With prices recently hitting all-time highs, Bitcoin seems to be on everyone’s mind – but is now really the best time to invest?
Those currently considering investing in Bitcoin, have most likely done a bit of research recently. And therefore, those who are looking to invest, have probably noticed that the price of bitcoin has been all over the place lately.
And honestly, experts say, that it’s this unexpectedness that makes Bitcoin so lucrative in the first place. Which begs the question – Is now the time to buy Bitcoin?
To help you find the best answer to this question, we will cover the following points
- What is the current price of Bitcoin?
- What is Bitcoin’s predicted future price?
- Should you invest now and not later?
Let’s get started.
What is the current price of Bitcoin?
As of the time that we are writing this, Bitcoin (BTC) currently dipped down to the price of 41,759 EUR or 46,993 USD, making it more than twice as valuable as it was this same time last year. But 46,993 is nothing compared to what the price for Bitcoin was just a few weeks ago.
On Nov. 10th, the price of Bitcoin reached an all-time high of a whopping 68,000 USD, continuing the streak of 2021 being the best year yet.
But what goes up, naturally must come down from time to time, and this record-breaking year has also proved just how volatile the crypto market and BTC specifically can be.
What is Bitcoin’s predicted future price?
Due to the nature of the cryptocurrency market, making predictions on even the biggest coins like BTC can be quite difficult.
But experts generally agree that Bitcoin is well on its way to a record-setting price in the ballpark of 100,000 USD.
The reasons for these high price predictions? It’s a mixed bag.
Some experts say that Bitcoin will soon rise to the price of 100,000 USD because of its inherent scarcity.
Because BTC is currently at ~18 million of the maximum 21million coins set to be minted, which gives the cryptocurrency powerhouse an automatic raise in value through its relationship between fixed amount vs. an increase in demand.
The big question – should you buy Bitcoin?
First and foremost, it’s important to point out that Bitcoin is extremely unpredictable and comes with sizable risks. Just like all other cryptocurrency and non-cryptocurrency investments do.
But Bitcoin’s big risks can also come with huge rewards. It’s what makes the cryptocurrency world go round. With the potential of hitting a value of 100,000 USD in the future, many people have decided that now is the time to invest.
To know whether buying bitcoin is right for you at this moment, you should ask yourself a few things.
Are you looking to get rich overnight?
When deciding whether to buy Bitcoin, you’ll want to ask yourself what your goals are. Do you fully realize that Bitcoin, while it is an investment with great potential for financial gain, won’t be a get-rich overnight scenario? Buying BTC with this expectation in mind could set you up for failure.
Are you financially ready to invest?
One huge factor that will help you determine whether you should buy Bitcoin, seems simple enough, but it is worthwhile to really consider – are you financially in the position to invest in a volatile asset?
Investing in Bitcoin should be done carefully, and even if the value of Bitcoin has been steadily increasing, you should be prepared for a drop of value at any time. It’s just wise investing.
Quick recap
Bitcoin currently sits at 46,993 USD but based on how things have gone for the last year (a record-breaking one) experts predict that soon, BTC could reach a potential value of 100,000 USD.
This price prediction is driving people to buy Bitcoin at record-breaking numbers, but making the decision of whether it’s the right decision for you, should be carefully considered.
Bitcoin is the world’s most popular and most valuable cryptocurrency, in part thanks to its scarcity. But, like all investments, the risk is always there. Everyone’s investment portfolio, bank account, and instincts are different, so of course, there is no one definitive answer to whether you should buy Bitcoin.
We all must choose whether to put our faith in Bitcoin’s trajectory or sit back and watch.