The good news is that Bitcoin (CRYPTO: BTC) is up 50% for the year. The bad news is that Bitcoin has been on a downward slide for much of the past three months. Ever since it hit a new all-time high of $73,750 back in mid-March, Bitcoin seems to have lost its mojo, and it now trades for just $64,000.

But now is no time to give up on Bitcoin. In fact, there are three very good reasons you should be buying Bitcoin like there's no tomorrow.

Bitcoin ETF flows

The primary factor that propelled Bitcoin to a new all-time high was the launch of the spot Bitcoin exchange-traded funds (ETFs) in January. Overwhelming investor enthusiasm for this new investment product led to huge new inflows into Bitcoin, and that led to a steady surge in price. To date, more than $30 billion has flowed into the new spot Bitcoin ETFs.

While inflows have slowed recently, this new source of Bitcoin demand is still a very important catalyst over both the short and long term. Right now, investors are typically allocating about 1% of their portfolios to crypto. But if they decide to boost that allocation to 3% or even 5%, then these new inflows could really take off.

Moreover, we still haven't seen the arrival of the very biggest institutional investors, such as the sovereign wealth funds. But these could be coming soon, according to top asset managers.

This steady flow of new money provides a floor for Bitcoin's price. Even if there is selling pressure in the crypto market, the flow of new money will help to absorb it. And Bitcoin is still the only crypto with spot ETFs that can be traded.

Bitcoin is going mainstream

Some have been waiting to invest in Bitcoin until it goes fully mainstream. After all, for much of its history, Bitcoin has been dogged by concerns that it's somehow all just a giant Ponzi scheme, or that the only people who use Bitcoin are shadowy underworld criminals. That's why the new spot ETFs are so important -- they open up Bitcoin to the masses and come with a seal of approval from the Securities and Exchange Commission (SEC).

Moreover, the list of Bitcoin converts continues to grow. These are people who formerly hated Bitcoin, but are now embracing it. The list of converts started with hedge fund billionaires, who now view Bitcoin as a hedge against inflation and geopolitical risk. Then it included Wall Street money managers, who started to hear from their institutional clients that they wanted a way to invest in crypto.

And now it includes high-profile politicians and lawmakers, who are starting to view crypto as a campaign issue. Take former President Donald Trump. He is now positioning himself as the "crypto president" and is suddenly very bullish on Bitcoin and Bitcoin mining. Meanwhile, congressional leaders are attempting to enact new crypto-friendly legislation, and there are even rumblings that the Biden administration might decide to become more pro-Bitcoin.

Bitcoin is the future of money

There is simply no better long-term investment narrative than the one surrounding Bitcoin. The Bitcoin algorithm ensures that Bitcoin mining will be around for at least the next 100 years. At that point, Bitcoin will have reached its total lifetime supply of 21 million coins (about 19.7 million now are in circulation).

I believe digital currencies are the future of money and that it's really only a question of which one emerges as the winner. Maybe central bank digital currencies have the edge right now, but my money is on Bitcoin.

Granted, El Salvador is the only nation that has had any success with Bitcoin, and even that success is highly debatable. But a lot of very smart people -- including Cathie Wood of Ark Invest -- are now tracking Bitcoin's adoption in emerging markets. The more that adoption rate grows, the higher the valuation of Bitcoin could go.

How high can Bitcoin go?

As Bitcoin goes increasingly mainstream, its price should continue to rise. Research and brokerage firm Bernstein predicts that the price of Bitcoin could hit $200,000 in 2025, and from there, the sky's the limit. Cathie Wood, for example, is predicting that Bitcoin will hit $1 million sometime before 2030.

That's why I'm buying Bitcoin like there's no tomorrow. A small upfront investment today could skyrocket in value within just five years. Just remember to buckle up for the ride -- if Bitcoin blasts off for its $1 million moonshot, there's sure to be plenty of turbulence along the way.

Should you invest $1,000 in Bitcoin right now?

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Dominic Basulto has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.

3 Reasons to Buy Bitcoin Like There's No Tomorrow was originally published by The Motley Fool