Singapore – Many traders and investors have been going to Bitcoin due to its stellar year. According to the most recent statistics, BTC has grown up to 165% this 2020. Currently, the crypto asset is now almost US$20,000. Niall Ferguson, a senior fellow at Hoover Institution, stated that BTC became a better investment than gold. The crypto asset’s returns have been an order of magnitude higher.
Despite the coronavirus pandemic, financial history can still accelerate. Ferguson also claimed that the world’s acceptance of Bitcoin as a digital asset has accelerated by the pandemic. Almost every month, some major companies or figures in the mainstream investment start taking the digital asset more seriously.
At the time of writing, many holders are still cautious or outright bearish on Bitcoin. However, many crypto enthusiasts said that adopting new financial technology tends to be quite volatile. Each time BTC rallies and folds, it folds to a higher resistance level. Many investors suggest holding Bitcoin for a year to five years to see the best results.
Currently, Bitcoin is the world’s most famous digital currency. In recent years, a slew of new crypto assets has entered the market, including Ethereum, Tether, and Ripple. Billionaire investor Mike Novogratz stated that he sees tons of new BTC buyers amid its little supply.
However, Novogratz would not recommend anybody to rush and put their emergency savings in the crypto market. He stated that it would be best for first-time investors only to put 5% of their portfolio in BTC, let it rise, and see what happens. Since Bitcoin‘s system has no transparency regarding its volatility, many people question the platform. Some holders ask why Bitcoin does not have an audit trail. Since Bitcoin‘s system has no transparency regarding its volatility, many people question the platform. Some holders ask why Bitcoin does not have an audit trail. Since the decentralized digital currency is not yet mainstream in other countries, Bitcoin still has enough time to improve its system and better educate its customers.