Bitcoin transactions hit a new record of 682,280 daily transactions on May 1, 2023, according to data from BitcoinCasinos.com. This is a 194% increase compared to the same time last year and represents a new all-time high for Bitcoin transactions.
BitcoinCasino’s financial analyst Edith Reads commented on the data, “The sharp uptick in Bitcoin transactions reflects the growing popularity of the world’s largest cryptocurrency as institutional and retail investors alike flock to its secure blockchain infrastructure.”
Bitcoin is a digital currency that tracks and verifies transactions using blockchain technology. It is decentralized, meaning any government or financial institution does not control it. A Bitcoin transaction is simply the transfer of funds from one person to another using the cryptocurrency. The transaction is recorded on the blockchain, which acts as a public ledger for all Bitcoin transactions.
Even if these are good data for Bitcoin, we’re still living in the crypto-winter and the recent failures in the cryptocurrency space (think FTX and 3AC) have left many investors uneasy about allocating funds to crypto and other digital assets. However, an expert such as Joshua Peck, founder of TrueCode Capital and author of the new book “Cryptocurrency Risk Management: A Guide for Family Wealth Managers”, says investing now may be the smart move.
In the book, Peck offers his thoughts on the pros, cons and takeaways of investing in crypto.
“I hate to see people miss out on cryptocurrency investing because it feels too risky,” says Peck. “There is a way that high net worth individuals and family office portfolio managers can develop a sober, thoughtful cryptocurrency investing strategy that complements their existing portfolio.”
Peck points to three reasons why now might be an excellent time to consider jumping into the cryptocurrency investment space.
- According to Cointelegraph, “Cryptocurrencies are the fastest growing investments of the decade“.
- The crypto market is driven by the Bitcoin halving cycle, coming up May 2024.
- The 2022 bear market has created an opportunity to buy in at a huge discount.
“While there are never any guarantees, in any investment,” says Peck, “investors who accumulated crypto at similar points in past bear markets have reaped tremendous rewards”.
