Buying Bitcoin at peak prices risks poor returns despite its quality, warns investor column.

A Korean investor column citing Charlie Munger highlights the risk of buying Bitcoin or other crypto assets at inflated peak prices, emphasizing that even high-quality assets can yield poor returns if purchased at the wrong time. The article stresses the importance of valuation discipline in volatile crypto markets, warning that momentum and FOMO-driven buying often lead to losses. It advises investors to separate asset quality from investment quality and to use valuation frameworks and timing strategies to avoid overpaying during market surges. The key message is that disciplined entry points are crucial for long-term success in crypto investing, not just the asset's inherent quality.