Is It Too Late to Invest in Bitcoin Today?
Is it too late to invest in bitcoin? or “If I invest $100 in bitcoin today 2021”. That’s a question many of us have been asking, and the answer is yes and no. It’s yes because if you bought a few bitcoins ten years ago, or even just five years ago – you’d be rich beyond your wildest dreams. But it’s also no because we don’t know what might happen in the future.
There are other coins that could grow at a faster rate than bitcoin in the next ten years. In this post, we’re not going to tell you the golden formula – there isn’t one – but we’ll give you the tools that will help you know how to invest in cryptocurrency the right way.
History of bitcoin
If you’re interested in the world’s largest cryptocurrency by market capitalization right now, you’re not alone. With the value of bitcoin hitting the $66,000 mark in October 2021, ‘is it too late to buy bitcoin’ has become one of the most popular online searches by people considering investing in cryptocurrency.
What is bitcoin?
Bitcoin is a cryptocurrency created in 2009 by an anonymous person or group under the pseudonym Satoshi Nakamoto.
The cryptocurrency was created on the heels of the economic recession as an electronic peer-to-peer lending cash system aimed at breaking free from the government and banks’ mismanagement, corruption, and control of the world’s economy. Financial institutions were not being helpful, and something needed to be done.
Besides democratizing finance, bitcoin is loved for its lower transaction fees, faster processing speeds, and pseudo-anonymity. All bitcoin transactions are publicly available on the ledger, but the identity of those transacting remains hidden.
Bitcoin’s price history
Bitcoin has come a long way since 2010 when the first transaction involving physical goods was recorded. Two pizzas were exchanged for 10,000 BTC – valued at over $617 million today. Bitcoin is a highly speculative and volatile asset, with its price fluctuation being a major source of worry or excitement for cryptocurrency enthusiasts. Depending on whether the price is going up or down.
Though a digital asset, bitcoin continues to have significant real-world implications. Both sides of the extremes are well represented, from those who lost their life’s savings during a decline in value to those who made a fortune during a bull run. Little wonder why bitcoin has been a hot and controversial topic globally since its creation.
Even though bitcoin is valued at over $62,000 today, its hodlers—hold on for dear lifers—are not resting easy because its highly speculative nature has historically made it unpredictable. For instance, bitcoin dropped from $64,800 to $30,000 between April and May 2021. Its potential for an unexpected rise or fall is the reason why questions like, ‘is it too late to buy bitcoin?’ are still valid.
So is it too late to invest in bitcoin?
But really, is it too late to invest in bitcoin? This question is constant and one of the things stopping many people from investing in bitcoin and other best coins to invest in. No one knows the answer to this. If anyone tells you they do, grab your purse and run the other way.
Some people argue that the best time to buy any type of cryptocurrency is when the price drops. That’s easier said than done, though. The highly speculative nature of cryptocurrency leaves room for fear. Bitcoin has been on a volatile trajectory, and most people assumed the long-awaited end of bitcoin had come when bitcoin price dropped over 50% in May 2021, robbing them of the opportunity to ‘buy the dip.’
In contrast to those who believe bitcoin will eventually crash, others strongly believe that bitcoin could hit $500,000, so the best time to buy is now – while it’s at its highest price so far. Where do you belong?
At MyConstant, we cannot give you investment advice, but we want to provide you with the tools to help you make the right call. The wisest course of action when deciding whether to invest in bitcoin or any other cryptocurrency is to observe the trends, educate yourself, and decide how much risk you’re willing to take.
Besides bitcoin, there are other highly regarded cryptos such as kusama coin and litecoin vs ethereum—which some analysts believe have more room for growth. You might want to take a look at some of the other options available.
Taking on risks
One other search term closely behind ‘is it too late to buy bitcoin’ is ‘if I invest $100 in bitcoin today 2021.’ These frequently searched terms with millions of result pages significantly depict the mindset of aspiring investors—people who are highly critical of taking on types of investment risk.
When thinking of investing like “if I invest $100 in bitcoin today 2021”, you need to be mindful that investing in cryptocurrency comes with risks. And with any investments, the age-old investing principles apply.
Don’t put all your eggs in one basket
One of the best ways to mitigate investment risk is to diversify your portfolio and implement portfolio rebalancing strategies along the way. Resist the temptation to invest in only the popular coins like bitcoins. Invest in other projects to limit your loss if one crashes. Now might be a good time for you to learn more about bitcoin ETFs.
Invest only what you can afford to lose
Cryptocurrency is a high-risk, high-reward investment. It’s in your best interest to resist the urge to gamble and place unreasonable bets at once. Invest only money you can afford to lose. Doing otherwise would be to your detriment and defeat the entire purpose of investing.
Understand what you’re investing in
Learning is a huge part of investing, especially when it comes to cryptocurrency. Learn all you can about cryptocurrency, exchanges, and the coins you’re interested in investing in.
This knowledge will help you make well-informed decisions, including choosing the best cryptocurrency exchange for you, deciding between hardware and software wallets, and the best time to invest, among other things you need to consider.
Be prepared to take risks
When it comes to investing in cryptocurrency, risk and reward go hand in hand – all investments involve some degree of risk. Aggressive investors are willing to risk losing money to get potentially better results, while conservative investors favor investments that involve low risks with corresponding returns.
You must assess your risk tolerance and ensure you make informed investment decisions. Remember, the key to building wealth is to accept risk as a fact of life and invest wisely.
Once you ask yourself “if I invest $100 in bitcoin today 2021”, nobody can unequivocally tell you the best time to buy bitcoin, and the past is not an accurate predictor of the future, especially in our fast-paced world. It’s vital that you get all the information you need and consider your options before making important investment decisions.
Investing with MyConstant
As a beginner investor, you ask yourself “if I invest $100 in bitcoin today 2021”, you might want to begin with an easy-to-use, relatively low-risk peer-to-peer lending platform. Invest in cryptocurrency and other areas with us.
With Crypto Lend, you can earn interest on crypto 4% APY on bitcoin (BTC), ethereum (ETH), and binance coin (BNB) by supplying liquidity to lending pools and exchanges. You may also decide to accept your returns in PRV – Incognito’s native token – at 7% APR.
- Up to 7% APR on fixed-term investments
- No fees for USD investments
- Anytime withdrawals
- Minimum investment just $10
- No maximum investment limit
Sounds interesting? Sign up for a free account today and start investing.
Share this article