Is it Too Late to Buy Bitcoin? XRP Lawyer John Deaton Weigh in!
In a world where volatility is the only constant, the sense of “being too late” often grips cryptocurrency enthusiasts. John Deaton, the legal maestro behind CryptoLawUS, recently shared his own experience on Twitter. He was gripped by the same FOMO when he first invested in Bitcoin at $9K, only to watch it soar to $19K and then nosedive. And guess what? Even Michael Saylor, an MIT rocket scientist and CEO of MicroStrategy, thought he was late to the party when he started buying Bitcoin at $30K.
The Numbers Game: Still Early Days
Hold your horses before you write off your crypto dreams. Current stats tell a different story. A mere 6% of Americans were invested in crypto in 2020, according to data. Fast forward to 2021, that number rose to roughly 22% of the US adult population. Globally, only 219 million people own Bitcoin, a mere drop in the bucket when you consider the world’s population is around 8 billion. Simple arithmetic tells you one thing: we’re still pioneers in a digital Wild West.
Forbes Chimes In The Dollar Cost Averaging Strategy
“Is it time to buy Bitcoin?” That’s the million-dollar (or perhaps Bitcoin) question. Forbes thinks so! They recommend a strategy as old as the investment itself—dollar-cost averaging. In simple terms, this means buying a fixed dollar amount of Bitcoin at regular intervals, irrespective of its price. This practice enables you to ride out the market’s inherent volatility and lowers the average cost of your investment over time.
This isn’t rocket science—it’s financial prudence. So, whether you’re a newcomer or an investor who’s been burned before, let go of that FOMO. Market trends and financial recommendations seem to hint that the Bitcoin rocket still has plenty of space for more astronauts.