Dollar cost averaging (also known as DCA) is an investment strategy to purchase crypto currencies at specific intervals (e.g. Buy $25 worth of Bitcoin every week). Which is completely different from a lump sum investment (e.g. buy as much Bitcoin as I can with my checking account balance).
This strategy was first coined in the book "The Intelligent Investor" by Benjamin Graham in 1949, so it's been around for over 70 years. The DCA strategy is not bulletproof and not a sure way to make everyone a millionaire, so it's important to do your own research and understand the pros and cons.
You can read more about it in this Investopedia article.
The main benefit of utilizing this strategy is you can leave it on auto pilot on an app like ZenDCA and not worry about the price swings or market volatility. Your cost will be averaged over time and you're not stuck watching one price and ideally not panic selling either.
This is not a very useful strategy for day traders or for the short term. There is no strict rule of thumb for how long you should DCA, but if you're not willing to do it for at least 2+ years, then it might not be the best strategy for you.
Lastly, there is a nice calculator that shows you what you'd have today if you DCA'd starting on a specific date in the past, which you can find here.
At the time of writing, if you bought $10 of Bitcoin every week starting 3 years ago (May 8th, 2019), you would have spent $1,570 for 0.10647 BTC which would now be worth $4,436 (182% gain)!
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