Bitcoin has been around the longest and is in a position of authority when it comes to cryptocurrencies.
With over $1 trillion in market cap, it is the reason so much attention is being paid to the cryptocurrency market by institutional investors.
Institutional investors like Kevin O’Leary of Shark Tank and O’Shares have taken to investing in Bitcoin miners to ensure his Bitcoin is mined outside of any country that has sanctions placed on it by the U.S. or has a history of human rights violations.
As other institutional investors solve their issues with regulatory compliance, more money will flow into Bitcoin and possibly other cryptocurrencies.
Bitcoin does have several more years of mining to create the last 2 million-plus Bitcoins out of the 21 million total that will be in circulation.
With “Whales” (high network individuals) and institutional investors getting into the crypto space and holding on to Bitcoin, it is causing the price to increase.
As Bitcoin goes up in value, so do the other cryptocurrencies that have a legitimate use like Ethereum, Litecoin, Ripple, and others.
The ones mentioned above, and other cryptocurrencies have a bigger upside and potential than Bitcoin in that they are cheaper and a novice in the crypto space has a lot easier chance of owning more coins.
Does that mean they may one day reach that trillion dollars in market share that Bitcoin has achieved, maybe?
Years ago, we heard of Bitcoin possibly reaching that 1 million dollars per coin price.
Even that seems more possible today than it did four years ago.
There was too much F.U.D. (Fear, Uncertainty, and Doubt) being put out by those who were probably secretly buying Bitcoin back in 2017.
People like Kevin O’Leary and possibly Jamie Dimon of JP Morgan Chase, who could not say so because of their fiduciary responsibility.
As more guidance and regulations about Bitcoin come out and institutional investors are free to buy cryptocurrencies for their customers and hold them on their balance sheets as assets, the flood gates will open.
So now is the time if you are sitting on the fence to get into the crypto space and start looking at other cryptocurrencies besides Bitcoin, but do not have a cryptocurrency portfolio with Bitcoin.
Yes, Bitcoin is king, but what about Ethereum, Litecoin, and other cryptocurrencies that have a greater upside and potential, do not overlook them and add them to your portfolio.
Like always, conduct your own due diligence when it comes to cryptocurrencies.
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DISCLAIMER: I am not a financial advisor, planner, or CPA, and I am not giving anyone investing advice, I am just sharing information I know and use in my own decision-making about cryptocurrencies. If you need financial advice, please seek the advice and guidance of a licensed financial advisor, planner, or CPA with knowledge of cryptocurrencies.