If you look at the Bitcoin price movement data released by CoinDesk for the past 2 years, it’s no wonder that Bitcoin is now in great demand by investors. In March 2020, the Bitcoin price was around US$6,500 (around Rp. 93 million). Meanwhile, in the same period this year, Bitcoin touched US $ 41,000 (approximately IDR 588 million). That is, the price of Bitcoin has more than fivefold increased in the last two years.
Experts predict that the price of Bitcoin will still rise for the next few years. In addition, the adoption of Bitcoin is increasingly being carried out in various industries and countries. With the lure of huge profits, and ever-increasing popularity, when would you think is the right time to start investing in Bitcoin? Don’t be carried away by trends!
The first rule before starting to invest in Bitcoin, or any other crypto asset, is: don’t invest because of FOMO ( fear of missing out) . There are many aspects that you need to take into account before starting Bitcoin investment. Not only observant of monitoring Bitcoin price movements, you also need to know how to get Bitcoin, what are the legal coins that are circulated in the country where you are domiciled, how to store Bitcoin safely, and so on. It doesn’t matter when you start, most importantly, you have enough information before deciding to start investing in crypto assets .
Find the Right Moment to invest Bitcoin
Buying Bitcoin when the price is going down, can be a pretty safe choice. Therefore, pay attention to whenever the Bitcoin price seems to be going down, and what other factors are influencing the Bitcoin price decline.
Monday is usually eagerly awaited by investors. Bitcoin demand on weekends usually tends to slow down. So, the price is likely to drop on Monday. You can also monitor the price of Bitcoin when it is at the support line. This is the lowest level in the Bitcoin price. However, the weekly price trend above cannot be used as a fixed reference, because Bitcoin prices are difficult for us to predict.
In addition to the two moments above, you can also pay attention to the opinions of important figures and the latest news about crypto, to look for gaps when the price will drop. Also pay attention to market sentiment, to convince yourself whether Bitcoin will rise again. After getting Bitcoin at a fairly low price, you can hold it until the Bitcoin price soars to resell.
Know Your Investment Goals
Bitcoin prices tend to fluctuate. But in general, the graph continues to rise. Actually, it is suitable for those of you who are looking for a long term Bitcoin investment. You can keep and not sell the Bitcoins you own, until the asset value exceeds the purchase price.
If you are that type of investor, then you can buy Bitcoin in small amounts on a regular basis. For example, you start investing in Bitcoin worth IDR 100,000 regularly every week or month, until the next year or two.
This way, you also don’t have to constantly monitor market prices. When Bitcoin suddenly declines or experiences sideways, you don’t need to panic.
The sooner the better, but don’t be in a hurry
Bitcoin still has a lot of interesting potential in the future. Moreover, along with the development of technology, crypto assets will be increasingly used. So, the earlier you start, the better. But remember, do careful research and don’t be in a hurry to get money.
Luno Indonesia provides access to various legal and trusted crypto assets, such as Bitcoin, Ethereum, XRP, and Litecoin. You can invest in Bitcoin and other crypto assets with a low fee of 0.75%. There are no other hidden costs. In fact, you can start investing in Bitcoin starting from only IDR 25 thousand.
Luno Indonesia also has a variety of payment options, making your deposits and withdrawals easier and faster. If you want to buy Bitcoin regularly, you can use the ‘Repeat Buy’ feature, then specify the amount and time of purchase according to your preferences.