Is buying bitcoin now a wise idea?
Today when I was checking my portfolio, I was a bit sad thinking that I don't have any Bitcoin in my portfolio. Only when I joined the crypto world, I invested in Bitcoin and double my investment in just 2 months. That was when I decided that I should give this crypto industry a try. I then search for making cryptocurrencies instead of purchasing and investing and that is when I ended up in Steem Hive.
It was indeed a great experience. Today when I check my portfolio, I still think that I should be purchasing some bitcoin for the future. I wouldn't disagree with the fact that Bitcoin investment is still one of the best investments. It is predicted that the price of Bitcoin would grow 200% per year even in the coming years.
Why not invest in Bitcoin?
Yes, that's right it is still wise to invest in Bitcoin. I personally don't think that Bitcoin is only for big guys or new investors who are just getting started into crypto. Usually, when people start their journey in the crypto world, Bitcoin is the first purchase they make and start investing or trading. It is very normal and only then do they get to know about the other competitive cryptocurrencies and potential cryptocurrencies that are available for investment and trading.
I personally think that even purchasing Bitcoin at the current price will be a great thing because the coin has great potential to pump hard and reach a new height soon. I don't think a message saying that "China is banning crypto" would help in bringing Bitcoin down. Maybe it can affect the price of the coin temporarily but it wouldn't shut down Bitcoin completely. Maybe the big farms that have been mining bitcoin can get affected but it definitely wouldn't prevent people from investing or mining.
This is one of the biggest strengths Bitcoin has and the tokenomics itself is a big boon. The limited supply that Bitcoin has is a motivating factor for the price to go up. Considering all these factors, I have been thinking about doing a small investment every month irrespective of the price of Bitcoin. Sometimes the price can go up and sometimes the price can be very low. But if we think about the long term, I believe investing at any price should be a good investment. Imagine people who invested when the price was around 500$ and imagine people who missed opportunities thinking that 500$ was costly.
The current price is not costly
I have a personal story to share in this regard. When the price of BTC was around 5000$, I invested and entered into the crypto world. I then watched the price hit 14k dollars and go down again. I was happy to sell my holdings at 10k dollars booking my 100% profit. After that, I started focusing on other cryptocurrencies and investments.
But one of the biggest mistakes I did was to not invest when the price of BTC was 3000$. I did have a decent holding of about 0.1 BTC at that time and I was holding that for a long time when the price was fluctuating between 3k to 10k. But when the price of Hive was very attractive, I sold my BTC holdings and bought Hive with that.
I'm glad that the price of Hive has also been great this year but not as great as BTC. Imagine if I still have had that 0.1 BTC and sold it when the price was around 50k BTC. I would already earn enough to diversify my holdings for a decent passive income. But yeah financial returns are always a mystery. We cannot do a perfect calculation on that.
So, finally, I would like to conclude by saying that it is always a good time to purchase BTC. Though I don't give this as financial advice I'm just sharing this from my personal experience. Having small BTC holdings in our portfolio should always be the goal and it should also keep growing. I'm thinking of doing the same thing. But if you are planning to trade, be very careful that you are not buying it for a higher price and selling it for a lower price because anything can happen in the crypto world.
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