What to consider for Bitcoin investment?

ranochigo

legendary

Activity: 3038

Merit: 4418

Crypto Swap Exchange

Quote from: pooya87 on November 20, 2020, 01:16:56 AM

well for the past decade that bitcoin market existed it never depended on any other market and has never been affected by any of them. there is no reason for it to start now either so checking these things is pointless.

the only thing i personally consider when buying bitcoin is first the benefits of using bitcoin as the only available decentralized censorship resistance global currency and the long term potential that it offers.

Hmm but the general trend is that when US market tends to do well, Bitcoin prices will rise too. As for the correlation, I'm not too sure about that because I don't have the specific market data to test for the correlation. I feel that it could also be the case whereby the news that benefits the US economy tends to paint Bitcoin in a more positive outlook as well. The recent rise can no doubt be attributed to the purchase of Bitcoin by the investment firms but it could also be related to the upbeat news of Covid vaccine as well.

Would be great if any economist or someone with skills that relate to the expertise to weigh in on this though.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: willywilly on November 19, 2020, 09:17:18 PM

Like Gold Price? Nasdaq index?

well for the past decade that bitcoin market existed it never depended on any other market and has never been affected by any of them. there is no reason for it to start now either so checking these things is pointless.

the only thing i personally consider when buying bitcoin is first the benefits of using bitcoin as the only available decentralized censorship resistance global currency and the long term potential that it offers.

ranochigo

legendary

Activity: 3038

Merit: 4418

Crypto Swap Exchange

It's pretty hard to determine the right time to buy into Bitcoin. But a trend that I've noticed recently is that Bitcoin is usually strongly correlated with the stock markets. At the same time, companies started to increase their Bitcoin holdings and the volumes spiked pretty heavily. It's still fairly inaccurate though, I find DCA more worthwhile for me.

maydna

hero member

Activity: 2912

Merit: 556

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: willywilly on November 19, 2020, 09:17:18 PM

What factors will you consider for Bitcoin investment? Do you also compare other indexes to check when it is a suitable time to buy in or out for Bitcoin? Like Gold Price? Nasdaq index?

The price factor that I consider why I invest in bitcoin because I believe that the bitcoin price will soar to the high price. It will surpass the gold price, and if you don't have gold, you can use bitcoin as your investment.

I don't compare bitcoin with the other indexes because I don't have much information about that, even I don't always check the gold price. I only check the bitcoin price because I invest in bitcoin, although I have a small amount of gold. I tried to buy bitcoin whenever the price drops deeper, but I don't just buy directly because I always try to analyze the trend, price, and situation before I purchase bitcoin.

cryptoaddictchie

legendary

Activity: 2268

Merit: 1379

Fully Regulated Crypto Casino

Quote from: willywilly on November 19, 2020, 09:17:18 PM

What factors will you consider for Bitcoin investment? Do you also compare other indexes to check when it is a suitable time to buy in or out for Bitcoin? Like Gold Price? Nasdaq index?

Yes it is important. Im more into crypto so I always tend to look on the tech and fundamental aspect when regards to market price. I think that bitcoin is also comparable to other indexes but some people tend to correlate it more on stock market. When stocks are down then they check and review its effect on crypto market of bitcoin, but Im not a guy refers to that. More of marketcap and price valuation based on tech charts and hype news.

Lorence.xD

sr. member

Activity: 1624

Merit: 315

Leading Crypto Sports Betting & Casino Platform

If you compare to other existing market index, in my opinion comparison will only confuse you as an investor, you can study the graph of bitcoin but to compare it to other indices is a far fetch. The factors that you only need to consider is the prices of bitcoin at a given time because this is what seperates you from losing your investment or profiting from it.

harizen

legendary

Activity: 3122

Merit: 1398

For support ➡️ help.bc.game

Quote from: willywilly on November 19, 2020, 09:17:18 PM

What factors will you consider for Bitcoin investment? Do you also compare other indexes to check when it is a suitable time to buy in or out for Bitcoin? Like Gold Price? Nasdaq index?

Set aside comparing but focus first on why you should consider bitcoin investment.

Learn the risks, learn the advantages, learn the disadvantages, and any things that need when starting an investment.

While in progress, you will eventually learn the difference between bitcoin to other assets, and from there, you can now make a conclusion if it makes sense to push or continue your crypto investment.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

We can't really accurately compare bitcoin to other assets because it's a pretty unique asset. Though we could also compare bitcoin with gold for it's "hedge" characteristic, making assumptions like how bitcoin could grow a lot from here if it actually reaches gold's marketcap.

Personally though? As a person who's totally bullish on bitcoin, I just continue stacking regardless of price as I personally think it could be worth a lot more in the mid-long term future.

willywilly

newbie

Activity: 12

Merit: 1

What factors will you consider for Bitcoin investment? Do you also compare other indexes to check when it is a suitable time to buy in or out for Bitcoin? Like Gold Price? Nasdaq index?

Topic: What to consider for Bitcoin investment? (Read 178 times)