Do I need a hardware wallet for bitcoin?

As a cryptocurrency enthusiast, I'm often faced with the dilemma of whether or not to invest in a hardware wallet for my Bitcoin holdings. With the ever-increasing popularity of digital currencies, the security of my investments has become paramount. Hardware wallets are touted as a safer option compared to traditional software wallets, but do I really need one? On one hand, I understand that hardware wallets provide an additional layer of security by storing my private keys offline, reducing the risk of a hack or theft. They're also often equipped with advanced features like two-factor authentication and backup options, further enhancing their security credentials. However, hardware wallets come with a price tag, and I'm wondering if the investment is truly worth it. Are they really necessary for small-time investors with modest holdings? Or can I rely on the security measures of a trusted software wallet instead? In your opinion, what are the key factors I should consider when deciding whether or not to purchase a hardware wallet for my Bitcoin?