G'day all,
I am looking at buying some BitCoin, but I'm 100% nervous about doing it. Apparently it is on the rise at the moment but I fear once Trump turns the election around, the world will have faith in the USD again and BitCoin will go down.
How's my logic? Flawed?
Any advice would be appreciated.
What I've done. I have BTC and gold and silver. At 26k BTC is a short term gamble. Gold at 1880.00 is where you want to be. You get in for a lot less, its 100% liquid at whatever the market is that day, and if you secure it safely, NOT in a bank safety deposit box, when the economy tanks, and it will, you will get a nice return. Then if you want to take out some profits or let it ride. Gold has been money for 5,000 years. Not giving financial advice, just what I've done since gold was 300 an ounce and silver 4.86 an oz. Bought BTC at 1200.00. Not being a smartass, I'm in my 60's and conservative.
I have a mate like you and I'm very jealous... But at the same time I am just way too...... scared(?) to do it....
I've purchased $100 worth for now, just to dip my toe in, and I might follow the strategy of u/doucheyllama (not sure if that's how you tag users, I've never done it).
I'll have to start looking at gold, do you physically handle it (Ron Swanson style) or is it all digital for you?
Don't buy digital gold, buy the real stuff. You can purchase 1/10 oz 1/4oz, 1/2oz to lower your outlay however you'll pay a higher premium, ok? I don't know Ron Swanson. Maybe initially you start with 1/2 oz gold, 40 oz silver, and buy some fractional BTC. Heck, you can buy 10.00 worth or 100.00 or 1,000.00 or really any amount you can reasonably afford. Don't overextend yourself and decide to hold it or "hodl" as we long term holders call it.. Stands for holder. Honestly, I only keep 200.00 in the bank cause the hacking can come unexpectedly and then poof out of luck. The reason I told the room not to put cash, gold, or assets (other than deeds, wills, etc) in a bank deposit box is if we ever have a national emergency the DHS will close every bank, and all the assets in the boxes will be gone except deeds, etc. I've never trusted the govt. I have a very conservative approach as does my wife. My adult kids have more of those 3 asset classes than my wife and I do, and that's great, my son tried to talk me into buying BTC when he did at 200.00 and I didn't understand the cryptocurrency (conservative here) but My wife, daughter and I all jumped in at 1200.00 and it has halved a couple of times so not bragging we've all done really well. I hate to boast to someone that's just trying to get started cause I understand the hesitation/uncertainty of the risk of money. But cash is no good. I hope you do well. Don't let anyone talk you into the ETF gold okay? GLD, SLV, and the like. People think they are buying gold but if you look on the prospectus they are just gonna pay you off in cash, so be careful. Good luck!! This is not financial advice, it's just what I've done and it has worked for me. Last Dec 26 BTC was 7,266.00 and this Dec 26 it was @ 25,000, 00 or so, so BTC I "think" could go over 100K and then some. As fiat currencies get more and more stressed we will see countries, and some have started, to jump in and when they jump in they might 1B at a crack, which can really skyrocket your BTC. To be honest, my wife and I are just gonna split the 3 assets with our kids and grandkids so we just putz along not looking to buy a bigger home or fancy car or even to get rich, we're comfortable and we're satisfied. Take care.
Thanks mate, I appreciate it.
Think I'll need to buy a safe