Historically, anyone who has bought Bitcoin and held it for five years or more has had significant returns on investment. If you had bought Bitcoin in December 2015, you could have bought it for $ 400, if you had sold it for $ 60,000 six years later, that would be 150 times the profit! The stock market doesn’t develop like that; Amazon is a success story for stock market traders with only 5x profit. Bitcoin has consistently proven to be the largest investment of the decade.
Before you buy bitcoin, you need to make sure that you are ready for it. Bitcoin is a very volatile asset. If you buy up and sell down, you can lose a lot of money. For example, if you bought Bitcoin for $ 19,223 in December 2017, you could have given it up and sold it for $ 3,500 in December 2018. that would be an 82% loss. However, the market is now above $ 19,233 up to $ 57,699. So if you buy $ 19,233 from ATH in 2017, you have a return on investment of 300% at current price
My personal rule of thumb is, if you can’t afford to buy Bitcoin and hold it for five years or more, then you shouldn’t buy it. If you need extra cash due to an emergency and need to sell your bitcoin, it may not be at a good time. What if someone put all of their savings into Bitcoin in December 2017 and then urgently needed the money in 2018? You would have lost 82% of your savings!
- If you don’t have enough cash to save to cover emergency expenses, then you shouldn’t buy bitcoin.
- If you don’t have medical care, then you shouldn’t buy bitcoin.
- If you have a large and expected cost, then you shouldn’t buy bitcoin.
- If you are emotionally unstable, then you shouldn’t buy bitcoin.
- If you can’t buy Bitcoin and hold onto it for years even though it is depreciating in value, then you shouldn’t buy Bitcoin.
I bought a piece of Bitcoin for $ 10,000 in January 2018. It took until June 2019 for the market to return to that price and there was no significant profit to be made until December 2020. When you buy Bitcoin you have to agree that there will be another bear market and that you will see your portfolio decline in value. If you are able to hold your coins through a bear market, you can make significant profits.
How to buy bitcoin
If you’re ready to buy Bitcoin and hold onto it for five years or more, you should check out Binance. With Binance you can:
- Buy Bitcoin with a credit card.
- Buy bitcoin in a variety of currencies including US dollars, euros, rubles, pounds and rupees.
- Buy Ethereum, Litecoin, Bitcoin Cash and other cryptocurrencies in your country’s currency.
- Spot Bitcoin and USDT trading for hundreds of different cryptocurrencies.
Good luck on your Bitcoin journey and don’t sell on a bear market!
About the author
Emmanuel
Emmanuel got into cryptography through trading and investing in 2014. He has led numerous crypto projects and is enthusiastic about blockchain technology
