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Now that Bitcoin has successfully broken through the $8,000 mark, a lot of people are asking whether or not it’s time to invest in the cryptocurrency or any other digital money. The answer to this question is complicated since a simple yes or no will not suffice.
Some wealthy individuals such as Warren Buffet, one of the most successful traders in the world, view Bitcoin as something negative. Buffet even called it rat poison squared at one point, Time reported.
So is this an indication that people should stay away from Bitcoin? The answer is no. While there is no denying that Buffet is a highly accomplished trader and investor, the man isn’t infallible. He admitted this himself when he said that he didn’t count on Jeff Bezos to see the success that the Amazon founder is currently enjoying.
It’s important to understand that when entering the world ofBitcoin, people are essentially gambling with their money. There’s no way to predict what will happen on the crypto market, and even those who are deeply involved in this industry have made false predictions in the past.
Ran Neu-Ner, host of CNBC Africa’s "Crypto Trader” and founder of OnChain Capital, said last month that he was betting on Bitcoin falling to the $5,350 level. But as the numbers are showing now, the complete opposite happened. As it stands, Bitcoin is trading at $8,238, higher than its value yesterday, $8,000.
If someone does want to invest in Bitcoin, they shouldn’t pay attention to these predictions and what news outlets are saying but observe what the data is showing. This is because of something called the availability heuristic.
The availability heuristic is a psychological tendency that compels people to be biased towards what the latest news is saying. This can be detrimental to the healthy decisions of a person, especially if that person is trading on the crypto market.
Right now, crypto-tracking sites are saying that a price correction will soon take place for Bitcoin as the bull’s momentum is slowly weakening and the bears might strike again. But again, this is not a certainty and traders should conduct their own research to make informed decisions regarding what’s best for their crypto investment.
