It all started in 2009 with the release of bitcoin, which at the time was something new and unknown to most. But now almost everyone has heard of bitcoin and interest in investing in cryptocurrency or starting a career as a trader has grown. Although they do not have a long history, cryptocurrencies have caused a stir and have been attractive to many people.
Teeka Tiwari, a former Wall Street trader turned cryptocurrency expert, recently discussed investing in cryptocurrency, explaining why now is the time to buy bitcoin. For the last six months, Tiwari has been on a world tour investigating a rare cryptocurrency market phenomenon. As an experienced trader, he talks about some exciting aspects of cryptocurrency and has some future predictions that we haven’t heard before.
Bitcoin after the Coronavirus Pandemic
We witnessed bitcoin going down to almost $3,000 during the coronavirus pandemic. However, it didn’t last too long, and it climbed back up, hitting $10000. There have been different opinions by crypto enthusiasts about whether it is smart to invest in bitcoin after the pandemic, with many saying that this is like a new start
Tiwari is very optimistic, saying that Coronavirus will send bitcoin price to $100,000 in 2020. Recently he spoke for The Keiser Report, the latest edition of his RT news magazine explaining that global panic will have a profound impact on Bitcoin uptake this year.
Is this actually the right time to invest in bitcoin?
Predicting what will happen with cryptocurrency is not easy. But, what most investors want to know about is finding the right time to invest in crypto. Well, is this the right time to invest in bitcoin? There are different opinions, and some have been skeptical. However, with bitcoin halving happening this year and bitcoin bouncing back to $10,000, it does not seem like you will get into a huge risk if you invest now.
Related to this aspect, Tiwari has a totally different view. He believes that we are in a unique time of history because of a rare phenomenon that is about to hit the crypto market. He says there is a triggering event that is programmed into the actual code that powers bitcoin. And it will ignite a bull market in cryptocurrency. Something that we have not seen since 2017.
What coins have the brightest future?
Bitcoin has been the king of cryptocurrencies since the beginning. In many cases, it is used as a synonym for cryptocurrencies. We can surely say that bitcoin is here to stay and that it is not going anywhere. However, there are a lot of talks about what will be the best coins in the future? According to Yahoo, there are four cryptocurrencies to invest in 2020: Bitcoin, Etherium, NEO, and EOS.
In this case, Tiwari says that there are five coins that will be great to invest in. Moreover, he believes that these coins could turn $500 into as much as $5 million. He stresses that people have a fear that prevents them from investing but suggests that fear should not stop anyone from investing.
Speaking for London Real, a show hosted by Brian Rose, Tiwari tries to motivate people to invest in cryptocurrency to make profits.
“If you just take well-chosen crypto and let’s say you buy 5 of them. You put $500 into each, which is $2,500. It’s not going to kill anybody if you lose $2,500. It might pinch a little, but it’s not going to kill you,” he stresses.
Tiwari is hosting an event where he will release “the final 5.” These are the last five coins he believes could turn $500 into as much as $5 million.
The Future
Some of the limitations that cryptocurrencies presently face — such as the fact that one’s digital fortune can be erased by a computer crash, or that a virtual vault may be ransacked by a hacker — may be overcome in time through technological advances. What will be harder to surmount is the basic paradox that bedevils cryptocurrencies — the more popular they become, the more regulation and government scrutiny they are likely to attract, which erodes the fundamental premise for their existence.
While the number of merchants who accept cryptocurrencies has steadily increased, they are still very much in the minority. For cryptocurrencies to become more widely used, they have to first gain widespread acceptance among consumers. However, their relative complexity compared to conventional currencies will likely deter most people, except for the technologically adept.
A cryptocurrency that aspires to become part of the mainstream financial system may have to satisfy widely divergent criteria. It would need to be mathematically complex (to avoid fraud and hacker attacks) but easy for consumers to understand; decentralized but with adequate consumer safeguards and protection; and preserve user anonymity without being a conduit for tax evasion, money laundering and other nefarious activities. Since these are formidable criteria to satisfy, is it possible that the most popular cryptocurrency in a few years’ time could have attributes that fall in between heavily-regulated fiat currencies and today’s cryptocurrencies? While that possibility looks remote, there is little doubt that as the leading cryptocurrency at present, Bitcoin’s success (or lack thereof) in dealing with the challenges it faces may determine the fortunes of other cryptocurrencies in the years ahead.
Should You Invest in Cryptocurrencies?
If you are considering investing in cryptocurrencies, it may be best to treat your “investment” in the same way you would treat any other highly speculative venture. In other words, recognize that you run the risk of losing most of your investment, if not all of it. As stated earlier, a cryptocurrency has no intrinsic value a part from what a buyer is willing to pay for it at a point in time. This makes it very susceptible to huge price swings, which in turn increases the risk of loss for an investor. Bitcoin, for example, plunged from $260 to about $130 within a six-hour period on April 11, 2013.18 If you cannot stomach that kind of volatility, look elsewhere for investments that are better suited to you. While opinion continues to be deeply divided about the merits of Bitcoin as an investment — supporters point to its limited supply and growing usage as value drivers, while detractors see it as just another speculative bubble — this is one debate that a conservative investor would do well to avoid.
Conclusion
The emergence of Bitcoin has sparked a debate about its future and that of other cryptocurrencies. Despite Bitcoin’s recent issues, its success since its 2009 launch has inspired the creation of alternative cryptocurrencies such as Etherium, Litecoin, and Ripple. A cryptocurrency that aspires to become part of the mainstream financial system would have to satisfy very divergent criteria. While that possibility looks remote, there is little doubt that Bitcoin’s success or failure in dealing with the challenges it faces may determine the fortunes of other cryptocurrencies in the years ahead.
