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Best Time To Buy Bitcoin
Anyone who has ever placed a bet knows that you have a greater chance of winning if you know something of what you are betting on. This is reflected in the odds, the chances of winning are carefully studied and the odds of winning or losing are reflected in the judgment of the person giving the odds.
We have made a careful study of Bitcoin to see if and when is the best time to invest. Firstly let me say that I am assuming you know what Bitcoin is and how it works.
When introduced in 2009 it began a very slow build up and was classed as a wait and see by people who were potential investors. The advent of Silk Road and internet betting sites, mainly Bitcoin dice games gave the currency a boost. As with anything once the ball started rolling it gradually gained momentum. It started to gain recognition and therefore value due to supply and demand.
However, volatility took overdue to a number of factors. The currency was accused of being used for illegal purposes mainly through a site called silk road which supplied drugs, guns, etc, in fact, more or less anything that was illegal.
This was because of its anonymity and ease of use. Silk Road was closed down although with the dark net it did not make much difference. Illegal sites will always exist on the internet. In 2014 another episode made Bitcoin volatile, this was a fraud by a Japanese exchange called Mt. Gox. It caused a number of things to happen to Bitcoin.
The first was that regulations were put in place requiring the Bitcoin to be regulated. This meant that people started to recognize that Bitcoin was now being accepted by financial institutes. That is when the growth really began.
At the beginning of 2017, you could purchase one Bitcoin for approx. $1,000. Today Mid June it would cost you over $10,000. It is interesting to note that there was a worry that the price would take a dramatic fall due to a fork in Bitcoin with a view to speeding up transactions.
Having studied and taken into account all the information, charts, ideas, speculations etc. I have come to the conclusion that Bitcoin is an ideal investment for the future. Short-term it will vary up and down perhaps with a spread of $1,000 either way for next few months. Then it will rise in quick stages and could double or even treble in the next twelve months.