshave historically been strong catalysts for price appreciation. After the halving, which reduces the rate at which new bitcoins are created, you typically see a supply squeeze that drives prices higher. The effect is never immediate and the next cyclical peak usually appears between 12 and 18 months later. As such, Bitcoin prices might wobble over the summer before surging over the upcoming fall, winter, and spring. The precise timing cannot be predicted but the general theme is pretty reliable.
Source Fool.com
