The past year has been a challenge to the world’s health and economy. People have started considering a range of recent emerging market trends to put their money in, given that it pays off when inflation strikes. Bitcoin has been under a lot of scrutiny ever since its inception, but Digitalcoin has fought back every time. At the beginning of this year, investors, financial advisors, and Bitcoin advocates suggested that cryptocurrency can supplant gold. “We saw BTC (Bitcoin) price surging to almost double, marking its highest when the news started floating,” says Brandon Mintz, CEO of Bitcoin Depot®.
COVID & Bitcoin
As the world was struck by the pandemic last year, inflation was the most anticipated outcome. There was a massive inflationary monetary policy, with prices of even essential commodities going up. During this time, Bitcoin gained momentum as a hedge against inflation, just as gold flourished as a valuable asset during the 1970s in the United States. “As we observe trends, we can see that some years from now, Bitcoin will be one of the most valuable assets. It may seem radical now but think of a world where you can buy and sell actual goods using cryptocurrency. That’s the projection for what’s next,” adds Mintz.
The 21-Million Bitcoin Limit
If you are well-versed with Bitcoin, you might also be familiar with the 21-million limit. It means that there can only be as many as 21 million Bitcoins mined out of the computational means. This bar indicates that once the limit is tapped, miners will no longer introduce new BTC in the market and will instead incentivize the existing one. As the demand for BTC continues to rise, the price will swell, making it a valuable asset much like gold. “So far, somewhere around 18.5 million Bitcoins are already mined, and we are just a few million away from mining it to complete capacity,” shares Mintz.
Most Bitcoins were mined in the first ten years of its existence, and now we’re moving towards the last phase of mining. However, there’s more to this timeline than just simple calculations. Every miner is rewarded with some crypto upon the successful verification of a block. This process is further complicated as the size of the rewards is decreased each year to control the circulation of new coins.
The best way to secure your Digitalcoin
Bitcoin Depot® promotes and contributes to the rise of the Bitcoin economy by setting up BTMs (Bitcoin ATMs) across the states and making the transaction process faster and easier than ever. The CEO aims to make the company the largest retail network of Cryptocurrency providers through access points installed worldwide; the current number lies at 3,000+ ATMs. Mintz concedes, “We have seen a lot of criticism when it comes to the credibility of crypto, but it has managed to prove itself time and again. And if we believe the financial reports, then it’s headed towards replacing gold as a hedge against inflation.” Although replacing metal with digital coins sounds like something out of a sci-fi novel, there’s a line-up of billionaires who believe in its power, from the Winklevoss twins to Mike Novogratz.
You can now indulge yourself in the run for Bitcoins and roll with the trend as the market waves green flags for investors. With the evolution of cryptocurrencies, there has been a parallel growth in ways to obtain it, and Bitcoin Depot® is bringing that revolution for you.
