Well, it’s time again most news channels, the popular ones mainly are again covering the Bitcoin Craze in 2020. The next bull run is yet to happen and just like 2017, most major news channels are yelling the rate of return on Bitcoin Investment and asking people whether they should consider Gold over Bitcoin or not.
To sum it up, here are some suggestions to new folks for the upcoming bull run, I would ask them to stay more cautious. The mistake which most new investors do is that they buy high and sell low. Remember the people who will make money in the bull run are long time holders and traders. If you are new, you are neither of them and you will end up loosing a bunch of money.
To start with, first of all don’t follow the news. They will make you feel FOMO and you will end up making a mistake. Another most important thing is to do your own research. If you are wondering where to start, first have a quick read of Bitcoin White-paper summary. Understand what is Bitcoin and what are you buying essentially. You need to understand that it’s not a money making machine like Fed. It follows normal demand and supply graph.
Also, if you are buying BTC, make sure that you use your own savings. Don’t even think of taking a loan or borrow money by selling your house in order to buy Bitcoin. If you are in debt, which most people today are, first clear that off. Don’t buy BTC if you are short on liquid cash. Maybe this bull run is not for you as it’s your first one but make sure that in next 4 years you make enough money to invest in 2025. Pay off your debt, dues and then put in the surplus cash into BTC.
I was 16, in the year 2017 when I saw the first bull run. At that time, I didn’t had money to put into the coin but whatever I invested, I made around $150 from it. Not much but was enough for me as a kid ! I learned a bunch of things and this time I am well prepared for 2021. Not everyone makes money in their first bull run.
First learn and then earn ?. All the best.