There’s no doubt about the fact that the price of bitcoin has taken a tumble. With news that China is advising third-party payment companies to not touch bitcoin with a 10-foot pole, investors in China have lost confidence in the digital currency — bringing the price to about $670 USD at the time of this writing.
But should you take advantage and buy bitcoin now?
The answer to that question depends on what kind of person you are. Do you believe in bitcoin as a currency? If so, yes, you should buy some. If you’re looking to get rich quick, well maybe now is a good price to buy, too.
This year’s highs have been $1200+, and the fact the price is down to the $600s range is a great opportunity. Unfortunately, there’s always the looming thought that the price will go down even further, effectively throwing your money out of the window.
But given the circumstances, the price has held up overnight and not dipped below $613 at Bitstamp. This is a good sign of a somewhat resistant market.
If you do buy, don’t panic sell if the price gets below what you bought it for. That’s a sure way to lose your money. Instead, remain patient and watch it long-term. The overall consensus in the community is that the price of bitcoin will once again enter the 4-digits in 2014.