The crypto industry came out of nowhere. While in the last years it has kept booming, we certainly think we will sooner than later have a great buying opportunity (buy the dip). Meanwhile, Bitcoin has reached new all time highs and there is no doubt about the current bubble in it.
However, Bitcoin has only a global 1% adoption and a 2% adoption in the US. This means, it has still plenty of growth potential, but is it ready yet? Is it overvalued or undervalued?
Well, we believe, after a thorough analysis, Bitcoin is currently overvalued. While indicators show Bitcoin could moon to even $500,000 or $1,000,000 we aren’t at that perspectives currently. Why?
As of right now, February 2021, Bitcoin cannot be used in daily life activities around the world. There are certainly some locations that do accept bitcoin and other crypto as a payment method, but it is not yet enough.
This means, people are currently speculating with BTC, using it as a store of value and even trying to hedge inflation with. While this has worked out, certainly, Bitcoin is NOT a hedge against inflation. This cryptocurrency has no intrinsic value and hasn’t proved itself that many years as… gold for example.
The only driver that keeps BTC moving into the upside is demand. If demand increases, so does the price of the underlying ”asset”. For the true believers in cryptocurrencies and blockchain, as ourselves, BTC will only moon to $500,000 or $1,000,000 if it is used as a payment currency which can be utilised with no restrictions whatsoever.
While there is a big chance that blockchain will be the technology used to have a global currency, we don’t know which one it will be. There are thousands of crypto right now, and most will bust and disappear.
All bubbles burst at some point, so what we are doing, is waiting. We aren’t buying the new all-time highs, but instead waiting for a correction and trying to enter the markets at the bottom, or as closest as possible. This is a smart decision, buy into it when you can afford the prices.
We believe before BTC moons to those numbers, it will first go below, probably around $5,000 which would be a good entry point.
So, how do you actually buy crypto and store your currencies online with your laptop, pc or smartphone?
How to buy BTC with Bitflyer?
Indeed, it is very easy to acquire your stake in this industry. All what you have to do is get the app: BITFLYER.
Just download the app through the link in your phone, open your account with your valid personal data and verify your details. Once your account is verified you can start buying different cryptocurrencies with different payment methods.
Just check it out and judge for yourself!