personal finance

Bitcoin Just Hit an All-Time High of Over $66,000—But It's ‘the Least Ideal Time to Buy,' One Expert Says

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Bitcoin, the largest cryptocurrency by market value, hit an all-time high on Wednesday.

It topped $66,000 on Wednesday morning, surpassing its previous record of $64,899 set in mid-April, after the first U.S. bitcoin futures exchange-traded fund made its market debut on Tuesday.

It's an exciting time for both cryptocurrency and the market overall, and investors might be wondering whether or not to buy in.

But at least one financial expert says to hold off.

"Usually when an investment hits an all-time high, that is the least ideal time to buy," Anjali Jariwala, certified financial planner, certified public accountant and founder of Fit Advisors, tells CNBC Make It. "I think it makes sense to wait and see what happens versus buying at an all-time high," she says.

In this case, that's mainly due to bitcoin's history of extreme volatility, Jariwala says. Like all cryptocurrencies, it is susceptible to big price swings.

However, not all financial experts agree.

"It's still a good time to buy," Ivory Johnson, certified financial planner, chartered financial consultant and founder of Delancey Wealth Management, tells CNBC Make It.

That's because interest in the new futures-based bitcoin ETF "shows that bitcoin is being increasingly adopted," he says. He predicts that as more people adopt bitcoin, the price will continue to go up exponentially.

"As institutional products make bitcoin easier to buy, and investors are comfortable that it is appropriately regulated, there is a greater likelihood of more demand," Johnson says.

Johnson also says that "it's a good environment for digital assets" right now because bitcoin supporters see it as a store of value and a hedge against growing concern over inflation. He argues that as the price increases, bitcoin becomes more valuable, making now a good time to buy in despite the high price.

However, remember that it's always risky to invest in cryptocurrency due to its volatile and speculative nature, Jariwala says. There's a possibility you could lose your entire investment.

But if you're still interested in investing, Jariwala suggests considering a buy and hold strategy. Rather than attempting to trade in the short-term, this strategy promotes holding an asset long-term. And again, only invest an amount you can afford to lose, she says. That way, the huge price fluctuations surrounding bitcoin will be easier to stomach.

"The one thing we can be certain about when it comes to bitcoin, and crypto in general, is that there will be volatility," Jariwala says.

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