One of the questions I get asked all the time is “when is it a good time to buy bitcoin?” And my answer at this stage in the bitcoin/blockchain evolution is always the same… right now!
Anyone with an investment time horizon that is longer than 6-12 months should be buying bitcoin now. Dollar cost averaging is a great strategy that has proven successful for many new comers to the bitcoin/blockchain space. It’s a strategy I use myself to smooth out average costs during the peaks and troughs in the bitcoin price.
I can’t tell you how many times I told myself “I’m probably overpaying at this price but I know it will be much higher in a year or two,” only to see bitcoin rise another 20-30% before any meaningful correction. Many times those levels were never seen again as bitcoin moves onward and upward in global recognition and adoption. No one wants to be this guy in the future when the price of a bitcoin is $100k to 1,000k+…
Don’t be a lurker… be a HODLer is the message of the day…
There is one caveat to the above and that is around bitcoin forks. Be careful around the time forks occur such as the upcoming 2X fork. That can create buying pressure and price appreciation leading up to the fork and selling pressure and price declines immediately after the fork.
So in short, start small, dollar cost average, and get comfortable with the technology, price movements, wallets, exchanges, etc. Buy more aggressively when bitcoin declines 25-30% in short time frames. Bitcoin has a history of rapid appreciation followed by ~30-35% corrections.
Average in over time and buy the bitcoin dips. Increase your purchase sizes as you learn and understand bitcoin and blockchain. Be a bitcoin HODLer and do not sell unless you have to. As you learn more you’ll be amazed how blockchain will change your future, your families future, and our collective societal future over the coming years. You’ll be a believer in no time….
Good luck to you and your and always remember to always think inside the block!
Disclaimer: The above is not meant to be taken as investment advice or recommendations. The author is not a professional investment advisor and the above is only personal opinion. The previous opinions are wholly based on decades of education guided by decades of experience achieving superior results. Do your own research, reach your own conclusions, and become a believer today!