The bull case for Bitcoin

It is here to stay, so we better figure out if it is good or bad. Here is the case for Bit going to $1,000,000 per coin.

1. Limited supply

Unlike the fiat US Dollar, there is a limited supply of Bitcoin. There will only ever be 24million Bitcoin mined so the value of the coin will increase over time. It will also get harder to mine over time so this will increase the value of the coin.

2. It bypasses the traditional banking system

Crypto runs 24/7. This means that you can 'trade' the coin at any time.

Dollars must run through the traditional banking system which is expensive and slow.

Bitcoin you can send to anyone at any time without going through a middleman.

3. It is the most popular Crypto

Because it was the first, it is also the most well known and adopted.

As more institutions buy into the coin the value will increase based on demand. Banks, companies, pension funds.

4. Decentralized

No central bank. It has a large network of computers hooked into the network similar to the world wide web.

5. International

As we have seen from the Ukraine war, any individual can send money internationally, easily.

People working in one country could easily send money to their family in another country.

6. The ledger

Anyone can see the transactions happening on the network. This give a lot more transparency than fiat dollars being exchanged.

7. Emerging tech that is continuing to evolve

People are working on the bitcoin system to make it better.

8. You can easily trade in and out of it.

Right now it is difficult for individuals to trade in and out of world currencies like Yen, Euro and Pound. But exchanges have made it easy to trade in and out of Bit.

9. Wallet

You can store your Bitcoin on in a wallet that cannot be frozen or taken by a bank or government.

In theory you could also store your money under your mattress or in a safe deposit box that could not be seized, but that is a lot more work than setting up a wallet.

10. Consensus

Improvements must voted on by the people and then adopted.