As a relative Crypto veteran who refused to sell in the last two major hype cycles, please take my advice and cash out some crypto profits.
I was consumed by greed in the run up to $19.8K in 2017 and then I was ‘certain’ in 2019 that $14k was just the start of the run and never cashed out anything and missed out on two separate opportunities to cash out profit.
This time I have not, and have been selling small amounts for the last two weeks (bought my wife a used car for cash, and have cleared a significant portion of my debt).
I happily accept that the sold Bitcoin could be worth xxxx% more in the coming years, but I’m sleeping easier and less stressed.
Please take note that taking profits is never a bad thing and you don’t even need to spend it, you can diversify into other markets to spread risk.
At least consider taking your initial investment out.
Good luck to everyone, I’m a firm believer in Bitcoin and Crypto and by no means exiting the market, just ensuring that I reap some of the benefits this time, portfolio apps that keep shooting to the moon on every refresh are great of course, but happiness and greater financial security will help you sleep at night.
If Crypto markets go up - My portfolio gains value and I make up some of the value I’ve sold.
If Crypto markets go down - I’ve cashed out at a good point and can buy back in small amounts to make up some value.
(Last point - Its also good practice to be set up for selling in multiple places so when the mania hits the ‘top’ you’ll be able to benefit. Coinbase has been known to go offline for selling as the price surges).
Please consider your emotional and mental well being especially at a time like this.
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