Most Bitcoin advocates would agree that the best time to buy Bitcoin was a month or a year ago and that the next best time is “now”. Let’s imagine that you have not purchased Bitcoin yet; we will help you answer the question, “when should I invest in Bitcoin”?
Buying Bitcoin used to be a challenge, but not any longer. With new mobiles and web services being introduced, people can now purchase cryptocurrencies in minutes from almost any place in the universe without any difficulty. Nevertheless, nearly all available providers propose falsely high rates and commission.
Many people know Bitcoin to be unstable, a double-edged sword that has transformed most investors into millionaires within a short period of time while burning some in the process. Let’s imagine you have decided to buy the whole cryptocurrency world, then at this point, the question left to be asked is—when is the right time to do so?
If you bought Bitcoin in December 2017, then probably you ended up on a loss. On a different note, if you bought in January 2019, you may likely sit on a significant profit. So, what is the best time to buy Bitcoin?
We will gladly answer this question by describing the trends that make Bitcoin a captivating digital asset to buy into.
A short note on Bitcoin’s price
It is very crucial to note that if we should consider the price only, Bitcoin has its thriving and broken cycles, just like any openly-traded asset class. Furthermore, relating this present rise in Bitcoin to a comparable market cycle in 2017-2018. I’m very sure around this time; you are most likely to have heard Bitcoin for the very first time
Why is Bitcoin Rising?
The appearance of major company bodies is recognized to be the main reason that was absent in the process of the bull run of 2017. During those periods, experts said that retail traders that were interested in the fast growth of the newly developed cryptocurrencies were the major operators of that certain Bull Run which simplifies higher risks.
Ray Dialo, the founder of the world’s largest hedge funds, went from pronouncing Bitcoin as an imminent “escapee” in November 2020 to something of a “gold-like asset substitute” in just a period of one month. Bill Miller intensely suggested Bitcoin even during its current increase, while Paul Tudor Jones likened Bitcoin to a timely investment into Apple or Google.
In the meantime, payment giants Visa, MasterCard, and PayPal went from crashing on crypto transactions in 2018 to increasing into crypto in 2020. And lastly, even the world’s richest man, is attracted to Bitcoin. Does Elon Musk own Bitcoins? He recently publicized possessing just 0.25 BTC, and he’s questioning around if he should invest more.
So will 2020-2021 reflect 2017-2018, or will it change in the future? CEO Changpeng Zhao (CZ) also said about it: “It took three years for Bitcoin to pull through from the 2017 peak. And now we’re in price detection; I think BTC is going to increase to about 5x, 10x, 20x, we can’t tell. Well, if that happens, it’s going to take a whole lot of years.”
So, when should I buy Bitcoin?
From the analysis above, we can see that more users and industries are involving in Bitcoin; there is a more compelling case to be made for buying Bitcoin in this period. But the timing for your purchase will be determined by what you have in mind to get from Bitcoin. You’re either one of the two:
1. Short-Term Gains: If you are delighted by the high growth rates of Bitcoin, you’re most likely into Bitcoin to dynamically trade, and you have high endurance for risks. Bitcoin provides you with capabilities for fast growths at some particular periods in the market, that even if you lose out on a few trades, Bitcoin’s presence in the mainstream would still make you feel comfortable and with a great assurance that what you are trading is a captivating asset for years to come.
2. Long-term gains: If you are into Bitcoin for a long period of time, like some of the influential investors, you will possibly believe that Bitcoin has a bright future. You will most likely be fascinated by what we have discussed about Bitcoin’s performance versus gold and stocks in the past. And if you are still not sure of your getting into Bitcoin, you can try dollar-cost averaging to decrease the risks
However, irrespective of your intentions, Tradefada provides the broadest kind of choices for buying Bitcoin, either for “now” or in the next few minutes, and whether you are buying ₦10,000 or ₦10 million worth of Bitcoin. All you need to do to go into the crypto-fueled future is just a few clicks.