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Should I Buy Bitcoin Today?

May 8, 2023 by Roy Donk
Home » Bitcoin Price » Should I Buy Bitcoin Today?
male and female hand with buy bitcoin apps on mobile smartphones. Should I buy bitcoin? Yes.

In my opinion, every day is a good day to buy bitcoin, so to answer your question, “Should I buy bitcoin today?”… the answer is yes. Of course, I cannot give any specific recommendation or financial advice to do anything. I can only tell you what I do, and the reasoning behind it.

The fact is, before you hit the buy button for the first time or the 50th time, you probably have a bit of hesitation.

What if the price goes down right after?

What if I can wait a day and scoop some up for cheaper?

I used to wrack my brain over things like this, but after a few years of buying bitcoin at different prices, I started to realize that it was pointless to worry about it. Long term, I expect the price of bitcoin to be much higher. I believe that ultimately, a single bitcoin will be worth more than several million dollars, so it doesn’t matter if I buy at $60,000 or $50,000.

Look at the price of bitcoin today. Would you care if you had bought it at $0.50 versus $0.60? Unlikely.

What’s more important to me than price is how much I can comfortably afford. It’s one thing to buy bitcoin, it’s another thing to hold onto it. Bear markets can be brutal, and more people become forced sellers than like to admit.

In This Article

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  • 4 Reasons To Buy Bitcoin Today
    • 1. You Still Own Zero Bitcoin
      • Bitcoin Is Here To Stay
      • Bitcoin Has Unique Properties
      • You Can Buy Just A Little Bit
    • 13 Bitcoin-Only Exchanges To Buy & Sell Bitcoin
    • 2. You Haven’t Stacked This Month
    • 3. Your Cash Isn’t Working Hard Enough
    • 4. You’re Overexposed To Legacy Financial Systems
    • 2023: Bitcoin Is Pumping, Buy Now Or Wait?
  • 3 Reasons To NOT Buy Bitcoin Today
    • 1. You Need The Price To Go Up Fast
    • 2. You Think You Can Flip Some Quick Profit
    • 3. Saw A Signal On Social Media
  • Should You Buy Some Bitcoin?
  • Frequently Asked Questions

4 Reasons To Buy Bitcoin Today

glowing orange bull with bitcoin logo and green arrows glowing shooting up

1. You Still Own Zero Bitcoin

Most people feel like it’s too late to buy bitcoin, but that’s definitely not true. There are only a few million people worldwide who own bitcoin, and it’s still a widely misunderstood asset class. As you’ll often hear from bitcoiners, we’re still early.

So in terms of price action, bitcoin still has room for significant upside if adoption continues to grow.

The bear case for #Bitcoin is to match gold's valuation – this would be a 30x, meaning a 3,000% return.

The high scenario is a 500x, meaning a 50,000% return.

(Note: numbers in real terms, aka inflation-adjusted)

This is my personal view after running the numbers… pic.twitter.com/jcSw7heHwt

— Jesse Myers 🚀 The Bitcoin Simplifier (@Croesus_BTC) May 4, 2023

Bitcoin Is Here To Stay

Bitcoin is the longest running, most well known digital asset. Cash App, one of the largest and most trusted financial services app, available on the Apple App Store, sells bitcoin. Bitcoin mining company stocks are available to trade on public markets. Tens of millions of Americans already own bitcoin.

Bitcoin is not going to disappear over night.

There certainly are risks associated with bitcoin, and there will continue to be headwinds for bitcoin adoption and price growth. However, there is essentially zero chance you’ll wake up tomorrow and bitcoin will be worth nothing.

So if it’s not worth nothing, what do you think it could be worth?

Bitcoin Has Unique Properties

It doesn’t matter if you buy it at $100 or $100,000. Bitcoin has unique properties which makes it useful as digital money. Many people fear buying their first bitcoin because they don’t want the price to go down. If you think less about the price, and more about what bitcoin actually does, then you might worry less about short term price fluctuations.

Bitcoin is an asset you can store without the help of a custodian, and you can move it easily to any location. When you buy some bitcoin, you own a portion of all bitcoin that will ever be created. The supply can never be expanded. Bitcoin can be used both as a way to store value AND as a way to buy goods and services.

These (and other) unique aspects of bitcoin mean that it has a good chance of being uncorrelated to other assets in the future. It could be a good way to diversify your portfolio of investments.

You Can Buy Just A Little Bit

You can buy a fraction of a bitcoin, and you don’t have to make bitcoin a significant portion of your portfolio. There’s a difference between understanding bitcoin and deciding you don’t want to own the asset, versus being unsure about it, but securing a little bit just in case. This is the famous “schmuck insurance” talked about by Chamath Palihapitiya who famously bought a million bitcoin back in 2013.

The more you know about bitcoin, the more you tend to own, so there’s nothing wrong with adding to your position at a later date.

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2. You Haven’t Stacked This Month

Once you buy a little bitcoin, most bitcoiners would recommend that you create a “bitcoin savings account” and stack a little bitcoin into cold storage every month. Since bitcoin is still in the very early stages of becoming global money, it’s important to have a low time preference or long term vision.

Bitcoin is savings technology. It’s hard money, meaning you can’t just hit the print button and make more. With bitcoin, code is law, and there are more than 10,000 Bitcoin node operators around the globe enforcing that law. You can’t make more bitcoin, but it’s likely that more people will become interested and want to buy bitcoin over time. Then, Number Go Up.

Of course, nobody knows when, or how fast, or how much bitcoin’s purchasing power will increase. There are many predictions out there, but the truth is, nobody knows what’s going to happen to bitcoin’s purchasing power in the future. We could tank 50% and go sideways for 3 years. That’s why it’s important to stay humble and stack. Bitcoin is the future of money, but you still have to live in the present.

Only buy what you are comfortable holding, and consistently stack every month. If you end up with more bitcoin by the end of the month, then you are doing it right.

3. Your Cash Isn’t Working Hard Enough

A powerful analogy I read in an investing book early on, was to think about dollars in your bank account like employees of a business. Each dollar should have a job, and the goal is to make your life “better”, or however you want to quantify it.

Some dollars have the job of keeping the lights on, paying the bills, and buying groceries. Some of those dollars work as a safety net, sitting there on standby in case you need them in an emergency. Some dollars can even be spent on company morale, i.e. entertainment & leisure. The majority of your dollars, however, should be put to work!

One way to put your dollars to work is by investing them. You could put some dollars into individual equities or index funds. Now, instead of sitting around on their butts, slowing losing purchasing power, they are earning dividends and growing in value.

Another way to put your dollars to work is to gain knowledge. You could purchase a book to gain literal knowledge and make yourself more marketable as an employee, or invest those dollars into starting a business, and gain practical knowledge, finding out what works or doesn’t work in an industry.

If you are looking at your accounts and you have too many dollars sitting around doing nothing, one way to make them work hard is to convert them into bitcoin.

You don’t have to send ALL your dollar employees to work on bitcoin. Just send a portion. Maybe consider them the cutting edge R&D department.

“It’s pretty strange really that we all see a good chance that bitcoins will hit a dollar in the relatively near future. How many investments can be expected to triple in value in that time frame? Is gold going to be $3500 any time soon? Apple stock going to triple? Maybe Facebook, if you could get some. That seems like a pretty sure thing. We are really lucky to be in at the beginning of a possibly explosive new phenomenon. Considering the odds against most money-tripling investments, Bitcoin looks like a good place for a percentage of your portfolio.”

Hal Finney

4. You’re Overexposed To Legacy Financial Systems

Right now is a unique time in history. I’m not knowledgeable or confident enough to give you a brief and accurate breakdown of everything going on right now, but if you just look around, I think everyone kind of gets that there’s some crazy shit going down. Prices are way up. Riots and protests are happening every couple of weeks or months. It’s legal to steal in some cities. Homeless is rampant. The world shut down for two years and somehow multibillion-dollar airlines got bailed out while your average person got a few hundred dollars of free money?

Real estate prices are at an all time high. Stocks are at an all time high. The US government has so much debt that it’s impossible to pay it off without inflating it away to devalue the currency which you are currently holding in your bank account. Shit’s crazy right now.

Personally, I’m not very confident about the future right now. I want a bug-out strategy. I need an exit plan. A safety net outside of the legacy financial system looks really attractive right now, and that’s exactly what bitcoin is. Bitcoin is Plan B.

Typically, when someone says “diversification”, you think of a mix of stocks, bonds, real estate, but what happens if the whole thing melts down like in 2008 or March 2020? Bitcoin is not just a diversification into a different type of asset, it’s diversification into a completely different financial system.

2023: Bitcoin Is Pumping, Buy Now Or Wait?

3 Reasons To NOT Buy Bitcoin Today

bitcoin logo on marble graves in green grass cemetary

1. You Need The Price To Go Up Fast

The worst reason to buy bitcoin is because you need to make money quickly. Nobody can predict market movements going up or down, and nobody can predict the timelines in which they happen. There are lots of stories out there of people making crazy money in a short amount of time, but there are many more of people getting liquidated and losing everything.

Bitcoin is NOT a get-rich-quick scheme.

If you need money fast, then you need to make other changes in your life first. Cut spending. Get a better job. Make changes to your life to get your house in order.

If you have money problems and you think owning a little bitcoin is the right path towards fixing things, just remember that a rule of thumb is that you should only buy bitcoin you think you won’t need for 5-10 years.

2. You Think You Can Flip Some Quick Profit

The market is full of crazy situations, and for as many times as you think you can make a trade in the right direction, there are exceptions to the rule that will get you liquidated. At the very least, you could lose some of your bitcoin stack.

If you are reading this article, you are not a professional trader. The simplest way to accumulate bitcoin is simply to stay humble and stack. Buy a little bit at consistent intervals.

If you’re considering trading, it’s probably because you want to make money fast. Your time preference is too high. You want more bitcoin, and you want it now! This is not a long term strategy for living. There are very, very few old traders out there. In my experience, most people who trade do so for while, but get sick of the high intensity, high risk environment. It’s super hard to make every trade go right when you depend on it for income to pay your mortgage.

Think longer term. Consider how you want to be earning income for the next ten years. Think about what you can do to improve your value in the marketplace. Set a goal of how much you want to save in bitcoin. Contrast that with trying to draw colored lines on a candle chart for 12 hours a day. Which one do you think is a more sustainable lifestyle?

3. Saw A Signal On Social Media

I am making sure to include this part because I previously fell into this trap. Learn from my mistakes. People on the internet very often don’t know what they’re talking about, and sometimes, they just make things up to troll or scam. I have read so many predictions over the years about what price target will hit at what date, and these predictions are more often wrong than they are right.

Make a wrong prediction? No problem. Delete the tweet.

History of wrong predictions exposed on Reddit? No problem. Delete your account and start a new one.

YOU are the one who bears the full weight of buying or selling bitcoin, and there’s absolutely no recourse for you if you take action on bad advice.

Final parting words here – don’t take action on something just because you read it on the internet. Think longer and deeper about it.

Should You Buy Some Bitcoin?

Everyone who thinks about buying bitcoin thinks that they missed the boat. They worry that they’ll buy a top, and the dollar value of their purchase will go down. In my opinion, if you think out on a long enough time horizon and understand what you are buying, the possibility of that scenario becomes smaller and smaller. This is why most bitcoiners claim they will never sell their bitcoin.

The “bitcoin thing” is really catching on, and so I think it’s a good idea for everyone to own a little bitcoin. What’s the worst that can happen?

One framework I like to use on nocoiners who are hesitant to buy bitcoin for the first time is to ask them to think 10 years into the future. Will bitcoin still be around? Do you think it’ll be worth more or less at that time?

Most people will answer YES and YES to those questions. Yes, bitcoin will still be around in 10 years, and yes, it’ll be worth more money. If you answered YES to both of those questions, then you should probably buy some bitcoin!

Frequently Asked Questions

Can Bitcoin Reach $100k?

Yes, it’s possible for bitcoin to reach $100k USD per bitcoin. However, many people predicated that this would happen in 2020, and it did not. There is no specific time frame in which this will happen, and no guarantee that it will actually happen.

When Should I Buy Bitcoin?

You should buy bitcoin when you have some knowledge about why it is valuable and you have a strategy dictating how much of your saved wealth you want to dedicate to bitcoin. Many holders have dumped their bitcoin during bear markets after getting “spooked” by low prices, forgetting why they invested in the first place, so education and asset allocation goals are key.

Can Bitcoin Make You Rich?

Yes, bitcoin can make you rich, but only if you know how it works. Buying a large amount of bitcoin and selling too early means you miss out on gains during bull markets. Denominate your wealth in bitcoin, and stack sats, then you’ll see that you’re always growing richer in bitcoin terms. This is the strategy of many long time bitcoiners.

What is The Best Day Of The Week To Buy Bitcoin?

There is no best day of the week to buy bitcoin. The price of bitcoin can go up or down on any day. Any trading strategies based around days of the week, such as “pumping on the weekends” or “selling on Sunday” is very amateur trading advice and often wrong.

What Time Of Day Should I Buy Bitcoin?

There is no specific time of day which is best to buy bitcoin. The price of bitcoin can do up or down at any time of day. In fact, the price of bitcoin can do a complete reversal, pumping in the morning and dumping in the afternoon, or rising in the evening and giving up all those gains over night.

Category: Bitcoin PriceTag: Buy Bitcoin

About Roy Donk

Bitcoin Foqus was started by a “Bitcoin Guy” who had nobody else to talk to about Bitcoin. I wanted to start a site that covered the basics of Bitcoin in an easy-to understand way, and remain focused on Bitcoin, without getting distracted by things like blockchain, crypto, or Web3. [More]

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Bitcoin for Beginners doesn’t go off into the weeds about blockchain and the history of cryptography. Finally “get” bitcoin with the answers to these four basic questions:

  1. Why does bitcoin have value?
  2. Why should you care about bitcoin?
  3. Can bitcoin go to zero?
  4. How do I know my bitcoin is safe?

You won’t survive the next bear market if you don’t know what you hold. Hit me up in the comment section if you have any questions.




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