What is Bitcoin?
Before diving into whether you should buy Bitcoin, let’s quickly cover what Bitcoin actually is. Bitcoin is a digital currency that operates on a technology called blockchain. It was created in 2009 by an anonymous person or group of people using the pseudonym Satoshi Nakamoto. Unlike traditional currencies, Bitcoin isn’t controlled by any government or central authority. Instead, it’s decentralized, meaning it’s maintained by a network of computers around the world.
One of the most unique aspects of Bitcoin is its limited supply. There will only ever be 21 million Bitcoins, which makes it scarce and potentially valuable over time. Think of it like digital gold – except instead of being stored in a vault, Bitcoin exists purely in digital form and can be transferred instantly across the globe. Many people see Bitcoin as both a store of value and a revolutionary financial tool.
If you’re interested in learning more about the fundamentals of Bitcoin, including how to buy, store, and secure it, my e-book "A Guide to Understanding Bitcoin" offers a comprehensive yet beginner-friendly guide.
Bitcoin Hits $100,000: A Milestone Moment
Before diving into this blog, I just want to take a moment to share how excited I was when Bitcoin hit $100,000 last night on 12/4/2024. It was such a special and surreal moment! I couldn’t help but congratulate my boyfriend, who has been a steadfast believer in Bitcoin for so many years. Watching him stay committed through the ups and downs and now seeing how much Bitcoin has grown has been so inspiring. To everyone who took the leap and invested when it felt risky or when others doubted it, kudos to you! Your belief and courage are truly something to celebrate. 🎉
Now let's get to this!
Bitcoin has been making waves for years, and if you're curious about it, you’re definitely not alone. Two of the biggest questions people ask are: Should I buy Bitcoin now? and Is Bitcoin going to go up in the future? These are great questions and ones I’ve wondered about myself. In this post, I’ll share some thoughts based on my experiences and research. Remember, though, I’m not a financial advisor, and this is purely for educational purposes.
Oh, and before we dive in, if you’re new to Bitcoin and want an easy guide to help you understand how it works and how to invest, check out my "A Guide to Understanding Bitcoin" e-book. It’s a simple, straightforward resource designed to help you start your Bitcoin journey with confidence.
Should I Buy Bitcoin Now?
Let’s start with the first question. Should you buy Bitcoin now? It’s all about timing. One thing I’ve learned is that it’s usually not a great idea to buy Bitcoin at its all-time high (ATH), that’s when it’s reached its peak price so far. For example, if Bitcoin shoots up to $103,000, it will likely pull back to a lower price, maybe around $96,000. That pullback can be a better time to buy.
This doesn’t mean buying at a high price is “bad”, it just means there’s a rhythm to how markets work, and waiting for those natural dips can give you a better entry point. Patience is key here. The market has cycles, and understanding those cycles can help you make better decisions.
Also, remember that if you don't have all the money to purchase a whole coin you can buy a fraction of it. Here are some graphs to help you understand how this works.
Is Bitcoin Going to Go Up in the Future?
This is the big question, right? And while no one has a crystal ball, history gives us some clues. Bitcoin’s price has typically followed a four-year cycle tied to something called "halving," where the supply of new Bitcoin gets cut in half. When supply decreases and demand grows, prices often rise.
Michael Saylor, the CEO of MicroStrategy, is one of the most vocal advocates for Bitcoin’s long-term potential. He’s talked extensively about how Bitcoin is becoming a valuable tool for protecting wealth and fighting inflation. If you’re curious, I recommend looking up his talks on YouTube, they’re packed with valuable insights, even if you’re just starting out. Here is the link to the video.
That said, Bitcoin’s future looks promising, but it’s important to approach it with realistic expectations. The price might not skyrocket overnight, but many experts believe it has room to grow over the years as adoption increases.
So, should you buy Bitcoin now? Well, that depends on your goals, your understanding of the market, and your patience. Bitcoin often pulls back after hitting new highs, and those dips can be the perfect time to invest. And as for the future? History and experts suggest that Bitcoin’s value may continue to grow, but remember, investing always comes with risks.
If you’re looking for help in understanding Bitcoin more or don't know where to buy it, where to store, etc. I recommend you to invest in my e-book, my "A Guide to Understanding Bitcoin" it will help you tremendously. It’s a simple guide to get you started, especially if you’re new to the world of cryptocurrency.
Most importantly, take your time, learn as much as you can, and make decisions that feel right for you. This isn’t about getting rich overnight, it’s about building a future one step at a time.
Have a blessed day and stay kind. 🫶🏽
-Coach Heidy