Should I Buy Bitcoin?

Should I Buy Bitcoin?
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Should I Buy Bitcoin?

Bitcoin is a digital coin, based on a technology called blockchain and part of a new wave of digital assets known as cryptocurrency. It holds value like gold and a currency like the US dollar, but it is a completely different way to buy, sell, trade, and invest. Investing in Bitcoin is a risky move, as the market value is unpredictable and volatile. Buy or sell?

Bitcoin made the worldwide headlines recently when Elon Musk said he’s buying Bitcoin to the tune of a 1.5 billion investment. And if Elon’s doing it, well, demand for the digital coin skyrocketed. That was March 2020, and the price immediately doubled in value. And he says the price is nowhere near its full value. So should you join him and join the crypto market? Or should you find a different way of investing your cash?

The supply is endless. So there’s no rush. And the price is always fluctuating. Cryptocurrency has investors worried. It’s a unique asset class and investing isn’t for everyone. So let’s find out if Bitcoin’s currency is the right investment for you.

Disclaimer: Bitcoin’s price changes rapidly. Again, it’s volatile. And also, we are not Wall Street investors. Choose your path wisely.

Should I Buy Bitcoin?

Bitcoin is a form of cryptocurrency, also known as BTC. This digital currency is used for trading, investment, and to buy and sell assets similar to the US Dollar. Buying bitcoin is easy and many businesses now accept Bitcoin Cash. However, it operates outside of the central banking system, with no arbiter over its function. It's a 'decentralized' form of currency, just like other cryptocurrencies including Ethereum, Litecoin, and Ripple.

Bitcoin is the most popular of all digital currencies and the price of Bitcoin has been on a steady rise since its genesis in the early 2000s. It first made major news headlines in December 2017 when it reached a peak value and then promptly plummeted to nearly zero value. Despite Bitcoin's unpredictability, many investors buy in to the cryptocurrency market as a way to diversify their overall assets.

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Question 1/12

Do you like shopping on the black market?

  • All day, every day!
  • It depends on the deals.
  • I dabble.
  • How dare you ask me such a thing?
Question 2/12

Is anonymity your thing?

  • I love people knowing who I am.
  • I'm shy but, I don't mind taking credit where credit's due.
  • Only when it makes a difference in someone else's life.
  • I pride myself on shedding my ego. Wait... was that my ego talking?
Question 3/12

Did you listen to Rage Against the Machine in high school?

  • My favorite song was the national anthem.
  • Yes, but to study the words, not to enjoy the music.
  • I may have heard one or two songs.
  • It was the soundtrack to my youth.
Question 4/12

Did you sit in for the Occupy Wall Street rallies?

  • I strolled by and hung out for a minute.
  • I watched it on TV.
  • I couldn't stand those dirty hippies.
  • I often say I'm the real reason it started.
Question 5/12

Did you lose money when the housing market bubble burst?

  • Not enough to be angry about.
  • No. And in fact, I made money.
  • Yes, and my 401k.
  • Yes, but I made up for it with hard work and perseverance.
Question 6/12

Would you own a Tesla?

  • I own two of them already.
  • I'd rent one for a joy ride, but I could never own one.
  • I bike. Cars are too much of a pollutant.
  • Absolutely, if Elon Musk wasn't so obnoxious.
Question 7/12

Are you bullish with your retirement money?

  • Only when I know I have a lot to gain.
  • I buried it in my backyard and I won't touch it until I'm 70.
  • With certain investments. But I'm always saving for a rainy day.
  • Um...my accountant handles all of that kinda stuff.
Question 8/12

Could someone find pictures of you on Getty Images?

  • I'm sure you can, yes.
  • I hope not! And also, what's Getty Images?
  • One day, I certainly hope so!
  • One or two, but I'm not a celebrity if that's what you're asking.
Question 9/12

What type of asset do you prefer holding on to in the long term?

  • My dignity
  • Real estate mostly, but there are a few things I think will pay off in the long run.
  • I diversify to offset any real risk and to ensure my long-term gains are never lost.
  • I'm not exactly sure what you mean by an asset.
Question 10/12

How do feel about central banks?

  • I work in central banking.
  • They are evil.
  • They serve a purpose but are a little bit shady.
  • If you can't trust them, you can't trust anybody.
Question 11/12

Do you understand the concept of a blockchain?

  • Is it a sort of necklace or fashion accessory?
  • Of course, but I think it needs to be improved upon.
  • Mostly, although the math gets really confusing for me.
  • Yes, and it's the greatest invention since the internet was conceived.
Question 12/12

What kind of gold do you have in your house?

  • Bars in a safe in the basement
  • Some collectors coins and my watch
  • Bars, coins, jewelry, and a golden toilet seat I had custom made for my bathroom.
Calculating Result...

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