Many of us are not thinking of this as an investment, in the sense of anticipating great fiat gains in the future. Rather, we're anticipating a monetary revolution and saving in bitcoin to prepare for it.

Many of us also take this further, wanting to help a global bitcoin monetary standard come about. To that end, we are trying to make bitcoin central to our financial lives, so we don't want to exchange it for fiat unless we absolutely have to.

If you do want to think about it as a more standard investment, there are plenty of reasons to stick with a simple buy and hold strategy, rather than trying to time the market. When people stick to simple rules, they're less likely chase gains, which can lead to huge losses. Also, depending on your jurisdiction, buying and selling might lead to capital gains taxes that can wipe out a large share of your gains.