Fundstrat Global Advisors Co-Founder, Thomas Lee, has suggested in his latest tweet that people need to take a long-term approach to Bitcoin (BTC).
This trusted suggestion comes from Bitcoin being “a hyper volatile asset”, making it great for “dedicated traders”.
Lee’s tweet stated,
“For most, taking a long-term view is more appropriate.”
Lee’s response came after Bloomberg tweeted that Bitcoin is up by 39 percent this week alone, however, it had lost over $1,800.00 of value in one day.
Washington Post columnist, Michelle Singletary, has suggest in an article published that,
“The current price surge for Bitcoin has many people fearing they will miss out on a big opportunity to make a lot of money. But buying Bitcoin is still akin to gambling.”
In order to make positive gains from Bitcoin on a long-term basis, as Lee suggests, mining Bitcoin is by far safer, with zero risk, and means you are in for the long haul.
When buying Bitcoin outright, as Singletary suggests, you are essentially gambling, leaving your chances to make a profit very volatile.
Through mining, this gives you the opportunity to accumulate Bitcoin’s and you then have the choice to HODL, for as long as you wish, and cash in when the price skyrockets.
Analysts are predicting that the price of BTC will rise to all record of highs of $62,000 come October this year (2019).
Currently, at time of press, the price of BTC is $9.976.66 -11.7%.