Is it too late to invest in bitcoin? I think it's important to focus on the long-term technology behind cryptocurrency that is different than the short-term price movements that make everyone crazy and force people to quickly sell their coins for fear, causing a domino effect.
I don't think it's too late, this is actually an ideal time because the price is lower, resulting in greater profits if it rises, but it only depends on whether you believe in technology.
You don't need to buy 1 BTC or invest $ 16k to start, you can start with the amount you can afford to lose.
Say, you invest $ 100 and if Bitcoin repeats its annual return, you will have 2081% ROI (most likely will exceed this number).
The price of bitcoin is now being driven by several things:
- Request vs. Supply
Bitcoin supply is limited and demand is increasing every day, leading to crazy prices
- FOMO ( Fear of missing out )
This is the biggest reason - the more bitcoin increases, the more people think they are losing something that can make them get rich quick. So, they join the rally and make it higher
- How to buy other Altcoins
Today there are many other Altcoins on the market and Bitcoin is the main currency to buy everything, which further drives prices up
Now comes the right time to invest - I think the price will be right for the 9,000 - 10,000 USD level once 'Futures hit the exchange starting from the 10th Decemeber, because then people will have a way to reduce Bitcoin as it is now. But the correction will lead to a further round of purchases and prices must stabilize around 10,000 USD.
Whats the way out!? Don't put all the eggs in the same basket. I have built a cryptocurrency portfolio, and I plan to balance it every month.
Honestly, I don't think there's ever a point where it's too late. It's definitely too late to get the insane returns of a sub-$0.01 bitcoin to where it is now, but that doesn't mean that there won't be unbelievable returns in the future. One of the things I do is use faucets still (e.g. freebitcoin) to get small amounts that could still go up in the future. Freebitcoin also offers interest on large enough amounts, which is pretty nice. Make sure not to leave your BTC in an untrustworthy site though.
Well, very good thinking, thank you.
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