With over half of the USD supply printed in the last year, it’s hard to argue against Bitcoin’s permanently transparent inflation strategy. Unlike the US dollar which can be printed to infinity and beyond, there will never be more than 21 million Bitcoin.
Additionally, now that Bitcoin is legal tender in El Salvador it’s difficult to argue that it’s not legitimate money. If you haven’t purchased Bitcoin by now, May’s crash may be your second (and perhaps last) chance to get in at a good price this market cycle.
Warren Buffet was quoted as saying, “When there’s blood in the streets, you buy”. The long-term Bitcoin holders have been listening, and here’s how you can too.
While many newcomers to crypto were scared off by May’s price correction, long-term Bitcoin holders began net accumulation for the first time in 2021.
Bitcoin’s 3 previous market cycles had double peaks, and this data suggests that long-term, experienced investors believe we are currently in another accumulation phase.
If you are already set up with PayPal, Venmo or CashApp you can purchase Bitcoin directly from them. Although best practice is to buy through an exchange like Coinbase or Gemini where you can send it off the platform to a cryptocurrency wallet for safekeeping.
Making a Coinbase or Gemini account as a US citizen is incredibly easy and can be done in 5 minutes once you have the proper information ready to go. For tax purposes, the U.S. requires your SSN, drivers license and personal information to begin trading. Coinbase and Gemini will ask for this information when setting up your account.
Once you’ve proved your identity, you’re ready to add a bank account and purchase Bitcoin!
Side note: Coinbase and Gemini both use Plaid to connect to your bank account, which might exclude smaller local banks.
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