It seems like whenever "experts" or popular opinion predicts one thing about crypto currencies, the exact opposite happens. I'm not saying no ever predicts correctly - to be fair, there are plenty of competent chart analysts out there who have a good sense for the ebbs and flows of the crypto market. That said, I'm reminded every time I check the charts that the old adage for investing "never try to time the market", holds true more often than not.
My Story
Yesterday evening, close to midnight here in Hamburg, I had been debating whether or not to purchase 3 Bitcoin for my Roth IRA, (this is a retirement account, FYI for those of you outside of the US)...I found the decision almost an impossible one to make!
Ok, let me back up a step - I had already decided to purchase the Bitcoin because I absolutely believe in its long term growth potential, however, I wasn't sure if it was the best time to buy now in the short term. I spent hours obsessively researching...watching Youtube videos on Bitcoin price predictions, reading blog posts, chatting with fellow Steemians, etc.
After tirelessly scouring the internet for useful info, only one thing was ultimately clear - no one, not even "experts" know for sure what's going to happen. True, I did find MORE posts warning about a short term drop (some saying a week, others a few months), but there were still a few folks claiming Bitcoin had already gone through the dip and it was ready to hit the moon.
In a moment of complete exhaustion and frustration, I remembered the advice of my friend who always bought slow and steady, whether the price is up or down...it's all about the anti-investment, or not trying to time the market. I called my investment firm, BitcoinIRA, and executed the order, priced at $2,650.
I closed my eyes, fell into bed, and promptly passed out 2 seconds later.
The Future of Bitcoin
I admit I'm still wary of the upcoming potential fork, and definitely think there's an even greater likely hood it may drop in the next few weeks at least. (And seriously, the whole Bitcoin Cash thing, do people honestly think that's going to have long term staying power??) Buuuut...and that's a big but and I cannot lie...
I'm a firm believer that bitcoin will definitely be higher by the end of the year...but don't just take my word for it, do a quick Google search:
And now, here's the kicker... we come full circle. At the top of this post, I stated that really no one knows what's going to happen to Bitcoin in the short term. Yep, I'm considering the end of the year short term! 😝
While I, along with probably most of you Steemians hope this to be true, all we can be sure of is that we can't be sure, at least regarding short term fluctuations. You may be thinking there is even long term is an uncertainty as well, as there are a few disaster scenarios like an EMP, the internet getting "shut off" by the government (
Nothing is really certain in the end. That said, I strongly believe Bitcoin has a much better long term future than "traditional" investments like the stock market or bonds. At the very least, it can never hurt to put all your eggs in one basket. (I considered inserting an "eggs in one basket" meme, but that would've been too easy hehe 😉).
Rather, let me end with a formal, well thought out, unquestionably intellectual closing statement...
Long live Bitcoin!
What say you ____? (< Insert your name, or name of favorite GOT character here)
-How high will Bitcoin be by the end of the year? 5 Years? 10?
-Can Bitcoin possibly become obsolete in favor of other Cryptocurrencies, or will its long term staying power as the "OG of Crypto" endure?
-How do you buy Bitcoin...
Wait for the dips? Buy on a consistent basis no matter the price? Buy when you see it rise?
About Me
I've spent 7 years as Digital nomad in Hamburg. Although this is my homebase, I make tons of side trips (going to Split, Croatia next week!) and plan on blogging about it here.
Traveler, minimalist, drummer, climber, and Unicorn lover.
"Wow, you are so awesome Jordan, where can I learn more about you?" --> That is probably what you're thinking now 😎.😜..well, glad you asked! (Feel free to roll your eyes here) You can check out my intro post and say hi in the comments below :)