Getting into Bitcoin in 2024

Getting into Bitcoin in 2024 depends largely on your goals. If the goal is to use Bitcoin as a currency, the good news is that adoption is on the rise, and more merchants and businesses are accepting Bitcoin every day, either directly or through payment gateways such as ForumPay. If the goal is investment, it depends largely on your capacity to cope with risk and weather the peaks and falls of this volatile market. Predictions for Bitcoin’s value in 2024 have been more bullish than bearish, with some forecasts reaching over $100,000 per coin. But the reality will be decided by multiple macro factors including institutional adoption, government support and backing, the repercussions of the Bitcoin halving, regulatory changes and more general economic trends. In the past, Bitcoin has proved to be a great opportunity for many early adopters, creating a series of Bitcoin millionaires who profited from the OG cryptocurrency’s meteoric rise. But it has also been the cause of huge losses and waves of disappointment for those who got in, or couldn’t get out, when the time was right. 

As things stand today, Bitcoin could be a great asset to add to an already diverse portfolio. In this article, we explore Bitcoin’s historical price trends, some reasons why Bitcoin has and could be an interesting asset, and overall, how to get into Bitcoin in 2024.

Has Bitcoin historically been a good investment opportunity?

The answer to the question of whether Bitcoin has historically been a good investment opportunity will depend greatly on who you ask. The historical trend of Bitcoin’s value has exhibited rollercoasters of growth, resilience, speculation and loss since its creation in 2009. When Bitcoin was first launched, its value was initially less than a cent. Over the years, its price has experienced dramatic increases during bull runs, notably skyrocketing from $4,000 to $69,000 by November 2021, proving Bitcoin to be a great opportunity for those who bought and sold at the right time. However, a year later in November 2022, Bitcoin’s price dropped to around $16,000. 

In late 2023, the SEC approved eleven highly-anticipated spot Bitcoin ETFs, offered by major financial institutions such as BlackRock and Fidelity. This approval led to a significant boost in Bitcoin’s value, making it one of the most successful ETF launches in history, and Bitcoin reached a new all-time high of $73,000 over a period of 18 months. Another key event not to be overlooked when exploring Bitcoin’s price trends is the Bitcoin halving, which occurs approximately every four years. The halving cuts the issuance rate of new coins in half, as indicated by its name, and helps to maintain the crypto’s principle of scarcity, and therefore its value. Despite recent market downturns, Bitcoin’s price remains strong and is once again approaching $70,000.

Reasons to get into Bitcoin in 2024

There are several reasons to get into Bitcoin in 2024. First of all, as discussed above, Bitcoin has demonstrated the potential for high returns and has shown significant growth over the last decade. This is due to the nature of the cryptocurrency market, which exhibits periods of high volatility where Bitcoin has been seen to gain or lose several thousand dollars’ worth of value in a matter of hours. These peaks and troughs can be caused by various factors including huge Bitcoin sales, or external influences such as politics or regulatory changes. Many early Bitcoin enthusiasts saw extraordinary gains, which today makes it an attractive asset for people looking to capitalize on its volatility with a buy-low sell-high strategy. 

What’s more, Bitcoin is often hailed as a hedge against inflation, which has earned it the nickname “digital gold”. Its limited supply and decentralized nature make it a valuable asset for investors looking to diversify their portfolio, especially in times of economic uncertainty. The decentralized finance (DeFi) ecosystem and blockchain technology also make Bitcoin particularly attractive to people who support its origin story —the creation of an alternative financial system that offers greater financial security, transparency, privacy, speed and savings than traditional, centralized currencies. Bitcoin was invented as a means of payment, and the widespread adoption of Bitcoin is not only boosting its value, it is also increasing its legitimacy as a viable currency.

How to get into Bitcoin in 2024

There are several ways to get into Bitcoin in 2024, each with its own considerations to bear in mind. The first and most common way to get into Bitcoin and buy crypto directly is through a cryptocurrency exchange. To do this, you’ll need to create an account on a reputable platform, verify your identity, deposit funds, and then place an order to buy Bitcoin at the current market price. In certain select cases, ForumPay can also help merchants and consumers to buy Bitcoin for general use, or, more specifically, to issue refunds in crypto or stablecoin, which can be a particularly valuable service for merchants and businesses. Please contact us to see how we can best assist you. 

Once acquired, it is important to store your Bitcoin securely, either in a hot or cold wallet. Hot wallets are online and more convenient for frequent transactions, but they can come with higher security risks. Cold wallets, on the other hand, are offline storage devices, offering greater security by keeping Bitcoin safe from online threats. For those who prefer not to hold Bitcoin directly, some options include the spot Bitcoin ETFs —mentioned above—, mutual funds and other financial products. These allow those interested in crypto to gain exposure to Bitcoin’s price movements without the need to manage the underlying asset, making them a more suitable choice for investors who are more comfortable with traditional financial instruments.

Bitcoin’s long-term performance

As for Bitcoin’s long-term performance, some experts such as Cathie Wood, CEO of Ark Invest, have forecasted that Bitcoin could reach a shocking $1.48 M by 2030. Others, such as Michael Saylor, co-founder and chairman of MicroStrategy, believe that Bitcoin will reach $13 M by 2045. However, given the high volatility of the market, always conduct in-depth research before getting into Bitcoin, and never buy more than you are prepared to lose. To learn more about crypto as an opportunity or as a form of payment, and how, as a merchant or business, to accept crypto payments from your customers, visit www.forumpay.com, or get in touch with our sales team to discuss any questions you may have.

This article is for general interest purposes only. It does not aim to educate, and does not constitute financial or investment advice.