Bitcoin might turn out better than gold in the long run. But either way, you should have both of them.
Based on the above monthly time frame chart that I have presented, bitcoin (where halving is just on the horizon) could test that $90-100k mark this year.
It will take a while and probably have a healthy pullback during the halving but in my opinion this is a buying opportunity for those who want to add bitcoin into their holdings.
On the other hand, gold is in uncharted territory. Gold is trading at an all time high. And how high can it go, nobody knows.
Gold has been used as a hedge when inflation is running hot.
Now that the Fed is signaling a rate cut in the near future, gold can get higher. The price of gold tends to go up during interest rate cuts because the bond returns look less attractive compared to gold.
Buying bitcoin is not as hard as buying gold.
In gold, you have to make sure you are dealing with the trusted sellers. Buying online imposes high risk as well. You have to make sure that you are really getting the real gold and not the gold plated one. The only way to check this is to have it tested by the experts.
How to Buy Bitcoin?
I buy bitcoin through crypto exchange then from it I transfer it to an external wallet for storage. I use Ledger for this.
Ledger is like a usb and it stores your private keys in a secure and offline environment. You just have to take really care both the passkey and recovery phase otherwise if you lose these, there is no way to recover your bitcoin.
The reason why I do not leave the bitcoin keys in crypto is that anything can happen. The fallout of FTX (another crypto exchange) will serve as a good example. Storing it in Ledger is way safer in my opinion as you have full control.
And when it comes to wealth accumulation, control is everything.
PS
If you think Bitcoin is for you and wondering how to get it, here’s a very straightforward and simple step.
Using my affiliate link, you will get the same commission amount that I will get, so it’s win-win set-up, alright.
- Open a Coinbase Account – we both get $10 each once you buy and sell worth $100 within 180 days of opening the account.
- Buy a Ledger – this is where you will store your bitcoin key. Also, if you use my referral link, we both get $10 each.
All affiliate commissions go to Sick Kids Foundation.
See you in our next play,
B + M Trader