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If you’re thinking about buying Bitcoin right now in 2024. Bitcoin (BTC), the largest cryptocurrency, has been doing well. It gradually went up in 2023 and hit a new high of over $70,000 in March 2024.
It is very unpredictable and can change value quickly. It’s a high-risk investment. In this guide, we provide advice on Bitcoin investment and help you determine whether now is the right time to buy BTC.
Quick Insights
Bitcoin is a volatile and best investment with high potential rewards, but also high risks.
Bitcoin’s limited supply, decentralized nature, and potential as an inflation hedge make it a promising long-term investment. The upcoming halving event in Q2 2024 could further drive its value.
Before investing, do your research and understand your risk tolerance. Bitcoin may not suit everyone, so consider consulting a financial advisor before making any decisions.
Bitcoin operates on a decentralized Bitcoin network without a central authority, like a bank. It was created in 2009 by an anonymous person or group known as Satoshi Nakamoto.
Bitcoin is earned by “miners” who use computers to verify transactions. It can also be bought on various online exchanges. It’s the first and most famous leading cryptocurrency to the creation of many others.
Is it a good time to buy Bitcoin? With the increasing interest in Bitcoin as an investment, many are pondering if now is an opportune moment to buy Bitcoin.
Bitcoin has consistently outperformed digital assets since its inception in 2009. Its growth trajectory includes significant milestones, from being virtually worthless to trading at approximately $30,000. This immense growth, while promising, also highlights its volatility.
Bitcoin’s underlying blockchain technology enhances its value proposition. It offers a transparent, decentralized ledger system and facilitates fast, low-cost cross-border transactions, making it a potential medium of exchange and store of value.
Bitcoin’s supply cap of 21 million coins and predictable issuance schedule make it resistant to inflation. This finite supply, combined with increasing demand, can drive up its value over time.
Bitcoin’s decentralized nature ensures that no single entity controls it, reducing the risk of manipulation and censorship. This independence is a key attraction for many cryptocurrency investors.
Bitcoin trading is currently at a bear market discount, approximately 55% below its all-time high of over $68,000. Historically, purchasing Bitcoin during such downturns has yielded significant returns during subsequent bull cycles.
The next Bitcoin halving event BTC is expected in Q2 2024, reducing the mining reward to 3.125 BTC. Previous halving events have triggered substantial price increases, suggesting that now might be a strategic entry point ahead of the next potential bull run.
Bitcoin is increasingly seen as a hedge against inflation, particularly in countries experiencing high inflation rates. Its ability to retain value over time makes it an attractive option for preserving wealth.
Bitcoin’s high trading volumes and market capitalization of over $550 billion provide ample liquidity, making it easy for regular as well as institutional investors to enter and exit positions.
Some industry experts predict that Bitcoin significant long-term growth, with potential prices reaching $1 million per Bitcoin within the next decade. These predictions, while speculative, highlight the bullish sentiment surrounding Bitcoin’s future.
These factors influence Bitcoin to be a good time to buy Bitcoin, especially if you have a long-term investment horizon and are prepared for its inherent volatility.
As the crypto industry continues to evolve, investing in Bitcoin and cryptocurrency has become increasingly accessible to both seasoned crypto investors and newcomers alike.
Spot Bitcoin ETFs track the current price of Bitcoin. When you buy shares of a spot Bitcoin ETF, you’re essentially investing in Bitcoin’s current value. They trade on major stock exchanges and are available through traditional brokerage accounts.
Spot Bitcoin ETFs make it easy for regular people to invest in Bitcoin. They also open up new investment options for retirement accounts and other plans.
This is different from Bitcoin futures ETFs. Those are like bets on what Bitcoin will be worth in the future, not what it’s worth right now. They’re a bit more complex and involve predicting future prices.
Some traditional investment brokers like Robinhood, Webull, TradeStation, and Fidelity also offer Bitcoin trading. Just like buying stocks, you can purchase Bitcoin through these platforms.
These are like regular ATMs but for Bitcoin. You can find them in places like convenience stores. You can buy and sell Bitcoin using these ATMs, but make sure to check the fees before you do.
Apps like PayPal, Venmo, and Cash App allow investors to buy Bitcoin directly within the app. You can store, send, and sell Bitcoin using these apps, which can be convenient if you’re already familiar with them.
Some apps and online services allow you to buy and sell Bitcoin directly within the app. These can include crypto wallets, games, or other services that use blockchain technology.
Keep in mind that using cash in these apps might involve using a third-party service like MoonPay, which could have higher fees but quicker transactions.
The combination of its historical performance, technological foundation, finite supply, decentralization, current discount, upcoming halving events, inflation hedging potential, market liquidity, expert predictions, and increasing institutional adoption in financial markets make a compelling case.
Additionally, owning Bitcoin, which is one of the most significant assets in the world, can drive growth in your crypto investment portfolio.
However, it’s important to conduct thorough research and possibly consult with a constitute financial advice to align this investment with your financial goals and risk tolerance.
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Bitcoin (BTC) is a cryptocurrency designed to function as money and a payment method without the need for central authorities like banks.
Yes, Bitcoin holding can be good, but start small and focus on well-known cryptocurrencies like Bitcoin and Ethereum. These are generally less risky and solve real-world problems, making them good for long-term investments.
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