One of the most popular questions people ask about Bitcoin (BTC) surrounds the asset's profitability amid global economic realities. This article answers some of these questions and helps you realize the best cryptocurrencies to invest in now while clarifying if a Bitcoin investment can still make you super rich in 2024 or beyond.
Can I Still Invest in Bitcoin Now?
Bitcoin saw a 69% jump in price from $42,625 to $72,000 between January 1 and March 11, reaching an all-time-high that satisfactorily ended a winter downtime for the world's largest cryptocurrency. While BTC's price keeps fluctuating, economic experts believe that Bitcoin and other cryptos possess long-term benefits despite current short-term risks. Bitcoin sells just above $52,000.
Thanks to various regulatory decisions in favor of BTC and the entire crypto industry, investors have a smoother sail trading cryptocurrencies globally amid positive political leanings from the two leading US Presidential candidates towards the emerging asset class.
For instance, Bitcoin's price rose after UK regulators greenlit the Recognized Investment Exchanges to include crypto-backer exchange-traded notes in their listed market segments. The announcement means institutional investors can now invest in "crypto-trading" products.
Similarly, the US Securities and Exchange Commission approved the first spot Bitcoin exchange-traded funds (ETF) earlier in the year. These asset classes offer investors vast possibilities to make money as BTC price rises - while shielding them from the unique technicalities and security threats of crypto assets.
Meanwhile, both candidates of the Republican and Democratic parties are embracing cryptocurrency and related assets as either camp seeks to draw the crypto community’s votes in the coming US elections.
How to Make Life Changing Money from Crypto
Due to these developments, experts think this might be one of the best times to invest in Bitcoin. However, the question remains whether or how soon investors can make "large profits" from BTC investment.
Malcolm Ethridge, a financial planner with Maryland-based registered investment advisor CIC Wealth, advises short-term investors to “cap their allocation to crypto at 5%”.
While that isn't a vote of no-confidence on Bitcoin's short-term appeal, Ethridge thinks that investing minimally in the short term is a prudent way to expect moderate returns while protecting oneself from potentially fatal risks. In her words, investors can “reduce the chances of being wiped out by it if the asset class goes to zero tomorrow, which is also possible.”
But in the longer term, Ethridge alongside many other financial experts predicts that major cryptos could make massively profitable investment decisions.
The Best Cryptos to Purchase Now
Talking about the long-term benefits of crypto, some leading virtual assets have made many investors wealthy due to their long-term benefits. Others have also proven reasonably reliable, thanks to a consistently decent (improving) performance over the years and a 100+% year-over-year price increase. Here are the best cryptocurrencies to buy now.
- Toncoin
- Binance Coin
- Solana
- Bitcoin
- Ethereum
- Cardano
- Avalanche
- Dogecoin
- Tron
Final Thoughts
Bitcoin has seen significant improvement in its performance over the last several months. Experts think the asset potentially holds large profiting potential over the longer term, and in this article, we have highlighted in detail everything that you need to know.