Since first purchasing Bitcoin (BTC -1.02%) on April 24, 2020, I have made a return of 127% (as of this writing). This figure crushes the returns of both the S&P 500 and the Nasdaq Composite, two of the most widely followed stock indexes, during the same period. 

This substantial outperformance has occurred despite Bitcoin's price being down a whopping 75% from its nearly $69,000 peak hit last November, as the overall cryptocurrency market has taken a hit in 2022. A massive price drop like that would certainly shake even the strongest supporter's confidence. 

But not me. I'm still incredibly bullish on Bitcoin. Here's why. 

Bitcoin is not like the others 

It's probably not a surprise that Ethereum (CRYPTO: ETH) seemingly gets all the hype and attention. The second most valuable cryptocurrency is touted for being a "decentralized computer" that has the potential to upend a wide range of industries by removing intermediaries and providing better experiences for users. Time will tell whether this goal becomes a reality. 

Viewed in this light, Bitcoin could be seen as the boring cryptocurrency that has no interesting or disruptive characteristics. But this would be an incorrect assumption, in my opinion. 

Bitcoin was created to allow two unrelated parties to send money to each other without a middleman, something that wasn't possible before. And the fact that no one controls it is a profound trait. It really is that simple, but this could have major ramifications for how human beings store wealth and transact with others in a world that is becoming increasingly digital. Not to mention a world that is becoming more and more burdened with debt, especially as a direct result of actions taken by governments and central banks. 

Even with Ethereum's progress since its launch in 2015, Bitcoin has remained the top dog, as its current market cap of $330 billion is by far the highest in the industry. It has been like this since day one, and I believe this will still be the case a decade from now. 

Unlike Ethereum, Bitcoin has no central authority making decisions about its direction. And this is on purpose. Vitalik Buterin, one of Ethereum's founders, can continue adding more steps (and delaying the completion of steps) in the network's development pipeline as he sees fit. Additionally, the transition to a proof-of-stake consensus system leads to even more centralization, which undermines the entire point of cryptocurrencies. 

Bitcoin is the more decentralized and secure blockchain network, and this is why I like it. It isn't dependent on any single person or entity to guide its direction. What's more, Bitcoin is trying to upgrade how we view the very concept of what money could be. That's extremely exciting, if you ask me. 

Bitcoin's price is set to rise 

After falling 64% in 2022, there is a ton of pessimism priced into Bitcoin right now. But this could be a great buying opportunity. These massive price drops are par for the course when it comes to any digital asset. And with Bitcoin specifically, it has always bounced back from recent lows to reach new highs. 

The Federal Reserve's policy of rapidly pushing up interest rates this year, with the stated goal to bring inflation under control, has no doubt caused investors to take risk out of their portfolios. I think when the central bank decides to reverse its policy actions and money starts to flow back into riskier assets, Bitcoin will be among the first cryptos to pop. 

But because I intend to hold (and be a net buyer of) Bitcoin for the next 10 years (and probably longer), I'm not really emphasizing what happens in the short term. I think other investors would be wise to do the same. And for those who are as bullish as I am, now might be as good a time as ever to load up on Bitcoin.