Is now a good time to buy Bitcoin?

[2005jettatdi]

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.

May I suggest tulip bulbs? At least you get something solid. You do not invest in Bitcoin, you speculate. Same for gold and silver, except they actually exist. If you are looking for a place to park your money for a few weeks or months, I suggest an online savings account.

 

[ecotourist]

An important question is "do you have any debts?"

I'm not entirely sure how this works in the US but in Canada the interest on debts to earn income is income tax deductible. So there is income tax deductible debt and non income tax deductible debt. It's probably similar in the US.

To add to that, the income you make on an investment typically generates taxable income.

Putting all that together, if you have non income tax deductible debt with interest in the 15 - 20% range (possible for credit card debt), you would be hard pressed to find an investment better than simply paying off that debt. Better yet there is no risk whatsoever to this "investment".

 

[dblshock]

Yes, now is an excellent entry point IMO...prepare for a wild ride though... only the uninformed refer to BTC as a 'Ponzi scheme' actually the hardest money on the planet.

Fidelity Bitcoin First...

 

[demarpaint]

If you have to ask, it's probably not time nor right for you.

I agree, and I wouldn't be asking on an oil enthusiast forum.

 

[Dave Hess]

Yes, now is an excellent entry point IMO...prepare for a wild ride though... only the uninformed refer to BTC as a 'Ponzi scheme' actually the hardest money on the planet.

Fidelity Bitcoin First...

How much do you have invested in Bitcoin ?

 

[tblt44]

No

 

[dblshock]

How much do you have invested in Bitcoin ?

30% BTC (Bitcoin)
30% ETH (Etherium)
40% SOL (Solana)
and a small FTM (Fantom) position...All 4 are layer 1 Smart Contract Platforms, top 3 considered 'Blue Chip'

BTC market cap exceeds MS, JPM & BAC combined! so don't listen to the uninformed.

 

[PandaBear]

30% BTC (Bitcoin)
30% ETH (Etherium)
40% SOL (Solana)
and a small FTM (Fantom) position...All 4 are layer 1 Smart Contract Platforms, top 3 considered 'Blue Chip'

BTC market cap exceeds MS, JPM & BAC combined! so don't listen to the uninformed.

Sounds like Tokyo real estate in the early 90s.

 

[BMWTurboDzl]

Yes, now is an excellent entry point IMO...prepare for a wild ride though... only the uninformed refer to BTC as a 'Ponzi scheme' actually the hardest money on the planet.

Fidelity Bitcoin First...

The BTC market functions like the gold market it's just that BTC has comparatively limited utility which is why it fails as a currency.

 

[alarmguy]

If you have to ask, it's probably not time nor right for you.

^^^ This ^^^

 

[2005jettatdi]

Yes, now is an excellent entry point IMO...prepare for a wild ride though... only the uninformed refer to BTC as a 'Ponzi scheme' actually the hardest money on the planet.

Fidelity Bitcoin First...

Total nonsense. Bitcoin is not a Ponzi scheme, it is just a simple scheme. Bitcoin is NOT hard money, it is not money. It would be a commodity if it actually existed outside of someone's imagination.

 

[Dave Hess]

Ponzi scheme or just a simple scheme….. the IRS wants you to pay taxes on your Bitcoin gains.

Coinbase and others rightfully send your info to the IRS, which is a good thing.

 

[PandaBear]

The BTC market functions like the gold market it's just that BTC has comparatively limited utility which is why it fails as a currency.

Gold's utility isn't what makes it worth what it is. If anything Platinum is worth way more than gold but in reality it isn't.

BTC or other crypto is actually more like a collector's art market, like, you know, NFT.

 

[BMWTurboDzl]

Gold's utility isn't what makes it worth what it is. If anything Platinum is worth way more than gold but in reality it isn't.

BTC or other crypto is actually more like a collector's art market, like, you know, NFT.

I was comparing Gold to BTC. Obviously gold is widely used in industry and as jewelry rather than held in peoples safes as a hedge for the "end of times". The physical properties and relative scarcity make gold valuable. In any case I can see BTC as a NFT which is itself fairy dust. One of the biggest problems with BTC is its artificial scarcity because scarcity causes hoarding. The other issue is that coins can be lost forever. All of these attributes make it poor candidate as money.

Don't get me wrong. I know of people who have made a ton of $$ off crypto but none of them have more than a basic understanding of economics and they owe their good fortune to constant sales pitches from "experts".

 

[ecotourist]

I know of people who have made a ton of $$ off crypto but none of them have more than a basic understanding of economics and they owe their good fortune to constant sales pitches from "experts".

And luck in their timing.

Something that regularly increases in value will increase in value. People will buy "it" (whatever "it" is) because they expect to sell "it" to a greater fool for even more later. But if/when "it" stops increasing in value, watch out below.

Bitcoin has no intrinsic or widely accepted value. You could give me one and I would accept it, but only because I could (and would) immediately sell it (in exchange for money). I might even pay you 60 cents on the dollar for one because I expect/hope to exchange it for money before the price drops.

A US dollar has no intrinsic value either, but it does have a widely accepted and relatively stable value which makes it worth holding as a store of wealth.

 

[53' Stude]

NO

 

[Dave Hess]

Stories like this are a carrot to people with cash and lured into the idea of making very easy money.

Four ordinary people share how they got rich from crypto

Four ordinary Americans reveal how cryptocurrency made them rich enough to buy Maseratis and Caribbean vacation homes, and even quit their jobs.

nypost.com

 

[alarmguy]

I think the better question would be should I invest in QQQ
Everything looks great when something, like bitcoin or even a stock, index fund, fund goes down 20% or more. People ask should I buy it?
Well, sure, buy it, good deal, unless it goes down another 20%

Its why, if you are concerned about losing money in bitcoin, you shouldn't be in it. Stick to a value, physical company that has an earnings history based on products or a fund that even if it goes down more most likely would recover one day. Its early, Im babbling ... Barrons was in my mailbox and skimmed through it ... got me thinking.

 

[sw99]

Focus on what actual utility is offered. Do some research on ISO 20022 and see what roles will be played in the future financial system. I like XRP,XLM,ALGO in no particular order. 2022 will be a big year for crypto. Regulation and clarity are coming finally.

 

[alarmguy]

Focus on what actual utility is offered. Do some research on ISO 20022 and see what roles will be played in the future financial system. I like XRP,XLM,ALGO in no particular order. 2022 will be a big year for crypto. Regulation and clarity are coming finally.

Wow... haven't seen XRP mentioned in a forum before! I have owned XRP for years and years now.
Ill freak if the value ever shoots up so far that I became one of those people in the press *LOL*
I keep procrastinating and this reminds to get it together! I can see how people lose millions in bitcoin and XRP will never be a bit coin like bitcoin is. XRP is actually used as a instant payment system, seems kind of controlled.

I dont ever see XRP skyrocketing in value, Yeah, been up 100% or more but not 1000% )
Thanks for the reminder, my XRP is sitting on a hard drive on a computer that I haven't used in 4 years (hopefully not more)
I have a few older computers neatly set aside before throwing them out but I want to get the family photos off of them first.
I do sort of hope I have no issues getting the computer started. I need to get the photos off three old computers and then off to the dump.
Shouldn't be a big deal, then I have to reeducate myself to get the XRP off, I dont have a lot by any means, maybe the price of a good computer in value. Personally unless your looking for stability I look at it (for me) as a mistake buying it.