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With more than half of the USD supply printed over the past year, it’s hard to argue with Bitcoin’s constantly transparent inflation strategy. Unlike the US dollar which can be printed endlessly and beyond, there will never be more than 21 million Bitcoin.
Additionally, now that Bitcoin is legal tender in El Salvador, it is difficult to argue that it is not legitimate money. If you haven’t bought Bitcoin yet, the Mays crash may be your second (and possibly last) chance to get a good price entry this market cycle.
Warren Buffet reportedly said, “When there is blood in the streets, you buy. Long-term Bitcoin holders have listened, and here’s how you can, too.
While many newcomers to crypto were spooked by May’s price correction, long-term Bitcoin holders began to net accumulate for the first time in 2021.
Bitcoin 3’s previous market cycles have seen double peaks, and this data suggests that experienced long-term investors believe we are in yet another phase of accumulation.
If you are already set up with PayPal, Venmo, or CashApp, you can buy Bitcoin directly from them. Although the best practice is to buy through an exchange like Coinbase or Gemini where you can send it from the platform to a cryptocurrency wallet for safekeeping.
Creating 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 United States requires your SSN, driver’s license, and personal information to start trading. Coinbase and Gemini will ask you for this information when creating your account.
Once you’ve proven your identity, you’re ready to add a bank account and buy Bitcoin!
Note: Coinbase and Gemini both use Plaid to log into your bank account, which may exclude small local banks.
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