Bitcoin is the biggest story in finance this year. Many of you may not have participated in Bitcoin’s insane move this year, and are feeling like you missed out. Maybe you didn’t have the capital, you thought it was up too much to buy, or maybe you sold way too soon. If you missed out, don’t worry. This will not be the last chance you have to capitalize on this incredible cryptocurrency trend.
Nothing Goes Up At This Rate Forever
You have probably been seeing everywhere that Bitcoin is a bubble. It’s simple supply and demand. Eventually people will want to take their profits, all the people that bought at the top will be forced to sell, and new buyers will stop coming. We may think a correction is coming, but timing it is another hard task. It’s painful to watch Bitcoin keep going up at such an incredible rate, but a correction is inevitable. Once there is a correction, there will be better risk versus reward to take a position in Bitcoin for the longer term.
Bitcoin is Not the Only Cryptocurrency
If you missed out on Bitcoin, there are plenty of other altcoins that have promising technologies like Bitcoin. There are hundreds of cryptocurrencies out there. Many of them are poor investments for the long term, but there are still many quality altcoins to invest in with a legitimate technology and company behind them. Ethereum, Litecoin, and Dashcoin have yielded over 400% returns each in 2017 alone. Be sure to thoroughly research any altcoin you’re thinking about putting money into, as there are many sketchy “pump and dump” type altcoins out there.
Hindsight is 20/20
I’m sure you have seen “If you had put $1000 in Bitcoin in 2010 you would have X million today?” on all of your social media feeds the past few months. In hindsight it feels like you missed out on a big opportunity. But in 2010, who knew that it would be worth over $10,000 per coin in 2017. There is no reason to feel guilty that you didn’t get in when it was that speculative of an investment. It’s better to join a developed trend then get in too early, where you’re just praying that it starts to move. There were thousands of other investments at that time that claimed to be as promising as Bitcoin that have not yielded anything meanful since then. Catching a trend like Bitcoin at the very beginning is a 1/1000 occurrence.
Here is a great tweet from Bobby Lee, Co-founder & CEO of YourBTCC and Board Member of BTCFoundation.
There are so many altcoins with great momentum these days it’s hard to keep track of all of them, and find an entry before they make a big move. In our cryptocurrency trading room, we have hundreds of eyes and people calling out the biggest altcoin movers each day. If you want to stop missing out on the big movers, feel free to join our community!
Kunal Desai is an American day trader (stocks and cryptos) and founder of Bulls on Wall Street and Bulls on Crypto Street, two online trading academies and informational publications. He has been featured in many high profile publications like Inc, Forbes, Buzzfeed, and Fortune. He has spoke at trading and business events all across the World.