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Signs You’re Ready to Invest in Bitcoin Right Now

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6 Signs You’re Ready to Invest in Bitcoin Right Now

Are you worried about the future of your portfolio? Concerned about your retirement plans? You’re not the only one, and this is partly what’s driving cryptocurrency fever.

Back in April of this year, Bitcoin hit all-time highs of $63,000. While it’s dropped back, the potential for uncontrolled, exponential growth remains strong. The public listing of Coinbase has made it easier than ever before for ordinary Americans to invest in Bitcoin.

You can even check out this review on Coinbase to find out how to do it.

If you’re unsure whether to jump into Bitcoin, it’s time to examine yourself. Are you ready to invest in Bitcoin? Here’s what you need to know.

  1. Do You Have a High Tolerance for Risk?

This country was built on ordinary people and their appetite for risk. If you want to save for retirement and cash in on an explosive market, you must be willing to take risks.

Bitcoin is a highly volatile market and its biggest crash to date saw it lose 80% of its value. Swings of 10-20% are not uncommon, so investors need to be able to tolerate these volatility levels.

While investing in blockchain technology is the future, Bitcoin certainly isn’t for everyone. It’s highly speculative and there’s no telling how much pain an investor will have to endure to turn a profit.

If you’re ambitious and willing to stay the course, this could be a sign that Bitcoin is a life-changing investment for you.

  1. Are You Well-Supported Financially?

To invest and grow your wealth means taking risks. On the other hand, it doesn’t mean putting the future of your family at risk by making bonehead decisions. Whenever people get behind an investment, there are countless stories of those who sunk their life savings into a venture only to lose everything.

Conservative investing is always the way forward. Make sure you invest wisely by only putting a small amount of your portfolio into Bitcoin.

You should have a well-stocked emergency fund before you even consider making Bitcoin your next big investment.

  1. Do You Have a Diversified Portfolio?

Whether you are investing with a small amount of money or a large amount of money, diversification is key to protecting your portfolio and building for the future.

True diversification is not just a matter of holding different asset classes. It’s about diversifying across markets nationally and globally. It’s all about holding different types of cryptocurrencies.

To find out more about diversifying into the right assets, consider checking out TradingView for in-depth stock analysis. Read this review on TradingView to discover more about how it can help you construct a diversified portfolio.

  1. Do You Understand Cryptocurrency?

Perhaps the biggest mistake people make is not understanding what they’re investing in. They see the headlines about Bitcoin and decide that they want a piece of the action.

This is neither an intelligent nor a sustainable way to invest. Inevitably, these are the people who get burned when markets crash.

Before investing in Bitcoin, ask yourself whether you have an understanding of what it is and what drives its increasing and decreasing prices.

Take the time to understand the current regulatory system surrounding Bitcoin and the indications of what the future holds.

  1. How Will You Invest in Bitcoin?

There are so many ways to invest in Bitcoin. No longer do you need to operate on the shadier parts of the web to learn how to do it.

Platforms like Coinbase have become the de facto global market for investing in more than 32 different cryptocurrencies. Its recent listing as a publicly-traded company has only lent it additional credibility.

On the other hand, emerging platforms like BitIRA now allow you to invest in Bitcoin with investment instruments like an IRA. Check out this great review on BitIRA to find out more about how this works.

Determining the right way to invest in Bitcoin will ultimately influence your appetite for risk and dictate your future strategies.

  1. Is Bitcoin the Right Cryptocurrency for Me?

Whenever anyone talks about cryptocurrency, the instant assumption is that Bitcoin must play a role. The truth is that there are other cryptocurrencies run by successful businesses.

Various stablecoin and Dogecoin have seen dramatic rises in the previous few months. Some analysts believe that Ethereum has more potential to be the next big cryptocurrency.

Elsewhere, countries like China have already entered the arena by creating the Digital Yuan.

The point is don’t get fixated on Bitcoin. Think about the wider crypto world and where the opportunities could be.

Final Thoughts

Investing in cryptocurrency is not for everyone. Before putting your money into this area, make sure you’re aware of what cryptocurrency is and what influences its price.

Without that knowledge and belief, you’re playing with your family’s financial future by adopting a “hit and hope” strategy.

Do you think Bitcoin is a good investment for your family?



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    • jdpent01

      You need a bitcoin calculator to tell you the daily, weekly gains as its all done in fractions, if it stayed whole amounts and no fractional extensions would be easier. However that’s not the case, now taxes must also be calculated out for a net gain.

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