We can see that Bitcoin price has been falling today, on November 10th. So would that mean that it’s a good time to buy cryptocurrency, while the price is low? Maybe and maybe not. I have seen the price fall before and just tank and many experts are calling out the inflated price of recently a “bubble”. With any bubble it could pop at any moment and you should have taken that possibility into consideration at this point. As I write this post it’s down to approximately $6,800 mark, that’s close to a $1000 dollar drop in value from just a couple of days ago. So when is a good time to buy Bitcoin?
Bitcoin has had its ups and downs, but this is the most valuable I have seen it in quite some time. I would let it fall some more, or see what it stabilizes out to, it really is a risky investment, so take great care and my advice would be to never spend more than what you can afford to lose with bitcoin, especially seeing as it may be in a bubble right now. I am still uncertain what effect China making trading illegal in December is going to have, this may be simply a temporary rally before then and once Chinese trade volume stops, we may see a massive crash, it’s very hard to speculate. You could buy now and hope for the best, but that’s your best assurance, it’s that uncertain. The best time to buy bitcoin could be right now, but it might be tomorrow, nobody knows for certain.
Take a look at this 7 year chart, you can see it’s been all over the place but has shot up recently to unheard of levels. But is it just a “bubble”?
I mean of course it’s not hard to argue that many people have probably made great profits, but that’s if they got in there early enough. Imagine if you had bought bitcoins in 2010 for literally pennies each and held on to them until today, you’d be a very rich person. Bitcoins are great but they are only worth, the trust people put into them by using them and buying and trading them. You could also argue that paper currency is much the same, it’s the people’s trust in the system that makes it all work and have a perceived value, otherwise it’s just printed paper.