I have been thinking about trading in Bitcoin for quite some time now. I have been involved with Bitcoin for a long time but am still thinking about investing here. I used to run DPS in bank for 30 dollars per month for 5 years, this DPS will complete 5 years this month. I'll get roughly $1800, I don't think it's much of a savings to keep that money in the bank. Bangladesh is suffering from severe dollar crisis due to which many banks are likely to go bankrupt. The names of those banks have not yet been published by any mass media. Because of the economic condition of Bangladesh, I want to invest my money in Bitcoin. I still don't understand if my decision is right, please let me know your opinion
Do not invest your entire savings in bitcoin. As you already know that Investing in bitcoin is also a risky endeavor cuz of its volatility especially if you're uncertain about its potential outcomes. Given the circumstances you've mentioned, where traditional banking may face challenges, diversifying your investments can be a prudent approach. I advice you take half and start up a small business over there (i.e if you currently have no job doing), study the market, look for what's trendy and start up in a small way. You can invest the other half in bitcoin and hodl while you hope for the best.
A really very risky move to be done when you do have considered on investing your entire savings on Bitcoin which we know that there would be no guarantees if we do speak about profits because this
market is really that truly unpredictable and there's no way that we could be able to determine whether we do make profits or not on long term and also the profits you would made ever would be entirely
be depending on how much you had invested on the first place. If you have invested less then expect that you would get less or not with those huge multipliers in terms of gains but it doesnt mean that
you should be putting all of your savings on Bitcoin which i would say that it is really a risky move to be done because there's no assurance on this market on this regard.
Invest on what you can afford to lose as always because on the time that you would be experiencing failure then it wont hurt that much unlike if you do go all in then
you would definitely be that devastated if you have put it all which it isnt really that recommended in the first place.