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When it comes time to buy bitcoins

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Any financial asset has several basic functions. Understanding at what stage the cryptocurrency is in terms of the state allows us to answer the main question - is it worth buying Bitcoin now, or is it necessary to take a pause. Although the answer may be more difficult than it seems.

Administrative authorities and cryptocurrencies

The end of 2018 was not a very favourable time for Bitcoin. Its price dropped to $ 3,500, and there are no clear signs of growth yet. Investors explain this by the fact that the coin has another period of uncertainty. The authorities have not decided how to treat it.

The former tension is no longer present, Bitcoin news speaks of the positive attitude of some high-ranking officials. However, it is also still far from complete adoption of cryptocurrency. Against this background, the policy of China looks like a vivid example. Here, finally, a set of rules was developed for companies from the blockchain sector. They include:

  • the need to register within 10 days;
  • work with clients only after identification;
  • six-month storage of information on servers;
  • provision of any data to the regulator, upon request.

If someone thinks that the rules of Bitcoin trading in the USA are much simpler, then he is mistaken. Yes, there is no such total control over each transaction. However, the SEC has repeatedly refused to launch contracts for Bitcoin-ETF. And of course, there can even be no talk of tax evasion.

The most interesting things in Russia. Here, officials are not going to force things. The law on digital financial assets was supposed to be adopted in early 2018, then its consideration was postponed to the fourth quarter. And then they moved it again, this time to the spring of 2019. At the same time, Anatoly Aksakov, the head of the State Duma’s financial committee, made a sensational statement. He said that the emergence of a cryptoruble is only a matter of time.

Is it true that the question of whether it is worth buying Bitcoin in 2019, pays backstage? Maybe it's time to think about investing in e-krone or e-ruble?

The first conclusion about public policy

Judging by the information now available, in recent times, Bitcoin has a huge number of competitors. First of all, these are altcoins. Already there are over 2,000 cryptocurrencies. And each of them pulls over a part of capitalization.

In addition, the growing popularity of stablecoins — fixed-value coins relative to fiat money — is weighing on the bitcoin rate. If at first they were perceived as exotic, now they have become a real financial asset. In the autumn of 2018, their trade turnover grew by 80%.

Well, the third competitor to Bitcoin is the state cryptocurrency. A number of countries have announced the development of such financial instruments. So now we can confidently say - tokens were able to prove their worth. The first phase, the adoption period, was successfully completed in 2017-18. Now, no one says that the crypto exchanges sell soap bubbles.

Now Bitcoin has to prove that it is better than competitors. And perhaps this is the most difficult task. After the recognition stage, it should receive the title of an asset for savings. The fall in the rate that investors observed at the end of 2018 can be considered just an exam before the next stage of development.

It remains to answer one question - is it worth buying Bitcoin in 2020, or should it be done a bit earlier? Frankly, no one can now give an accurate forecast. Volatility remains high, and uncertainties put pressure on the course. Therefore, it is worth doing what is recommended by the rules of risk management and capital protection.

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