It’s no surprise that the number of people using cryptocurrency is rapidly increasing. PayPal (PYPL), the world’s most well-known digital payment provider, introduced a new platform in October 2020 that allows customers to purchase, carry, and sell Bitcoin as well as other digital currencies directly from their PayPal accounts.
According to Bloomberg, almost 26 million PayPal merchants have begun to embrace cryptocurrencies. These stats are very important for business owners in Miami to drive their business toward success.
Meanwhile, payment provider Square (SQ) paid $50 million for 4,709 bitcoins, while MicroStrategy paid $1.13 billion for BTC.
Here’s How Eric DaliusBitcoin Explains the Benefit of the Bitcoin Market
At this very writing, the well-known cryptocurrency has passed this primary psychological benchmark, with a price of $51,202. BNY Mellon and Mastercard, two financial technology firms, have started new bitcoin projects to make it reach this significant milestone. Their actions come after Tesla’s iconoclastic CEO Elon Musk declared that his firm had bought $1.5 billion worth of bitcoin and will begin taking bitcoin payments.
Weighing the hefty risks
The confusion surrounding cryptocurrencies is the most dangerous part of them. For now, we’re in uncharted waters because no one knows if blockchain would really become common.
Many companies in the United States do not currently recognize cryptocurrencies as just a form of payment. According to Fundera’s study, only around 2,300 companies in the United States actually recognize bitcoin as payment. When you consider that there are over 30 million companies in the United States alone, that’s a very tiny number of them that embrace cryptocurrencies.
Regardless of how common cryptocurrencies become with investors, they would fail in the long run if retailers do not embrace them. Cryptocurrencies can also be extremely unpredictable, which increases the risk associated with them. Bitcoin, for instance, has lost over 80% of its value in the past, and this has seen several major drops in recent months.
Is It Still Worth Investing in bitcoin?
Gone are the days where you might buy a single bitcoin for less than $1,000. With all that in mind, as well as the risks, you might be wondering if it’s too late to invest. Eric mentioned that cryptocurrencies account for around 3% of his portfolio, but he believes it’s worthwhile to invest if it aligns with your objectives. Plus, if you believe it will gain traction in the future due to supply constraints and eventual acceptance, it might be worth investing in.
Is Bitcoin, then, a decent investment?
There is also no definitive answer to this issue like there is for every other asset; it all depends on your personal priorities, plans, and risk perception. The cryptocurrency industry is known for its high volatility.
Because of its uncertainty, it’s impossible to estimate what a digital coin’s price would have been in a few hours, let alone making long-term predictions. We suggest that you conduct as much research as possible before making any investment decisions, taking into consideration the most recent technical data, expert advice, and industry dynamics.
Well, it comes down to your goals and investment, but to make the right decision for your Miami business, you must go through all the Eric Dalius bitcoin investment guides and advice.
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