Crypto Mar 19, 2021

Is It Too Late to Buy Bitcoin?

The decision to trade in Bitcoin should be built on a desire to achieve…

The question about the right time to invest to Bitcoin is pegged on the sustainability question. Using a relatable example, it is not advisable for a prospective investor to pay property deposit based on speculation.

As much as the investor may have found the idea to be a potentially highly profitable trade, they can never be too sure about that. As a general rule, people should only invest in what they can afford to lose.

But is it too late to buy Bitcoin?

The straight answer would be similar to the stock market situation – which, it is always the right time to invest in stocks. When stocks appear to be hanging on some kind of bubble, experienced traders know that it is a good opportunity to buy stocks. Similarly, if the market seems numb and uneventful, it is still the best time to consider investing.

Overall, a prospective investor’s decision should squarely depend on their knowledge of the market. If you see a long term potential for attractive returns, it is then a good idea to make regular purchases at regular intervals and pause regardless of the emergent market dynamics.

The only point where you should consider selling your asset if is you end up changing your long term perception of the market. In case such an opinion does not change, then you should purchase and hold the asset.

The same idea holds true to Bitcoin trading. If your choice to buy now is influenced by the possibility that you missed the $10,000 to $23,000 jump, then you are toying with your luck. Buying Bitcoin must come from an intrinsic desire to achieve long term financial goals – only that you should be disciplined enough to make intermittent purchases in small chunks as the market progresses.

The Fear of Missing Out (FOMO)

Just like traditional markets, crypto trading demands skills, agility, and the ability to hit the stakes at the right time. People looking to buy and sell Bitcoin can easily do so at the comfort of their chairs.

Nonetheless, like any trading game, an investor must practice a lot, study the craft, employ the best equipment at their disposal, and stay particularly dedicated. The whole lifestyle is an exercise of grit, which happens to the precise opposite of FOMO.

In fact, a host of experts have managed to look into the psychology of crypto FOMO and how it affects the price of Bitcoin. As a rule, anyone feeling FOMO should be disciplined enough to acknowledge that crypto investing is not their cup of tea.

Looking forward, we are probably facing a decade where a host of opportunities will arise from the Bitcoin ecosystem. Therefore, in case you are knee-deep in FOMO, take a step back and start building your trading skills lest the following hypothetic scenario is bound to take place:

You purchase Bitcoin at $20,000, the crypto dips 20 percent, you scramble to sell in panic, it flops, you drown in your losses and frustration as it regains traction to rise again, but your money is lost and your ego is bruised. You then swear NEVER to invest in cryptocurrency again.

Within the next decade, the crypto grows from a $500 billion asset to a staggering $60 trillion industry built on the foundations of revolutionary cyber advancements that spread across the world like bushfire.

All the while, you remain standing in the periphery because you swore never to touch virtual assets again – you end up standing back and gain nothing, thanks to your FOMO.

In conclusion, the lesson to pick is that cryptocurrency is unpredictable; Bitcoin could cost $10,000 tomorrow – but it’s not a guarantee.




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