Is now a good time to buy Bitcoin?

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I'm thinking of buying Bitcoin. Is right now a good time, since it's dropped? I'm kinda hesitant because of the Ukraine situation and the Olympics. I'm thinking that if I buy now, in a a week or 2 after Olympics that it might drop.
 
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I'm 100% sure you know the answer is an impossible one, as the future can't be known. All we can do is rely on past trends as a guide to what may happen.

BTC_ALL_graph_coinmarketcap-d9e91016679f4f69a186e0c6cdb23d44.jpg
 
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Depends on whether you're an investor or a speculator/gambler. If you're an investor, in my opinion, there is no best time.

There is no reason to believe that any "security" will reach a previous value.

There is no fundamental reason to think bitcoin will be worth more in the future. It might or it might not. There is nothing to do more efficiently to increase its earnings. Bitcoin has no earnings to increase. The only way to make money on bitcoin is through the "greater fool" approach. You buy it and wait for a greater fool willing to pay more for it.

As you might guess, I have no bitcoin in my portfolio and I intend to keep it that way.
 
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I’m kind of opposed to Bitcoin cause there’s lots of fraud and folks getting their ‘coins’ stolen.

If you can make some quick money and get out…. buy it.
 

daves66nova

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Ok, I have about 45k, to invest while i find a property. So what is a good investment, where I can pull out at any time? I am not looking for big gains, just a s long as it makes something, instead of just sitting in my savings acct making nothing.
 
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Ok, I have about 45k, to invest while i find a property. So what is a good investment, where I can pull out at any time? I am not looking for big gains, just a s long as it makes something, instead of just sitting in my savings acct making nothing.
If you're investing in the stock market you have to plan to leave your money where you invest it for at least 5 years. And longer would be better.

If you're not planning to leave it for that long the only safe choice would be a short term government security, a cashable interest bearing security or a high interest savings account. In Canada that would be a Treasury bill, a cashable GIC or a high interest bank savings deposit - all of which pay next to nothing.

Here's a true story to illustrate the problem. My friend was building a house by himself, a very expensive house, and he had a lot of money on hand as he had just sold his professional practice.

Did he pay off his house as it was being built? He could have, but he did not. He invested the cash in the stock market and was making a lot of money with it. Remember the crash of '87. It wiped out a big chunk of his savings just as the bills were coming due, and building the house took a lot longer and cost much more than he expected. Not the best outcome.
 
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Ok, I have about 45k, to invest while i find a property. So what is a good investment, where I can pull out at any time? I am not looking for big gains, just a s long as it makes something, instead of just sitting in my savings acct making nothing.

I would buy two 500 coin monster boxes of silver American eagles and use the rest to pick up a few gold coins, like one ounce American gold eagle or gold buffalo coins.
 
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Ok, I have about 45k, to invest while i find a property. So what is a good investment, where I can pull out at any time? I am not looking for big gains, just a s long as it makes something, instead of just sitting in my savings acct making nothing.
So this is a money that you NEED eventually, not something you are trying to invest because it is excess. It is also not something you need for your next rent payment or your next meal, so it is not short term need.

In that case I would use it as a rainy day fund and maybe some small amount in index fund to test the water, but definitely not for bitcoin or any crypto.
 
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Here's my opinion-

Most of what Bitcoin is used to buy around the World is illegal stuff/activities. Drugs, illegal weapons, sex/human trafficking, etc. Ok, you can buy some stuff like cars and such with it.

None of that stuff holds any value. I don't know of a single real estate attorney that accepts Bitcoin at a closing.

When to buy it? I'd look for when the price matches what it was in early 2019.
 

daves66nova

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So this is a money that you NEED eventually, not something you are trying to invest because it is excess. It is also not something you need for your next rent payment or your next meal, so it is not short term need.

In that case I would use it as a rainy day fund and maybe some small amount in index fund to test the water, but definitely not for bitcoin or any crypto.
I have this money and I have an open HELOC loan, so when my realtor finds a good buy on a Tx property, I'll use it as a down payment.
 
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Ok, I have about 45k, to invest while i find a property. So what is a good investment, where I can pull out at any time? I am not looking for big gains, just a s long as it makes something, instead of just sitting in my savings acct making nothing.
Probably not worth the effort/risk because you open yourself up to short term capital gains if you're going to pull the money out this tax year. There's also a lot of regulatory uncertainty around cryptos. The market is driven the the Fear of Missing Out and the Greater Fool Theory.

IMO the crypto ship has sailed but it hasn't stop my wife from buying $100 of BTC ever month. :rolleyes:
 
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