Should You Buy Bitcoin At $70,000?

Should You Buy Bitcoin At $70,000?

Ever since I recommended bitcoin back in early 2016 at about $400, people have asked me, “should I buy bitcoin today?”

They asked me that same question when bitcoin hit $600, $800, $1,500, $5,000, and $20,000.

OK… You get the idea.

It's been an age-old question asked of me…”OK, T, but is now the best time to buy bitcoin?”

I get it. $70,000 bitcoin looks expensive. But at one time, so did $500, $5,000 and $50,000. But if you bought bitcoin at any of those price levels and held on, you’d be up.

Friends, what I’ve learned about bitcoin is that if you want to make a lot of money from it you have to abandon that question (is now a good time to buy?) and make peace with the idea that – at some point in your bitcoin ownership journey – you’ll experience face-melting paper losses.

One of the smartest bitcoin investors I know got smoked on his first bitcoin purchases. He lost 50% within days of getting involved in bitcoin.

What was his entry price? It was $600. Over his initial holding period, he would watch bitcoin get as low as $175. That’s a 70% loss.

So even those who were “early” had to live through gut-wrenching volatility. But today at $70,000, do you think he cares about that volatility?

Heck no. And neither should you. As I’ve written recently, over the next 6 years bitcoin has at least 10x upside potential from current prices.

“Ok, T, but should I buy bitcoin today after it just hit a new high?”

This is another question I get a lot.

The answer is that it depends on your situation.

Let’s assume you own no bitcoin. Should you buy some now that it has breached an all-time new high?

Let me answer this way…