 Should you buy Bitcoin that is probably a question you're currently asking yourself right now That is also a question that we get every single day. So today We're gonna go over whether or not you should buy Bitcoin right now as You watch this video now. It might not be the answer that you want to hear But it's going to be the answer that you need to hear all that and more coming up Hey, what's up Jay here and welcome to Bitcoin daily bringing you guys the best tips tutorials and Ideas to help you guys become profitable and successful Traders the goal of this channel is always to empower you guys with the resources and knowledge to help you get to that next level So make sure to subscribe if you're new here and turn on that notification bell Also, make sure to hit the thumbs up on this video and share it with friends and family So we can continue to promote the mass adoption of cryptocurrency. All right So let's go ahead and jump right into what you guys came here for Should I buy Bitcoin right now? So it is a rather complicated question because there's a lot of things that you need to factor in when buying Bitcoin So the first thing that you need to know is that crypto currencies overall is Extremely high risk but with high risk comes high reward even only buying Bitcoin the most reputable cryptocurrency in the space. You're still basically investing into Experimental technology something in its infancy then when you start getting into outcoins, which is even more volatile That puts even a lot more risk on you So before answering the question of whether or not you should buy Bitcoin right now You shouldn't be making that decision based on Bitcoin's price You should be making that decision based on some questions that you should figure out for yourself and for everybody It's going to be a bit different. So here's some questions to ask yourself Do you have a lot of debt if you have a lot of debt, especially credit card debt, which charges you probably somewhere around 20% Yearly you should probably use that cash to pay that debt off first Because if you have debt that's charging you 20% yearly and then you instead of paying that off you buy Bitcoin Even if Bitcoin goes up 20% you're still paying 20% in debt. So that kind of you know what I mean So if you just pay off your credit card debt, which is charging 20% yearly That's basically a 20% gain right off the bat just by paying off your bad debt The next question you should ask yourself is do you have an emergency fund of at least three to six months? This is a very important question After you've paid off your debt or if you have no debt You need to have a stack of cash for at least three to six months for emergencies Imagine if you bought Bitcoin right now at 50k and then in a few weeks or a month from now You had an emergency where you had to you know, take out the money back out of Bitcoin And let's say at that point Bitcoin went dropped from 50k to 40k So you're basically down that 10k difference, but you had an emergency So you have no choice and you had to sell your Bitcoin and cash it out Then as soon as you cash that money out Bitcoin went right back up to 50k and you know It kept going up to 60 70 80k now You sold that a loss when Bitcoin is up from where you actually bought That's why you need to have an emergency fund so that even when you're down You don't you're not forced to sell and it could move in 20 25 or even 30 percent Increments at a time in either direction. The next question is will you need this money for bills in the next 12 months? And this basically goes the same thing with your emergency fund If you're gonna need this money for bills, you should not be investing at all in anything Do not invest any money that you will need to pay off bills in the next 12 months That should be a rule of thumb for any investment when investing in Bitcoin another question You have to ask yourself is will you be okay if you lost your total investment now? 99% of anyone who's ever bought Bitcoin if they just held They're in profit and they've never lost money, but Bitcoin is known to fluctuate and drop 50 to 80 percent in value it happened in 2018 when Bitcoin hit 20,000 and it dropped down to $3,000 now didn't go to zero But a lot of people did sell at a loss because they just couldn't take the losses It affected them on a day-to-day living So this goes back to all the questions that we asked previously and this should also be a rule of thumb when investing You should only be investing money that you're willing to lose Will you lose sleep over the ups and downs of Bitcoin? You have to accept the fact That Bitcoin is very very volatile the cryptocurrency market is very volatile It can go up 20% one day the same way it could drop 20% one day If you cannot handle the day-to-day ups and downs of this rollercoaster You should not be investing in Bitcoin or any other Cryptocurrency so if you're able to answer all those questions honestly and feel like yes You're ready to buy Bitcoin right now Then the next thing you're probably wondering is how much should I buy and how much money should I Put towards Bitcoin from my portfolio So what's the perfect amount to invest in Bitcoin or other crypto currencies? The short answer is that there's not one answer that's appropriate for everyone Everybody's going to be different So the recommended number by many financial experts that are in the Bitcoin space They usually recommend anywhere between one to five percent of your total investment portfolio So where on the one to five percent scale should you be in well that really all depends on you usually the younger You are the higher the risk that you can take some millennials have over ten percent of their investment portfolio In Bitcoin and the other ninety percent in memes stopped on Robin Hood I personally hold between twenty five to fifty percent of my total investment portfolio in Bitcoin right now Because we are in a bull run now as I see the end of the bull run get near this number changes So this number is always changing but as of this moment right now I hold about probably around fifty percent or more of my investment portfolio in Bitcoin, but It is an amount of money that I am willing to risk and willing to lose. I do not have debt I have an emergency fund. I do not need this money for bills in the next 12 months I would be okay with losing it and I do not lose sleep over the ups and downs of the market So what should I do? I can't make that decision for you But from all my years in the crypto space and all the research that I have done There is definitely a strong argument to have some of your portfolio Exposed to Bitcoin and other cryptocurrencies, but going all in that's quite extreme Now the only caveat to that might be if you're in total investment capital is really low like maybe under $2,500 and also if you're young Millennials generation Z That's only because in the grand scheme of your lifetime earning potential Losing that much wouldn't really hurt you in the long run if you lost it off All right guys So I'm gonna let you think about those questions and that number of total investment that you're thinking about making And while you're thinking about it I'm preparing to give you my answer on whether or not you should buy Bitcoin right now at its current price But before we get into that make sure that you subscribe if you're not subscribed yet to this channel Also, make sure to give it a thumbs up and turn on that post Notification Bell so that you guys are notified every time we post new videos up five times a week So should you buy Bitcoin right now if you've answered all of these questions already and you Figured out the perfect balance that you would like to expose your portfolio to Bitcoin Then the short answer is yes You should buy Bitcoin right now the reason why the fundamentals of Bitcoin are stronger than ever The bull run is just getting started some of the richest people in the world are Currently flipping over when they were against Bitcoin to now being pro Bitcoin and Bitcoin bulls You know what to say follow the smart money But if they got in this late, are they really the smart money? There is also now major major companies that are putting Bitcoin in their balance sheets And I'm talking about billions of dollars in Bitcoin Micro strategy Tesla Square just to name a few those are just the first dominoes to fall it is almost Guaranteed that more are coming if you're new here. Let me just show you how long the previous bull run lasted So just to get an idea on the time that the last bull run went for this is as far back as Bitmex chart here goes and it starts in 2015 and just look at this each candle here represents an entire week So there was of course drops during that time But you can just kind of continue going and we're already into 2017 that bull market lasted about Two years before going down So if we take a look at our current bull market when we started going up was in March of 2020 After the big dump So that still was not a bull market So if we say that maybe right around here when we broke that 10,000 mark Was a start of the bull market that would be saying that around July of 2020 is when the bull market started the bull market Just started we're not even an entire year in look how short this run has been when people are trying to judge and predict Bull markets they only look at price and forget that time is just as important So now that we have answered the main question on whether or not you should buy Bitcoin right now the next thing that you need to know is how should you buy Bitcoin right now? How you're buying Bitcoin is just as important as whether or not you're buying Bitcoin So when it comes to how should you buy Bitcoin the strategy that I always recommend everyone is dollar cost Averaging so what is dollar cost averaging dollar cost averaging also known as DCA is an investment Strategy in which an investor divides up the total amount to be invested across periodic purchases of a target asset in an effort to reduce the impact of Volatility on the overall purchase the purchases occur Regardless of the assets price and at regular intervals in effect This strategy removes much of the detailed work of attempting to time the market in order to make purchases of equities at the best prices So purchasing ten dollars every week for example would be dollar cost averaging This is mostly used for investors looking to purchase Bitcoin for long term So what are the pros of dollar cost averaging one? It reduces the risk of buying tops to it doesn't require a big upfront investment Three it gives you time to understand Bitcoin for it gives you an opportunity to buy Bitcoin at a discount five It reduces emotional stress now like it with everything else in investing There's always cons to every strategy so the cons with dollar cost averaging are one Eliminates the possibility of buying the exact bottoms to it takes some time to get the desired Exposure to Bitcoin and three you're gonna get potentially lower performance in a strong bull market Now let's look at an example of dollar cost averaging. Let's say that you invested ten dollars a week Every single week for the last three years your total investment would have been $1,570 out of pocket now the total value of that 1,570 out of pocket would now be $9,385 you'd be up right now almost 500% on your money Let's change that to a hundred dollars a week and see what kind of a difference that would have made so Investing a hundred dollars a week for three years starting three years ago You would have invested a total of fifteen thousand and seven hundred dollars that would now be valued at ninety three thousand eight hundred and fifty nine dollars again a total of Four hundred and ninety seven percent return on your cash So I know that was a very long and extended way on answering such a what seems like a basic and easy to answer question, but the thing is that it is a complicated answer and There's more that goes into making that decision of whether or not you should buy Bitcoin right now And for every person it's gonna be different So that's why it's so difficult sometimes to answer that questions when you guys ask me But now I have this video that I could just send you to when you ask me this question So if you guys enjoyed this video make sure to give it a thumbs up If you're not subscribed yet make sure to give us a subscription I would appreciate it so so much if you have any other questions about Anything that I covered today in this video drop it in the comments I'll be happy to give back to you guys with an answer and that's pretty much it guys remember that tomorrow I will be doing a market analysis on Bitcoin and going over some possible new trade setups Just like we do on every Monday and Friday on Wednesdays We do live streams where we cover Bitcoin and other outcoins as well So you want to tune in for those you can follow us on Instagram at Bitcoin dot daily as well where we post day to day stuff And if you really want to be a lot more involved in trading Then you can check out our trade room in the description below where we charge a small monthly fee And we share our exact trades that we make every single day. So that's pretty much it guys I hope you enjoyed this video and I hope you now have a better understanding on whether or not you should buy Bitcoin I'll see you guys on the next one as always peace and love