1 Cryptocurrency I'd Buy Right Now

 1 cryptocurrency I would buy right away

After a fast start to the year, Bitcoin (CRYPTO: BTC) has been in a holding recently, unable to decisively break the $30,000 mark. While Bitcoin is still up 79% for the year, it's actually down 2% over the past 30 days.But even with this recent slowness, Bitcoin is the only cryptocurrency I would buy right now. There is a lot going on behind the scenes with Bitcoin and I like what I see. Here are three factors that I believe make Bitcoin a compelling buy right now.

A new influx of institutional money

One of the biggest catalysts for Bitcoin is the potential for a massive influx of new money from institutional investors. In mid-June, for example, BlackRock Inc. (NYSE: BLK), the world's largest asset manager, has announced plans for a new spot Bitcoin ETF. This was followed by similar spot bitcoin ETF applications from other investment firms, including Ark Invest and Fidelity Investments. It's really just a matter of when, not if, such a spot Bitcoin ETF gets approved by the SEC, and that's when a new influx of institutional money could start happening.

According to Ark Invest's current Bitcoin valuation model, the long-term trend is for institutional investors to allocate more and more of their portfolios to Bitcoin. Ark Invest says that simply shifting the asset allocation mix for Bitcoin from 1% to 2.5% could have a dramatic effect on the cryptocurrency's future price. In Ark Invest's bull case scenario, the percentage allocated to Bitcoin could be as high as 6.5%.

The conventional wisdom about Bitcoin is that it is one of the most volatile assets in the financial world. While this may have been true in the past, Bitcoin actually becomes less, not more, volatile over time. Right now, Bitcoin volatility is near multi-year lows, and some traders are actually complaining that Bitcoin isn't volatile enough.

While Bitcoin's lower volatility may limit its future growth potential, it is also relatively less risky. After all, volatility is really just a measure of how much an asset can fluctuate in price over a period of time, and lower volatility means that the daily fluctuations and swings in Bitcoin's price could diminish over time. That's fantastic news if you're thinking of holding Bitcoin for the long term, but bad news for anyone who sees Bitcoin as a short-term speculative asset.

Finally, there is one catalyst for Bitcoin that will get a lot more attention as we head into the final months of the year, and that is the upcoming Bitcoin Halving. Right now, the Bitcoin halving is scheduled for April 2024 and is one of the most anticipated events in the crypto world. In the case of halving the reward for mining a new block on the blockchain, it will be halved.

This may sound like a purely technical issue, but Bitcoin's three previous halvings in 2012, 2016 and 2020 led to strong price gains. The general consensus is that the halving event increases the relative rarity of Bitcoin while making it more deflationary over time. Both are very positive signs for investors, which is why past Bitcoin halving events have been so overwhelmingly bullish.

The big caveat here, of course, is that past performance is no guarantee of future performance. We really don't know what will happen this time, but some investors are now predicting that Bitcoin will cross the $100,000 mark next year. For example, Standard Chartered Bank now has a revised price target for Bitcoin of $120,000, and many of these implied price gains come from the expected effects of the halving.

A new risk-reward profile

The three factors described above suggest that the overall risk-reward profile of Bitcoin may be changing. There is still plenty of upside potential, but some of the risks historically associated with Bitcoin may be disappearing. As more institutional money flows into Bitcoin, I would expect this trend to continue. Simply put, there will be less short-term speculative money chasing Bitcoin and more long-term, buy-and-hold money investing in Bitcoin. As a result, I am bullish on Bitcoin for the long term. It is the only cryptocurrency I would buy right now.

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