At roughly $63,000, Bitcoin (BTC 0.43%) currently trades 50% off its record high from October last year (as of July 9). The bear market is certainly testing investor confidence in the digital asset. This is particularly true since the stock market is close to its peak right now.

You might be wondering whether Bitcoin is a good cryptocurrency for long-term investors. Here are three reasons why I believe it’s a smart buy on the dip.

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First-mover advantage

With its white paper released in late 2008, Bitcoin is the oldest digital asset. This has given it a first-mover advantage that has supported its leading market capitalization. Even in a depressed environment, Bitcoin represents 58% of the overall crypto…