Bitcoin has taken a major hit, but by the time you finish reading this article, it could be up again!
The cryptocurrency has been making headlines in recent months as its value soars.
But the volatility has made would-be investors a little weary.
The ups and downs
The staggering highs and lows of the cryptocurrency are sure to give anyone a feeling of motion sickness. In 2017, Bitcoin started at just under $1,000. It saw a high of almost $20,000 by mid-December and closed the year at just under $14,000, that’s a whopping gain of over 1,300 percent!
But so far this week - it’s tumbled 20 percent to the lowest level in more than a month. That could have something to do with a recent Bloomberg report that Chinese officials were cracking down on cryptocurrency trading. If that isn’t enough to make your head spin, some analysts are predicting that bitcoin will hit $100,000 in 2018!
Stay calm on this wild ride
First, don’t watch! The up and down is sure to drive you crazy.
Instead, decide on a price point where you would sell and set up an alert on your phone to let you know if it hits that price. Be prepared to own it for the long haul.
Digital currency is the future, so you should be prepared to own it for years. During that time you will see highs and lows.
Also, don’t bank just on Bitcoin. You might not be as stressed if you own more than one cryptocurrency and there are currently more than 2,000 to choose from. Diversifying your portfolio will rebalance your assets.
Know when to hold 'em, know when to fold 'em
It’s a gamble. Don’t invest more than you can lose. Control how much of your investments include cryptocurrencies. Many people think Bitcoin and cryptocurrencies, in general, are just a bubble waiting to burst.
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Speaking of Bitcoin, listen to my free podcast to learn everything you need to know about buying and selling the popular cryptocurrency
You’ve probably heard about Bitcoin, but like many, are completely confused by the new digital currency. Bitcoin’s value is soaring, but there are so many questions surrounding this fairly new cryptocurrency. Listen to my FREE Komando on Demand podcast as I answer the questions you’re too embarrassed to ask and find out the pros and cons of buying and selling Bitcoins.