It’s safe to say that cryptocurrencies like Bitcoin represent different things to various people. While some see it as an untrustworthy financial instrument and a gamble — others view it as a long-term investment, and a great way to relocate your money world-wide without the many inherent risks of doing so with fiat currencies.
Naturally, the decentralized nature of Bitcoin has led to many debates on its best use over the years, with one remaining to this day — is cryptocurrency a great vehicle for long-term savings? In 2021, it’s clearer than ever that it absolutely is!
One of the most prominent trends regarding major cryptocurrencies like Bitcoin also represents the best proof of its value as a savings instrument: its tendency to become more valuable over time. Sure, the value of Bitcoin has gone up and down — but every fall was higher than the previous one, indicating a stable long-term upward trend.
Even though we perceive Bitcoin as a currency with rapid volatility periods — in the long run, we’re talking about an excellent savings vehicle. And as its value continues to rise, the crypto banking sector is becoming more and more developed.
In 2021, you can find platforms like BitLeague with incredibly enticing crypto term deposit plans; allowing you to grow your Bitcoin at high rates while also having the option of cashing out with ease. Plus, the fact that Bitcoin isn’t taxed before you trade it in means this kind of deposit plan allows you to earn interest tax-free!
At the end of the day, focusing your savings on crypto instead of fiat currencies is poised to be the way of the future. After all, now that cryptocurrencies have been a reality for more than 10 years, no-one can argue one fact — their deflationary nature makes them a far better savings vehicle than the likes of the US dollar.
In simpler terms — think about what would happen if you were to bury a $50 bill, preserve it perfectly, and dig it up after a decade. You’d find that you can buy a lot less for those 50 bucks ten years from now — due to the inflationary nature of fiat national currencies. They tend to lose their value over time.
On the other hand, despite more volatile ups and downs — the value of cryptocurrencies only rises over time, making Bitcoin savings a smart investment for the future. In part, this is due to the fact that there’s a limited supply of Bitcoin; the network allows only so much Bitcoin to appear through mining, and there’s no central bank or financial authority that could decide to “print” a bunch of Bitcoin and bring down the value of everyone’s savings.
Plus, the rise of crypto banking platforms like BitLeague provide even more options for utilizing the rising worth of Bitcoin. They provide deposit programs which allow you to earn a steady interest on your Bitcoin savings, and even Bitcoin-backed loans that provide you with spending money without having to sell your crypto — at incredibly low fees!
All of this means that Bitcoin is not only the best savings vehicle of the future; it’s pretty much the smartest way to save even today. The only downside of keeping your savings in Bitcoin is that, once you have an emergency and need to spend some of your nest egg — you’ll have to trade in your crypto and lose out on its rising value in the future. However, crypto-backed loans solve even that!