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Bitcoin has been on a steady rise recently. Not only has the apex cryptocurrency proven naysayers wrong, but it has also bolstered the faith of investors who might have had an inkling of doubt during the dip season. At the same time, bystanders are likely to regret not taking advantage of the dip. If you’re a small business owner still undecided about joining the crypto space, then keep reading.

One thing you should keep in mind is that crypto like every other new technology is likely going to have both positive and negative views because there is still so much uncertainty in the crypto space. In the words of elite investor Warren Buffet, bitcoin is “rat poison” a “gambling token”. Buffet went on to say that cryptocurrency will come to a bad end and that he wouldn’t buy one coin even if it were sold for 25 dollars.  

Despite all these strong opinions, Bitcoin seems to be gaining more and more attention as the day goes by, and corporations who once stood against its very existence now embrace and even invest in Bitcoin. Blackrock, one of the largest asset management companies, now has a Bitcoin ETF called iShares Bitcoin Trust. Click the link below to read all about it. 

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Now that major corporations like Blackrock are making their way into the Crypto space, there’s no doubt the future of Bitcoin and other cryptocurrencies is bright. As a business owner, riding the waves of new technology is one way to ensure your business doesn’t lag behind while the world moves on. However, like Warren Buffet, most people still don’t know how to incorporate crypto into their business. Here are 3 ways you can do so and why you should. 

First the whys…..

If you’re asking yourself why you should invest in crypto, then you should know that. 

Bitcoin has proven to be the most valuable investment for long-term investors. In a recent comparison over a period of 10 years (2011 to 2021), Bitcoin was named the “World’s best-performing asset”, outperforming asset classes like gold, commodities, real estate, bonds, equities, and emerging markets by a wide margin. During this time, Bitcoin's annualized returns were 44%, while other asset classes averaged 5.7%. Compared to the S&P 500, Bitcoin's annual returns towered above the index by over 200%. 

3 ways to incorporate cryptocurrency in your business 

• As a means of payment. Bitcoin is now very popular across the world and many people now prefer to use it for payment. Accepting Bitcoin can make your business accessible to these customers. 

• Taking out a loan. Bitcoin is as good as any asset when you need to take a business loan. However, the terms and conditions will be slightly different from those of traditional lending systems. 

• As a retirement plan. Yes, Bitcoin is highly volatile but its volatility is forgiven when you consider the return on investment. If you are looking for a high-yield investment, nothing will come close to Bitcoin. However, also note that the rules of investment apply here; the higher the returns, the higher the risk involved.

Questions to ask before incorporating Bitcoin into your business 

You need to know how Bitcoin (as well as other cryptocurrencies) aligns with your business objectives. To do this, you have to consider potential benefits, drawbacks, costs, risks, system requirements, and if you want a hands-on or hands-off experience. Hands-off simply means your company or business doesn’t deal with Bitcoin or crypto directly. Rather you convert Bitcoin to fiat with the help of a third party. The hands-on approach implies making crypto an integral part of your business. This is much more complex and should only be adopted when you’re very certain it’s the right step for your business.