People from all walks of life who are interested in making money wonder, “When would be the best time to buy stocks, securities, bonds, a house, Bitcoin, etc?”
However, when it is time to invest, they falter.
So, what is the best time to buy Bitcoin or any crypto-asset for that matter?
During a recession, when Wall Street is bleeding. Yes, recession, in general, is the best time to buy an asset. Warren Buffett’s popular, yet very important quote, sums it all up.
“Be fearful when others are greedy, and be greedy when others are fearful”
In fact, Buffett’s article during the Great Recession [2008-09] explained his thought process on how to navigate through these times.
Millennials’ 2nd recession
With the 2020 recession around the corner, the millennials will bear witness to two of the worst recessions in their lifetimes. The yet-to-be-announced recession is unlike any other recession observed before. Unlike the Recession of 2008-09, the drop in the stock market is happening at explosive levels; unemployment rates are skyrocketing, and the Fed is printing money with no curbs in sight.
Maybe, the recession was dormant and Coronavirus pushed it over the edge. Maybe, a decade had passed and a recession was due. Nobody knows, but one thing is clear – the world economies are in deep trouble and the credibility of fiat is in danger.
Perhaps, this could be the second-coming of Bitcoin, the prophecized rescuer of Finance 1.0.
Millennials are not big on cash and traditional finance. They are, however, long on Bitcoin. A survey conducted by Harris Poll on behalf of Blockchain Capital highlighted that there is increasing awareness of Bitcoin, with the growing likelihood of owning it.
According to this survey, Bitcoin awareness has increased since 2017. People aged between 18…