South Korean crypto developer Jimmy Song has urged investors, especially newbies, on the best way to invest in Bitcoin with the present trend maintained by cryptocurrency in general.
While a number of persons dabbed into Bitcoin owing to the far-reaching eruptive growth it witnessed late 2017, it has been observed that a number of the adopters lack adequate knowledge on how best to trade or invest in the technology as they continue to have high expectation for Bitcoin.
Due to this, the Bitcoin maximalist who doubles as an educator implored investors to be cautious when investing in BTC in spite of his great belief in the currency. Song said it would be unwise people spend more on BTC than they will want to pull out in the next five year.
The profound knowledge the man with many hats possesses about Bitcoin is sure a pivot for the series of advice he doles out to investors in the ecosystem. Song urged that people should not be forced to hodl the digital asset, but rather keep it voluntary.
With a proper understanding of Bitcoin’s volatility, Song implored investors, especially those who lack adequate knowledge, to only invest what they can sacrifice for the next five years. The counsel can be viewed as Jimmy telling investors to expect not too much from the currency, especially under the duration of 5 years.
Don't invest more in Bitcoin than you will want to pull out in the next 5 years.
— Jimmy Song (송재준) (@jimmysong) September 13, 2019
The Worse Time to Sell Bitcoin – Jimmy Song
However, Jimmy previously posited in a tweet that the worst time to sell Bitcoin is eight years ago. Further, the renowned crypto image said now is the second-worst time to vend Bitcoin out from your wallet.
The worst time to sell Bitcoin was 8 years ago. The second worst time is today.
— Jimmy Song (송재준) (@jimmysong) September 9, 2019
The developer concluded that it is not too late to get Bitcoin.
Song Believes Bitcoin ETF is Not a Game-changer
During a BlockTV interview on Sept. 10, Jimmy Song described that Bitcoin has the potential to witness price-wise growth independently without Bitcoin ETF.
Despite the hype surrounding the SEC’s probable approval of the Exchange Trade Fund, Song said it won’t be the “game-changer” as thought by many.
The developer, however, said bitcoin ETF is “more of a convenience play.”
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.