Why You Should Invest in Cryptocurrency Now

About a year ago, the US was steadily moving along. Besides some political infighting, everything seemed okay. But then the coronavirus pandemic hit and all hell broke loose.

The US and the rest of the world was suddenly turned on its head. Things that were an absolute certainty a year ago were far from certain now.

Businesses are failing left and right because of the shutdown. Entire industries are on the verge of bankruptcy. And we’re in for another nasty winter with coronavirus outbreaks happening all over the place.

Mayor DiBlasio in NYC just warned New Yorkers that they may have to quarantine again to prevent the spread of the virus. And Governor Cuomo recently shut down indoor dining again to protect against the virus’s spread.

As an investor, you have to pay attention to the world around you. You have to choose your investments wisely based on current trends.

Paying Attention to the Trends

In the past year, the value of Bitcoin has more than doubled. And other forms of cryptocurrency have also gained tremendous value during this time.

Why are investors flocking to crypto?

It’s pretty simple to understand actually. The US economy is on a freight train to hell and it isn’t stopping anytime soon. And because of the economic destruction, the US dollar is losing value day after day.

Right now, Mitch McConnell, Nancy Pelosi, and their counterparts are in a meeting about issuing a second stimulus. Now that Donald Trump is officially out of office as of yesterday, the two parties seem more willing to come to terms. That’s how much President Trump was hated. But this isn’t about politics so let me stop right here.

More stimulus means printing more money. This in turn devalues the US dollar even further and makes it worth less.

On the other hand…

Cryptocurrencies like Bitcoin and Ethereum are becoming legitimate safe haven investments. Even better, they’re growing faster than anyone imagined. You could have more than doubled your money if you invested in Bitcoin about a year ago.

Following the trends is just one reason to invest in Bitcoin and other forms of cryptocurrency. You should consider opening a cryptocurrency IRA as soon as possible to take advantage of the major tax benefits.

Other reasons to begin investing in crypto also exist. I’ll tell you about them in greater detail below.

The US Dollar Is in Pretty Bad Shape

Let me put this in terms that you can easily understand.

When inflation rears its ugly head, the US dollar isn’t worth as much as it used to be. A great example is paying for food at the grocery store.

Before the pandemic and the added inflation that it brought, I used to pay as little as $.99 a pound for red grapes. Today, I pay almost double the amount at $1.84 a pound in Walmart. If I were to buy the same grapes in Publix, Safeway or Stop & Shop I’d likely pay about $2.99 per pound which is outrageous.

If you can, moving some of your money away from the US dollar is a smart choice. Putting it in a cryptocurrency IRA limits your exposure to the US dollar. It also gives you exposure to valuable investments that are incredibly hot right now like Bitcoin. You may also read about crypto arbitrage on Increditools if you are interested in investing in cryptocurrencies.

No one wants to watch their wealth dwindle away because their country or community is on the verge of economic difficulties. But that’s exactly what’s happening in America today and other parts of the world.

Your money isn’t worth nearly what it used to be. And this will not change until the economy improves and America is on stronger footing once again.

The Supply Limitations on Cryptocurrencies Make Them Incredibly Valuable

Most countries in the world operate with Fiat currencies.

What is a Fiat currency? It is a currency that is not backed by gold.

These currencies are typically backed by the good faith in their government or another government like the United States. Many currencies are backed by the US dollar, and the US dollar isn’t backed by anything.

Guess what?

Besides Fiat currency not being backed by anything, the US government also has carte blanche to print as many dollars as they please.

The more money they print, the less valuable it becomes.

Hence the reason why the economic stimulus, while necessary to prop up the economy, will ultimately hurt the US dollar overall.

So, not only is the economic destruction potentially harming your current paycheck at the moment. It’s also taking money out of your pocket by devaluing the currency that you already own.

On the flipside…

Cryptocurrencies have supply limitations built into them from the beginning. After a certain amount of time, no more Bitcoins or Ethereum coins will ever get mined again. Once the supply reaches its apex, it’s there to stay.

This makes Bitcoin and other cryptocurrencies even more valuable!

Centralization Isn’t a Problem as a Cryptocurrency Investor

Lastly, it’s incredibly wise to invest in a cryptocurrency IRA because these currencies are decentralized. The government that you live in will never alter or manipulate or control these currencies. Why? Because they don’t have the right or the authority.

Don’t think for any moment that governments don’t want complete control of these currencies because they do. But the wise anonymous creator of Bitcoin was prepared for this eventual possibility.

He or she created safeguards to prevent an overreaching government or a massive conglomerate from trying to take control. This means you get to feel safe and comfortable knowing that your cryptocurrency investment is protected from centralization.

Bottom Line

It’s time to take the necessary steps to open a cryptocurrency IRA for all the reasons that I mentioned above.

But to recap, please consider this investment because:

Do yourself a favor and open a crypto IRA soon. I promise it will be the best investment that you’ve ever made.