If you own a business and you are not accepting Bitcoin as a payment method, think about this for a second. Bitcoin can NOT be charged back, it cannot bounce, and there are no reversing transactions, ever. In some industries, credit cards have a national chargeback average of 8%. Checks have a national bounce rate of almost 1%. ACH transactions can be reversed. Wire transfers are costly, and in many cases, take a trip to the bank. Bitcoin can be transferred from any device, to and from anywhere in the world, 24-hours a day, 7-days a week. Best of all, there is no bank in the middle.
Also, Bitcoin goes up in value over time. If you hold it long enough, the gains are seriously substantial. I know plenty of you think Bitcoin is done growing. It hit a peak of about $20,000 and fell to nearly $3,000. It must have failed. As of the time of this writing, Bitcoin is back at almost $11,000 and growing. Its transaction volume is ever-expanding and acceptance as a payment method is increasing across the globe. The cryptocurrency market stands at $300,000,000,000. That's 300 BILLION DOLLARS.
In ten years, Bitcoin has gone from "what is this?" to hard-core real money, growing over twenty million percent in value. It has made many people rich beyond belief, and it has a long way to go.
If you had a chance to go back in time and invest in Walmart, would you? Some said mega-stores like Walmart and Home Depot would never make it. Look at them now. Home Depot co-founder Arthur Blank sure enjoys his billions.
Beyond the speculation, there is a real driving force behind Bitcoin. The technology works in such a way that every so often the price jumps by astounding numbers. It happened in 2012-2013 and again in 2016-2017. In early to mid-2021, this will happen again, as well as in 2025. You are now seeing the up-tick in the price. Do not sit around and think about it. You can no longer gain a million times your money, but 5-100 times is nothing to take for granted.
My prediction is that one (1) Bitcoin will grow to a value of around $100,000 by the end of 2021, before returning to a price of approximately $30,000. In 2024-2025, Bitcoin will again jump to somewhere between $250,000 and $1,000,000, before settling in at a lower, long-term rate.
By 2025, nearly all of the available 21,000,000 Bitcoins will be mined. After that time, they will never go back to the 4-5 digit price you see today. This is the modern-day gold rush. If you do not get in now, you will kick yourself in the rear. Just look at all of the other crypto coins that have been created since Bitcoin began. They do not compare themselves to the almighty US dollar or Gold; they compare themselves to Bitcoin.
Thanks for reading. If you like this or any of my other articles, please make sure and share them on social media.
-Lonnie Passoff
Founder and President
Green.Money (Green Payment Processing)
About the Author:
Lonnie Passoff started the first-ever internet-only electronic check processing firm in 2008. It has grown to be the largest e-check processor on the planet. A veteran of the United States Army, he has become a multi-millionaire through honest, smart business practices. He frequently speaks at business conventions and is a paid advisor to multiple corporations. He also holds a seat on the board of breast cancer non-profit, as well as a clean ocean initiative in the Caribbean.