Du Jun, the co-founder of Huobi, had expressed his belief that the next Bitcoin halving would not happen earlier than the end of 2024. Hence, the digital asset community is in the early stage of a bear market, which experts believe is the best time to buy.
Basing his hypothesis on the next Bitcoin halving, which is slated for 2024, Jun, in his opinion, made it clear that the next bull run would only occur by the end of 2024, or early 2025.
“If this circle continues, we are now at the early stage of a bear market. It is really hard to predict exactly because there are so many other factors that can affect the market as well […] Following this cycle, it won’t be until the end of 2024 to the beginning of 2025 that we can welcome the next bull market on Bitcoin,” the Huobi co-founder stated.
Why now is the best time to buy
Going by Jun’s prediction and current market realities, BizWatch Nigeria understands that the crypto’s bullish momentum has weakened in recent times, which signaled low interest of purchase. Hence, it is a smart move to buy for a first-timer especially.
Bitcoin is off to a horrible start to the year, and it could fall further. If you’re a Bitcoin believer and have some cash to splash, buying now may make sense, especially if you are prepared to wait out any further drop.
It is in this light that BizWatch Nigeria presents below seven things to know before making your first Bitcoin purchase:
It is very volatile –Unlike a traditional financial marketplace, only a few people use Bitcoin. Hence, it is limited in supply. So, prices of this digital asset fluctuate because it is influenced by supply and demand, investor and user sentiments, government regulations, and media hype.
It is a decentralised currency –As a cryptocurrency, Bitcoin is not regulated by any regulatory body, financial institution, or government. In view of the fact that it goes under a decentralised framework, one doesn’t have to worry about devaluation or seizure by a third party.
It is pseudo-anonymous –You can’t physically touch Bitcoin even though you want to exchange it. Like every other cryptocurrency, the only way you can transact with it is through the internet. While one doesn’t have to share his or her personal information before reading this digital asset, it is noteworthy to state that transactions can be traced through blockchain technology.
It is a real currency –Like Nigeria’s naira and the United States dollar, even though it cannot be physically touched, Bitcoin can be used for the purchase of merchandise and ventures.
Your fortune can easily be wiped out –One has to be very cautious of exposing his or her wallet to hackers. Blockchain technology can make transactions safe and secure, but cryptocurrency exchanges like Bitcoin are based have been hacked multiple times for different reasons, amongst which is its functionality on unsecured networks.
