Bitcoin is at a Tipping Point and Set to Become the ‘Currency of Choice for Global Trade
Bitcoin (BTC) has come a long way since its inception more than two decades ago. From humble beginnings, Bitcoin was introduced to the world on October 31, 2008, at the height of the financial crisis by someone under the pseudonymous Satoshi Nakamoto.
Since then, it has been a wild ride for investors. In February 2011, Bitcoin's price passed the $1 threshold. In November 2103 Bitcoin passed $1,000. In March 2021, Bitcoin passed $55,000 after gaining traction among mainstream investors as a safe haven investment that can act as a hedge against rising inflation and outperform low-yield bonds.
The worldwide appeal of Bitcoin as a digital payments system for bypassing banks and other financial middlemen has been strengthened by the move towards a cashless society, which in itself has been boosted by the global COVID-19 pandemic.
When it comes to global trade, Bitcoin could well become the currency of choice as it simplifies the process and lowers the cost of international trade. Importers and exporters are using Bitcoin to pay for goods and services directly. By being decentralized and borderless by design, Bitcoin offers a speed and cost advantage when moving money, whilst proving security and traceability benefits.
Now, Bitcoin is the tipping point of its existence, with its evolution having far-reaching repercussions
The entrance of institutional investors into Bitcoin has sparked confidence in the cryptocurrency world in general. Whilst Bitcoin continues to evolve and create new opportunities, the granddaddy of digital currencies has extended its global reach by becoming mainstream. Now adopted by payment providers and service providers, it is possible to pay and be paid for almost everything in Bitcoin.
Bitcoin can help decouple trade from political considerations, meaning it limits the effect a government or other entity can have over the supply of the trade currency. Bitcoin’s neutrality and immunity, proven in the COVID-19 pandemic crisis, only further its appeal.
With improving scalability and regulation in its infancy stage, there is still some way to go before Bitcoin becomes the currency of choice for international trade. However, as we’ve seen with the embrace of Bitcoin by everyone from Elon Musk to Wall Street, Bitcoin is becoming more mainstream by the day,
As adoption, usage, and demand increase, its supply, capped at 21 million stays the same. Bitcoin is fast becoming the currency of choice for international trade, but it’s not too late to invest, Start today at Cointandem Exchange.