Here’s Why I’m Buying Bitcoin Right Now
Key Points
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Bitcoin has always been highly cyclical, trading in four-year cycles of boom and bust.
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It has now been 10 months since Bitcoin hit its all-time high, leading many to think that Bitcoin may have finally bottomed.
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The long-term investment case for Bitcoin remains intact.
It’s easy to understand why so many investors are bearish on Bitcoin(CRYPTO: BTC) right now. It’s down nearly 50% from its all-time high of $126,000 last October. As a result, investment opportunities in AI simply look more appealing than Bitcoin right now.
However, Bitcoin has always been a highly cyclical asset, and the most bearish phase of that cycle now appears to be coming to an end. If that’s the case, now could be the best time to buy Bitcoin.
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Has Bitcoin hit a bottom?
In short, Bitcoin may have finally hit a bottom at $60,000. That’s the view of Coinbase Global CEO Brian Armstrong, who first called a Bitcoin bottom back in June. And it’s also the opinion of top tech investor Cathie Wood of Ark Invest, who recently suggested that Bitcoin has bottomed out.
Image source: Getty Images.
Keep in mind that Bitcoin tends to move in four-year cycles of boom and bust. Three good years are typically followed by one very bad year. It has now been approximately 10 months since Bitcoin hit its all-time high in October, so this very bad year is likely coming to a close soon. As early as this fall, Bitcoin may begin soaring upward again.
Of course, history does not always repeat, and past performance is no guarantee of future performance. But as both Brian Armstrong and Cathie Wood point out, the long-term investment thesis for buying Bitcoin remains very much in place. In fact, both think Bitcoin could hit a price target of $1 million or more by 2030.
Think long-term, not short-term, with Bitcoin
If you’re thinking about buying Bitcoin, you’ll need to adopt a long-term perspective. It’s easy to get caught up in the day-to-day and week-to-week market swings. Factors such as interest rates, oil prices, and the overall macroeconomic outlook matter, of course. But they may also make it confusing to understand what’s happening with Bitcoin, which has historically been uncorrelated with any major asset class.
As a result, the holding period for Bitcoin should be at least five years. That long-term, buy-and-hold approach will give investors enough time to recover from any market downturns and profit from Bitcoin’s stratospheric upside potential.
The path upward is likely to be volatile, but Bitcoin at $65,000 is simply too cheap to ignore any longer. If you’re willing to accept the risk that goes along with investing in Bitcoin, then now could be the best time to buy.
Should you buy stock in Bitcoin right now?
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Dominic Basulto has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool recommends Coinbase Global. The Motley Fool has a disclosure policy.
