A couple of days ago I was talking with @empoderat which is an altcoin maximalist about the idea of buying Bitcoin in slow quantities for a long period of time. Even he is an alt-maxi he agrees that this is a winning strategy that will give us some profit if Bitcoin follows their path.
You can read his thoughts HERE.
The most fun part of this challenge is that we started the day that Bitcoin makean All Time High, this is probably the worst day to start, but with this strategy we don't care about the Bitcoin price as we will be making small buys every week.
The plan is to make between 100$-200$ purchases every weekend and keep stacking sats for the long term. This sats are not going to be spent, I am making a full commit on this. And it will be stored forever in the blockchain. 😜
1st Purchase - 20th of November.
I am planing to move the funds to the Celcius wallet to earn an interesting 4% APY for hodling the BTC there. I had some issues verifying my account that I think will be solved in the following days.
Until then I am hodling the BTC in the crypto.com wallet. Here the proof:
When is the best time to start DCA Bitcoin?
Well, the theory says that if an asset is appreciating in value over time the best time to buy it is NOW!
And the reason is quite simple, if the asset is rising in price long term waiting is not a good strategy. You are fighting against the odds.
You are not able to know the price of Bitcoin in the future, but if you believe in the core fundamentals of the asset you can conclude that the earlier you are in, the better.
In addition, spreading the purchases over time gives you a massive opportunity to buy at a great price. If you don't believe me, there is a chart made by @chartsbtc that shows it perfectly.
- 2017: 4,283 $
- 2018: 7,161 $
- 2019: 7,378 $
- 2020: 9,172 $
Take a look at the line starting to buy Bitcoin at the 2018 TOP. Look how cheap looks now that average price of 7,161 $.
I am really excited about this challenge! And I like that @empoderat is also on board!