The 1 Important Reason to Invest in Bitcoin Instead of Gold and Silver.
Photo by Aleksi Räisä on UnsplashBitcoin is making all the noise in 2021 as gold and silver are trying to keep up. Personally, I actually invested in gold and silver before Bitcoin ever existed. You may be the same. Let me tell you, there is one reason you might stop investing in gold and silver because it could cost you in the future.
A year ago, Bitcoin was around $10,000. Bitcoin is trading for $55,650, at the time of writing. You may think to own a Bitcoin or even part of a Bitcoin is expensive and not worth it as an investment. When you compare this to Gold and silver, the price change is not quite the same.
Some people invest in gold and silver as a hedge in case the world goes crazy.
The price of gold is currently $1,711 and was barely $1,600 a year ago.
Silver is currently $24.68 and was shy of $15 one year ago.
Selling your gold and silver for cash
Did you think about the cause and effect of what you’ll do with your gold and silver?
Most likely you’re thinking you could sell your gold and silver. You would sell these metals to your local metals store or a company online.
You already know these stores will not give you full value for what these precious metals are worth. They’re businesses and they have to make money, too.
Did you ever consider if your local business would take your gold and silver? They would probably pay you even less than the metals store would.
Selling Bitcoin for cash
This is where you need to look at Bitcoin. With Bitcoin, you don’t need a safe or vault to store your investment.
When the world goes crazy, you could easily sell your Bitcoin on one of many cryptocurrency exchanges. Or you could sell your Bitcoin to one of your cryptocurrency friends. You’re not limited to who you can sell your Bitcoin. Also, you’ll probably get a much closer value to the actual price of Bitcoin when you sell.
Business and cities have added Bitcoin or planning to add it
Then the most important reason is many companies are starting to accept Bitcoin as payment. It’s not just the Lamborghini dealer but many stores accept Bitcoin and other cryptocurrencies for payment.
Who currently accepts Bitcoin (not every store may but a few accept Bitcoin):
- Starbucks
- Microsoft
- AT&T
- Burger King
- KFC
- Subway
- Pizza Hut
- Miami Dolphins
- Dallas Mavericks
- Home Depot
- Whole Foods
- Expedia
The company Tesla is planning to accept Bitcoin for the vehicle when they bought the cryptocurrency in February.
As more and more companies are buying Bitcoin, it is likely more companies will join as well.
There are many others that accept Bitcoin as payment. To my knowledge, I don’t know anyone who will accept gold and silver unless they’re a precious metals business or an investor.
Governments are doing the work to add Bitcoin to pay workers in Miami. Banks in Wyoming are transitioning to offer Bitcoin as well. Texas may add Bitcoin as well.
Businesses and cities are looking at Bitcoin to add to their current framework.
Innovation is happening and the price of gold and silver is not going as high as some expected.
This may be the time to make the switch to your investing habits.
Disclaimer: Nothing in this article constitutes investment advice. Please conduct your own thorough research before making any investment decisions. Every investment carries a certain risk. Think of this story only as financial entertainment.
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