Monero is one of the currencies I am bullish on mid to long term. The biggest reason to be bullish on Monero is because it already has a real world use, one that people have a need for in various parts of society and business, and that is privacy. And also Monero has nothing to develop, the product is already there and working as promised. All they need to do now is keep improving it. I say this because most coins don’t even have a working prototype of what they are trying to achieve, only a timeline for when they “promise” to deliver. So with Monero you have a working product as well a real world need for that product.

For any digital currency to rise, it needs more than just good news, it needs new money pouring into it which causes the price to rise. And I think Monero has a lot of ways to increase demand for its coin and attract new money. One recent piece of a news is that a new dark web marketplace has opened that uses Monero exclusively called “Libertas”. The reason I feel this is important is because in the early days of Bitcoin, one of the major uses was on the dark web. The problem is, Bitcoin is not truly private, transactions can be traced back pretty easily with new sites and tools. I see Monero replacing that role over time as it is actually totally private.

Another use is gambling websites. Many gambling sites only take Bitcoin for U.S. customers, but some gamblers may want to keep their winnings and withdrawals more private than currently with Bitcoin. Online gambling is a very big market, so a switch here to Monero can equal good money pouring into the currency and raising the price.

Next up, the money that is currently stowed away in offshore accounts, or even simply stashed in Bitcoin by wealthy businessmen and politicians around the world. It is estimated that around $32 trillion is held in secret, or hidden accounts around the world and away from the prying eyes of governments. Even just a portion of that money moving to Monero could cause a huge impact long term.

Finally, there are other privacy based currencies out there but Monero seems to be taking the lead and enjoying the network effect. I won’t go into the issues with the other coins as that is a whole different article, but if you look into it you will see some issues with the other top privacy coins. And when it comes to privacy, you don’t want any strange issues with the technology or with the founders. For this reason, I believe most people will put their trust in Monero over the other privacy currencies.

Of course, this is not financial advice and I ask that if you are considering Monero, you do your own research. But my personal opinion is that Monero is a good mid to long term investment. As of 10/17 I would start adding to my position of Monero at around $80, then wait to see a trend and either add more or wait for an additional dip.