Bitcoin and cryptocurrencies overall have rebounded this year, following a slow and steady 2023, which came on the heels of a couple of years marred by scandals, collapses, losses and lawsuits. So, it’s no wonder that adoption and positive sentiment around the assets are also growing.
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Several factors have buoyed the industry — namely, the long-awaited approval of spot bitcoin exchange-traded funds in January, deemed by many a landmark decision for the crypto industry, followed by the most recent approval of spot ethereum ETFs in May.
These began trading on July 23, as GOBankingRates previously reported.
In turn, a recent Morning Consult survey found that while cryptocurrency ownership remained consistent with the previous quarter, there is an “uptick in those considering purchasing cryptocurrency.”
For instance, 17% of U.S. adults owned cryptocurrency as of May, and a whopping 25% of adults said “it’s likely they’ll purchase cryptocurrency in the next month, up 3 percentage points since January 2024 and 5 points since October 2023,” according to the survey.
The global crypto market cap stands at $2.14 trillion as of Aug. 13, according to CoinMarketCap, and the price of bitcoin, the largest crypto, stands at $60,896. And while having recently experienced a lot of volatility, the asset is up more than 107% in the past year, according to CoinGecko.
Against this backdrop, here is what experts had to say about why bitcoin and crypto in general remain potentially good investments.
Growing Institutional Acceptance and Legitimacy
The ETF approvals have further legitimized the crypto space and have sparked a lot of interest among investors. In addition, these investment vehicles can make access to crypto less intimidating and easier for many investors.
In addition to the growing institutional acceptance, Edward Corona, trader, strategist, publisher of The Options Oracle Newsletter, noted that bitcoin’s scarcity and decentralized nature make it an attractive hedge against traditional market volatility and inflation — making it “a solid investment.”
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