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.

Thank you for reading my blog!

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