2 Charts That Show Why I'm Buying Bitcoin Now

In cyclical fashion, we find ourselves yet again in the midst of a crypto winter. And as they have in previous crypto winters, critics and naysayers contend that Bitcoin (BTC 0.77%) is dead, that it can't rise again, that it's a Ponzi scheme heading to zero, and that it will never recover. 

All of these jabs at Bitcoin have been occurring since it was created in 2009, and yet all it has done since is go on a historical run and become the best-performing asset in history. Bitcoin forces us to think about what money actually is and how it should function. Should money be inflated at the desire of any government or central authority? Is money just an idea, or should it be backed by tangible assets? What makes one form of currency better than another?

Bitcoin has been touted by some as a near-perfect form of currency. Even with its volatility, which is viewed as a characteristic of new assets that eventually wanes, there is reason to believe that Bitcoin will once again rise from the ashes and reward investors who are patient and hold for the long haul. 

One of Bitcoin's key features as sound money is its inherent scarcity. Ingrained in its code is a hard limit: There will only ever be a maximum of 21 million bitcoins in circulation. The only way this could be changed is if 51% of nodes running the Bitcoin network were in agreement, and I don't think that would ever happen. It's one of the crucial aspects that make Bitcoin, Bitcoin.

That limited-supply argument helped propel Bitcoin's price during the last 14 years. Since 2009, demand for Bitcoin has only increased, and it will likely continue as it remains resilient, proves to be a viable store of value, and people around the world look for more sound forms of currency.

Read More: https://www.fool.com/investing/2023/01/10/2-charts-that-show-why-im-buying-bitcoin-now/

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