Is It Too Late To Buy Bitcoin? Is 2018 going to be The Year of Bitcoin?
Last week:
Bitcoin slides by over $1,000 in two days. -Now, what??? - Is it too late to get in?
This is a very common question beginners ask when they learn about investing, let's say 2-3 years after they the action began. Some people call this state FOMO which stands for 'fear of missing out'. Are you worried that it might be too late? Many people from CNBC, CNN and other mainstream news call it just a 'bubble', not to mention Wall Street. They have been calling it a bubble since its value was only about $50. What would they call it from this standpoint, in November 2017, now that its peak value has gone beyond $7800? -A heck of a bubble?!
What You Need to Understand
The whore cryptocurrency industry is unregulated and the whole world seems to be divided on whether to accept it in general or not. There have been many 'real bubbles' (Failed ICOs or downright scams). The reason why some people think that bitcoin is also a bubble is it's simply the most popular cryptocurrency, with the largest trade volume and market cap. The naysayers denounce cryptocurrencies as a whole and so does bitcoin. It's simply a stereotype.
In reality, bitcoin has been stable and somewhat long-term predictable. The daily/weekly ups and downs, of course, baffle short-term/small-time investors. That's why crypto-geeks usually recommend the buy-and-hold technique.
What is buy-and-hold?
Of course, this is for beginners, so let me explain. While short-term investors tend to panic when bitcoin's value plummets (and they tend to sell, fearing the worst is yet to come), long-term investors do the opposite. - They buy more portions of the coin! Why? Based on the graph below, the overall value of bitcoin has been on the rise. When it goes down, it's usually the best time to buy more and hold onto it and wait until the value increases again. This is not financial advice, but this is reality based on experience. When is this trend going to change? - That's when the real guesswork begins.
Predictions
Don’t be impulsive! Buy and Hold Bitcoin until 2020! - Adam Meister Interview
Bitcoin is an example of what happens in a free market which seems impossible to control or manipulate. Some still believe that it's manipulated though. Adam Meister said that these people are delusional. He went on saying that there's a certain type of personality which tends to thrive in bad news and conspiracy theories. Bitcoin simply can't be manipulated. You can't just carry a gold bar across the Mexican border, but you can send/receive bitcoins simply by using your computer and internet.
"If you're going to be involved in bitcoin, I seriously advise you not to be impulsive, not to be impatient at all." - Adam Meister
Entrepreneur Trace Mayer predicts bitcoin price to reach $27,395 in February 2018. That would really make bitcoin a great buy before it reaches $10,000.
Image Credit
Bitcoin regains value despite the dip last week, as anyone would expect, since it's proven to be a strong currency.
Mainstream Adoption
As the coin gets more and more popular and stronger, many would predict mainstream adoption. Today, maybe less than 2% of the world's population knows about bitcoin. Some people assume that bitcoin will have to fork or split to continue existing. Some fork advocates even suggested upgrading the bitcoin software to handle 1Gb of data (as opposed to the 2MB upgrade from 1MB that was canceled). This may or may not happen when mainstream adoption happens.
What I would do:
I'd buy one full bitcoin and store it, even forget about it and check on it about every month. I know that not everyone can do this, so in my other article, I focused on small-time investors' strategies. For those who can't buy a full bitcoin maybe you can buy ½ and simply keep it in store. Buying and selling in the short term for profit can be tedious and more stressful. Also, consider putting it in a sort of 'time deposit' provided by other platforms.
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This is the exact question I asked last week. I'm really glad to find encouraging information like these!
Never too late. I talk about this daily on my blogs. Yes, 2018 will be historic as the world rushes into crypto
I believe it is never late to buy bitcoin.. after buying if bitcoin price goes down to the half, nothing to worry.. because every time i saw bitcoin bounced back and reached all time high....
Right. It predictably increased in value so I think unless anything drastic happens (much worse than a 'fork', celebrity statement ruining the platform's reputation), no drastic decline would happen.
Nice post, thank you. the really amazing thing about the cryptos is, it is so new that you need to do your own research instead of listening to the news. There is no governance or central power behind bitcoin, and that makes it so valuable. and then of course the costs to create it. this is the huge differnce to fiat, which are not backed by any thing valuable like gold... to mine a bitcoin it costs about 1000 USD. so there is real value. once people get that, they see why it's not just a bubble, but actually a solid long term investment. Thanks for the post ;)
You're welcome!
Adam Meister seems a bit weird but also has great sound advice for the average man. Thanks for the info. Hope many take it to heart.
People are still investing in bitcoin but I have heard rumors about bitcoin that bitcoin is going to crash very soon.
Thank you very much for your advice and recommendations.
people ask the same question since bitcoin hit $50 :) and as we see, it doesn't seem to stop. it's rising and rising
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wow your post is very very beautifull post.I like it!
This might be a bad idea considering your asset could be at huge risk holding by the others but not you.
Good point. I don't mean for a very long time though. 15 days is a good starting point if it's provided by your preferred platform.