There’s no denying that Bitcoin has come a long way over the last decade. The cryptocurrency that used to be regarded as the outsider, which people seemed to believe was exclusively used by people working in basements for transactions that they didn’t want anyone to know about, has become so mainstream that everyone from high schoolers to their grandparents could probably give you a fair approximation of what it is and how it works.
However, despite Bitcoin’s increasing presence in pop culture and regular coverage in the news (how often does a week go by without some kind of story about what Bitcoin is doing?), there is still a lot of hesitancy and mistrust out there. Some of this is based on understandable concerns, and some of this is based on outdated preconceptions. Whatever the reason, the question of whether companies should add Bitcoin to their balance sheets continues to be asked. Here are a few things that you should consider if you’re one of the companies facing this question.
Bitcoin Is Not As Complicated As You Might Think
As we mentioned, there is a far greater understanding of how Bitcoin works and the opportunities it presents than there has been in the past. It is of course crucially important that you have a firm handle on it if you are thinking of adding it to your balance sheet, but this notion of it being some kind of impenetrable mystery is far from the truth. You will need to do your due diligence when it comes to research, of course, but the information is out there.
Bitcoin Is Not Going Anywhere
One of the biggest myths surrounding Bitcoin, and all the cryptocurrencies on the market, is the idea that this is some kind of flash in the pan. A fad that a few people have got very excited about that will never have any real impact. Well, anyone who has been keeping that storyline going is starting to look a little behind the times, as Bitcoin has only solidified its status in the marketplace.
As more and more big corporations show their very public interest in crypto, it’s only going to be more commonplace in portfolios across all industries. Now, you can buy Bitcoins on a range of different platforms that compare the best prices at that very moment, with everything from gift cards to online bank transfers. You can even purchase BTC in bulk. Paxful is a great example of a Bitcoin trading platform that helps you stay on top of every fluctuation.
Bitcoin Has Broken Through In All Sectors
This ties into the above points, but one of the most important things to consider if you’re thinking about adding Bitcoin to your balance sheet is the fact that more and more people are using it in all walks of life. Whether it was Morgan Stanley becoming the first major US bank to offer its clients Bitcoin funds access, Tesla and Time Magazine adding BTC to their balance sheets, or small business traders on Etsy and other sites accepting Bitcoin as a form of payment, it is fast becoming something that people are not only familiar with but will actually expect.
While the value of Bitcoin has always been volatile and almost certainly will continue to be, it’s also going to continue to be an increasingly important market force for a long time to come.