Should you buy Bitcoin now or is it too late?
You may not have actually missed the Bitcoin train…yet.
Judging by the Cycle of Market Emotions, it seems that we are currently in the red area due to reduced interest in Bitcoin and the departure of the fair weather investors, I have seen this scenario play out a few times before, so let me give you my opinion.
Is it ever too late to buy Bitcoin? Let us look at some statistics real quick.
$100 worth of Bitcoin bought on the 21st of May last year would be worth $400 now, that’s over a 400% return, more than any Savings Account, Stocks or Bonds could naturally return.
That same $100 would have been worth $1,000 last December, that’s a 1000% return in about 8 months.
Now imagine if you bought $500 or $1000 worth of Bitcoin? That is potentially $5,000 — $10,000 is less than 12 months with little to no effort and the funny thing is that we are just getting started.
Last year Bitcoin peaked at $20,000 and now people are expecting anywhere from $25,000 to $100,000 by December 2018, with $25,000 — $28,000 being the most common prediction followed by $35,000 — $75,000.
This article goes a bit more depth about these predictions: Why Bitcoins price can pass $25,000 and even reach 6 figures
Looking at Bitcoins history this seems very possible since Bitcoin has always pumped violently after a drop, on top of that, the market is currently in a correction which means this is chance to get in the game cheaper.
So if you bought $500 worth of Bitcoin today ($0.06 BTC) and Bitcoin reached the conservative prediction of $25,000 by December, that would leave you with $1,500, if Bitcoin reaches $35,000 you would have $2,100, and this is just being conservative, historically Bitcoin has gone a lot higher than predictions made by financial experts.
So let’s say for example Bitcoin has a really crazy year and reaches $100,000 by the end of 2018:
$100 invested today would leave you with $1,200
$500 invested today would leave you with $6,000
$1,000 invested today would leave you with $12,000
$10,000 invested today would leave you with $120,000
So is it too late to buy Bitcoin? In my opinion no, the dust is still settling and once Bitcoin begins it’s rebound all of the fair weather investors, get rich quick investors and so on will be back and they will be buying Bitcoin at a much higher price than me and you. It has happened many times before.
Personally I use Bitcoin as a highly volatile Savings Account, putting in a bit of my income every week, I don’t trade anymore since I found holding onto my Bitcoin to be more profitable.
However the decision to invest is up to you, if you are ready to invest in Bitcoin you can use CEX which will let you buy Bitcoins as well as provide you with an online wallet to store them.
The best way to predict the future is to create it!
I hope you found this post helpful, feel free to click on these useful resources below:
You can keep your cryptocurrencies safe and secure with a Ledger hardware wallet.
You can buy Bitcoin, Ethereum, Ripple, Bitcoin Cash, Bitcoin Gold and Stellar Lumens from anywhere in the world using CEX
You can buy Bitcoin, Ethereum, Cardano, Qtum or Litecoin from anywhere in the world using Coinmama
You can also keep up with me on Twitter.