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Should you buy Bitcoin right now? A handy 3-point checklist…

4 January 2021 2:31 PM
Tags:
CPF
Paul Roelofse
Personal finance
The Kieno Kammies Show
bitcoin
investing
investments
Certified Financial Planner
cryptocurrency
Jeremy van Wyk
crytocurrencies

You may be missing out on riches beyond your wildest dreams. Or not. Here’s a 3-point checklist to guide your decision.

RELATED: 'You can buy Bitcoin for as little as R10'


Every time Bitcoin booms – as it has so often since 2010 – those on the outside wish they had invested or wonder whether they should.

The world’s most popular cryptocurrency reached $20 000 in 2017 before crashing to $3000 in 2018.

Towards the end of 2020, Bitcoin traded at an all-time high of just below $30 000.

Should you buy Bitcoin right now?

© Inna Reznik/123rf.com

Related articles:


Jeremy van Wyk interviewed Paul Roelofse, a Certified Financial Planner (CFP).

Roelofse gave three reasons why you should NOT get involved with Bitcoin:

1. You don’t truly understand what it is

It’s too easy to get lulled into an investment through hype and speculation taking a chance not clearly understanding what you are buying…

Paul Roelofse, Certified Financial Planner

2. You think Bitcoin will increase as it has in the past

… markets do not go up in straight lines. In fact, from these levels the probability of this bubble bursting is huge…

Paul Roelofse, Certified Financial Planner

3. You don’t have money that you can afford to lose

... the risks are extremely high… huge swings up and down... If you are using ‘must have money’ which you can ill afford to lose you are asking for trouble. If you are using debt - you are in even bigger trouble.

Paul Roelofse, Certified Financial Planner

For more detail, listen to the interview below.




4 January 2021 2:31 PM
Tags:
CPF
Paul Roelofse
Personal finance
The Kieno Kammies Show
bitcoin
investing
investments
Certified Financial Planner
cryptocurrency
Jeremy van Wyk
crytocurrencies

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