Is it too late to buy Bitcoin if you haven’t already done so?

Among millennials, cryptocurrency has become a common trend. “Everybody knows someone who’s become a crypto millionaire,” said Craig J. Ferrantino, president of Craig James Financial Services in Melville, New York, speaking to USA TODAY.

For older generations, the concept of cryptocurrency may still be unfamiliar and not well-defined.

What is cryptocurrency exactly?

Cryptocurrency is a form of digital money that is not government-issued or controlled by banks, meaning there is no central authority. It operates on decentralized networks using blockchain technology to track transactions and assets, with Bitcoin being the most prominent.

Until 2024, trading digital currencies typically required using a crypto exchange, which may have deterred beginners. The option to buy and sell bitcoin ETFs similarly to stocks opened up in early 2024, making it more accessible to everyday American investors.

The recent surge of bitcoin past $100,000 was partly fueled by speculation about it being promoted under a possible second Trump Administration. Trump had pledged to make the U.S. the “crypto capital of the world.”

Wondering if it’s too late to get involved in cryptocurrency? Has the “Trump effect” peaked? If you do decide to invest in digital currency, how much should you risk?

Experts have different opinions on these matters. Here’s what they had to say.

Is it too late to invest in cryptocurrency if you haven’t already?

“It is not too late to start investing in cryptocurrencies,” according to Caleb Silver, editor-in-chief of Investopedia.

However, Silver emphasizes the importance of understanding why you are investing. While profiting from bitcoin’s growth may be a primary motivation, he warns that all cryptocurrencies, including bitcoin, are highly volatile, unregulated, and often misunderstood.

Bernd Schmid, a contributing crypto analyst at The Motley Fool, echoes similar sentiments, stating that starting crypto investments can still be worthwhile with a long-term perspective.

Jonathan Swanburg, a certified financial planner in Houston, expresses skepticism about investing in crypto, especially if you didn’t see value in it at lower price points. He suggests caution and not succumbing to FOMO (fear of missing out).

Has the ‘Trump effect’ influenced cryptocurrency prices, and will bitcoin continue to rise?

According to Schmid, the “Trump effect” has partly influenced cryptocurrency prices already but awaits further regulatory developments.

Silver concurs, noting that although initial speculation from the election has affected cryptocurrency prices, the upcoming regulatory changes under the Trump administration could lead to broader availability for retail investors, potentially driving prices higher.

What should you do if you want to invest in cryptocurrency but don’t know where to start?

Silver recommends that individual investors ease into cryptocurrency investing by opening an account with an online broker and purchasing individual tokens and coins based on a dollar amount.

Alternatively, investing in spot bitcoin ETFs, which mimic bitcoin’s price movement, can be an option for those less familiar with crypto markets.

Armour suggests specific ETFs like iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund for beginners due to their brand recognition, low costs, and ease of trading.

Swanburg advises caution and recommends sticking with ETFs to avoid potential logistical challenges of holding cryptocurrency outside traditional investment accounts.

Remember not to invest more than you can afford to lose in cryptocurrencies due to their speculative nature and wild price swings.

(This story has been updated to add a graphic.)