Optimizing an opportunity to invest in bitcoins

Bitcoin Questions and AnswersCategory: QuestionsOptimizing an opportunity to invest in bitcoins

Heather Trinese Berry asked 1 year ago

Since bit coins are worth 6000 and might reach 10000 in the next 6 months or more, what can I do now to optimize this opportunity before the increase? Do I invest in ETC or LTC?

1 Answers
Steven Hay answered 1 year ago

Hey Heather,
Well, if you believe Bitcoin is headed to $10,000 then invest in Bitcoin! If you look at the charts over this year, you’ll see that while Bitcoin has gone up very sharply, most alts have lagged, some (like Ethereum) have even been flat and stagnant while Bitcoin’s been rising.
I probably shouldn’t mention this as it’s extremely risky but… on certain exchanges, you can trade with leverage. This means that by buying $100 worth of Bitcoin, you’d get exposure to say $300 worth, through the magic of financing. This can amplify your profits if Bitcoin moves up but if it goes down (and it frequently does!) then you’ll lose 3x as much too… so a downwards move of $33 would wipe you out and the exchange would take your full $100.
I advise you to stay clear of leverage and altcoins and just buy bitcoins. Keep them in your personal wallet, ideally a hardware wallet, and wait for that $10,000. I also think it’s coming, I’m just not sure when!

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