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Should you buy Bitcoin right now? A handy 3-point checklist…
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?
Related articles:
-
How to feel about yourself if you haven’t invested in Bitcoin
-
Ban Bitcoin! - Nobel Prize-winning economist Professor Joseph Stiglitz
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.
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