Indeed, it can be tough to get behind Bitcoin and all the sort if you don’t have a stomach that’s made of steel.
We’re in a boom now, but there’s no telling how long it will take for Bitcoin to regain its ground come the next drastic pullback, like the one endured in the back half of 2017.
That said, for those willing to deal with the possibility of losing a massive, unfathomable percentage of one’s principal, only then would I recommend getting into Bitcoin.
That said, one should not expect such a low correlation to persist under all circumstances, most notably times of shock or crisis.
If you can trade stocks, you can expose yourself to Bitcoin via a number of Bitcoin ETFs like the Purpose Bitcoin ETF may be a higher upside bet for those willing to take on the associated risks.
While I’m not against a Bitcoin ETF, which provides more security than holding actual Bitcoin in a wallet, I’d favour HIVE stock, given you won’t be on the hook for 0.4-1% MERs and a greater degree of diversification among cryptos beyond just Bitcoin.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor.