There are many people thinking if it is too late to buy bitcoin and catch the boom. The answer is, “If you have to ask then it is too late.”
With all trading and investment there is the question of suitability. For example, it is never a good idea to invest your house deposit on a speculation. It can be a highly profitable trade but you can never know and if you cannot afford to lose you cannot afford to play.
But is it the right time to buy bitcoin?
The answer is the same as it is for stocks. It is always the right time to buy stocks. If the world seems to be ending, it is the right time; if stocks seem to be in a bubble, it is the right time to buy stocks. If the market is mind-numbingly dull too, it is the right time to buy stocks.
This doesn’t seem right, but that in itself is a clue that it is the right thing to do as you can be assured that like a carcass on the jungle floor, any obvious source of profit has already been swept up by hungry predators.
Unless you are a highly skilled practitioner–and there are way more people that think they are highly skilled practitioner than people that really are–then the way to buy assets is to buy them in regular chunks. This is the basis for dollar-cost-averaging, which is a very good way to build wealth if you are not going to become a market fanatic glued to the screen and deep-diving complicated maths and market microstructure.
If you buy small regular chunks of BTC, be sure that it is always a good time to buy bitcoin if you believe that bitcoin has a good long-term future.
As a result, the way to invest is always to answer the following question: Is the market for the asset you fancy buying in the long term going up? If you don’t know, you don’t get involved. If you see great long-term potential, you buy regular amounts at regular intervals and relax whether the asset is in the near term going up or down or sideways.
Only if you change your long-term opinion on the asset would you sell your asset. If you don’t change your opinion, then buy and hold and buy the dips if you aim to get spicy.
This is absolutely true for bitcoin.
If you plan to buy now just because you missed the $10,000 to $23,000 run, you may as well go to Vegas and bet. If you know why you want to buy bitcoin now and you are in for the long-term then just start buying little chunks every so often.
If you want to make a killing, that is understandable, but to do that you have to buy low and sell high and bitcoin is not low.
If you want to make a killing you need to improve your skill about DeFi as that is where there are and will be the emergence of tomorrow’s Goliaths. Unfortunately, you can’t simply get on the waiting list to make a killing. Investing and more so trading depend mostly on skills, the only sport you can make yourself wealthy in while you sit in your chair. Unfortunately, like any sport you have to practice, know your craft and have the best equipment, focus and dedication. It takes time and grit, which when it comes down to it is the opposite of FOMO (fear of missing out).
Be assured FOMO kills. So whenever you are feeling FOMO and thinking it is too late to buy Bitcoin, you know it is not the time to get involved and the FOMO is knee deep in bitcoin right now.
The thing to remember: this is not fate and tomorrow BTC could be $10,000. “Can” is not the same as “will,” not even close.
So with FOMO nagging you, you should look past BTC. But what about ethereum? If bitcoin doubles, ethereum might easily quadruple. What about DeFi, what about NFT, what about the thing after that, which is coming?
There is a decade or two of great opportunity coming up in crypto, so if you are dripping with FOMO, get to work skilling up, because if you let FOMO take hold the following will happen.
You buy at $2x,000, bitcoin falls 20%, you sell in terror, it bounces, you weep with sorrow and frustration as it goes up, but your money is not there and your emotional wounds bleed. So you never invest in cryptocurrency again.
In the next decade, cryptocurrency goes from a $500 billion asset, based around cryptocurrencies, to a $50 trillion industry based around a constellation of new revolutionary software that permeates the world like the internet does now but because you were scared by FOMO you stay away and you earn nothing.
Don’t get FOMO and think it is too late to buy Bitcoin, get strategic. That is where the wealth build is to be had.