Should I Buy Bitcoin In 2020?
Ever since Bitcoin almost reached USD 20,000 in December 2017, “Should I buy Bitcoin?” has been among the most popular questions, closely followed by, “Should I buy Bitcoin now or am I too late?”
Although now the marked calmed down and Bitcoin lost nearly 80% of its value since the all-time high, these questions remain. So, does the recent price action present an excellent opportunity to buy Bitcoin?
To preface this, we must say that we are not financial advisors, and this guide should not be taken as advice. This guide will answer your question, “Should I invest in Bitcoin?” only with the risks that you should keep in mind.
Should I buy Bitcoin?
You probably had heard about Bitcoin several years ago and dismissed it. After seeing its incredible climb, you realized you should have bought then, and today you would have been a rich person. This is called FOMO, or Fear Of Missing Out, and you’re not the only person struck by this.
On the other hand, if you didn’t buy Bitcoin at its peak, you may think it is a good time to get it right now. Compared with the FOMO situation above, this is a way more level-headed approach. However, before jumping into the opportunity, there are several things to have in mind.
Should you buy Bitcoin now?
First, you need to understand that it is a bit like playing the lottery. There is absolutely no guarantee that you will become rich overnight. However, investing an amount you can afford to lose might be a way to incentivize yourself to follow the market and know what is going on.
But should you buy Bitcoin now? We don’t know, in short. Even if someone claims that they know, there is absolutely no guarantee it’s true. Just take a look at the range of different forecasts. Even if someone was right in the past, it does not mean he/she will be right again.
There is a saying, “Buy the dip, sell the peak,” if you want to earn money. However, if you wonder, “Should I buy Bitcoin now or wait?” you have to understand that there is no way to recognize a dip after the prices start climbing again.
In short, you could lose everything - it is unlikely, but you could. Especially, if you’re also interested in purchasing altcoins. On the other hand, you may profit and win yourself an extra payday. Nobody knows whether Bitcoin will go up or down, and it is still too early to tell. It is sort of like a social experiment. There has never been such technology before, so it remains to be seen what it will turn out to be.
In either case, don’t forget - never invest more than you can afford to lose and do your own research before making a final decision.
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