The entire cryptocurrency market has seen impressive growth this year, rising from a value of roughly $800 billion at the start of the year to the current $1 trillion. With thousands of digital assets available, however, it can be difficult to choose which one to invest in. That’s why I think it’s best to keep it simple and focus on Bitcoin (BTC 0.34%), my top crypto to buy in September.
The upcoming halving, slated to take place in April 2024, is a major reason to invest in Bitcoin now. As the supply growth rate gets cut in half, the reward miners receive to approve transactions and create blocks is reduced. This decrease in new supply combined with increasing demand could push Bitcoin’s value higher.
The potential approval of spot Bitcoin exchange-traded funds (ETFs) is another factor that could send Bitcoin’s price up. If the Securities and Exchange Commission approves these applications, it could lead to more institutional capital flowing into the top digital asset.
Aside from these near-term catalysts, Bitcoin has other attractive characteristics. It is the only cryptocurrency that is truly decentralized, meaning that the founder, Satoshi Nakamoto, is anonymous, and proposed technical changes to the network must be approved by the majority of users. It also has a hard cap of 21 million coins, making it a great store-of-value asset. Despite its high volatility, Bitcoin has grown 20,000% in the last decade.
At its current price, which is a 62% discount from its all-time high, Bitcoin is an easy buy in September.