$BTC The Ultimate Cryptocurrency to Buy With $1,000 in August

I'd expect that it would take investors a long time to try to find assets that performed better than Bitcoin (CRYPTO: BTC) has. In the past decade, the world's most valuable cryptocurrency has skyrocketed 121-fold. If you'd invested $1,000 10 years ago, you'd have a jaw-dropping $121,000 today.

Here's why Bitcoin, even after its monumental performance in the past decade, is still the ultimate cryptocurrency to buy with $1,000 in August.

Bitcoin is a game-changing concept

When the Bitcoin whitepaper was released in October 2008, it introduced a method for two parties to directly send money to each other digitally without the use of an intermediary. This just wasn't possible before

The fact that Bitcoin is decentralized and borderless with no single entity in control is a game-changing breakthrough in and of itself. But what's truly special is the fixed supply cap. There will only ever be 21 million coins in circulation, thanks to a pre-determined inflation rate that's etched into the software. Plus, Bitcoin has never been hacked, which might make it the most secure computer network on Earth

Bitcoin's characteristics are definitely compelling. But they stand out even more if we view the blockchain network in relation to the current financial system

Look at the U.S., the world's dominant economy. Despite this leading position, the government continues to operate with a massive fiscal deficit that is likely never going to change. That has resulted in a federal debt burden of $35 trillion. Consequently, the money supply has also climbed rapidly in the past 20 years, with no end in sight

This unfavorable situation isn't unique to the U.S. And it leads to the constant debasement of fiat currencies. This alone shows why Bitcoin is potentially a better financial asset

Bitcoin's long-term upside

I've seen some very optimistic scenarios for Bitcoin's ultimate upside. Cathie Wood of Ark Invest believes in her firm's bull-case outlook that Bitcoin's price will rise to $3.8 million by 2030 -- provided.