Yes, it’s true, I did the unthinkable. I made a leap, I bought bitcoin and I am officially a hodler now. The word leap is appropriate. Due to my deep-rooted fear of dealing with money, since I did grow up poor and was never taught about dealing with finances. So I had and still have some catching up to do around that topic; like looking for a trading platform that is best for my current goals and setting myself a limit that I would like to invest in the next months … are relatively new to me.
What I learned so far is, that right now is the best time to buy. Since everybody is lamenting and the media is only talking about crashes and catastrophes. The next important aspect is, that buying the dip is not about waiting for the chart to go to the lowest low and then pouring all your cash in. By the way, you don’t go all in, never.
Instead, it’s a more a step-by-step approach, that looks like this: If you think a low point is reached, you put in some of your money and if you’re lucky the price goes down even more – so you buy again.
I got me some bitcoin twice under 20.000 Euro, I did not catch the lowest point at both times. But, I bought the cheapest bitcoin has been over a time period of months and even years, and I think that is the important part if you want to hold long term – like I intend to. Let’s see how this experiment enfolds.
The usual warning to all the newbies: Do your own research to find a strategy, that works best for your financial situation.