While working on a university project in 2011, Ray Tong stumbled across Bitcoin before most people even knew it. He got his first bitcoin for $10, which required traveling to Walgreens to send Western Union money to strangers on the other side of the world. (Thank goodness, it got a lot easier.) He was hooked when Bitcoin’s price quickly surged to $30. After college, he delved into Facebook, where he was an active member of a popular internal crypto channel. These days, he divides his life between his day job — he’s a product manager at online fashion site Farfetch, where he develops crypto-agnostic in-house tools — and managing his cryptocurrency portfolio. It provides practical day-to-day advice for both novice and seasoned traders.
He knows it sounds crazy to some, but Tong has not sold bitcoin since 2014. It was easy at first because he didn't know how to deal with the tax implications of taking profits, but as Bitcoin's potential as a store of wealth emerged over the years, it became a strategy. "I just kept buying and not selling," he said with a laugh. "That obviously helped a lot with the bubble in 2017. So probably the best deal I've ever made is to do nothing."
No matter how good your timing, you will never be perfect. You'll regret entering a rising coin without giving up a falling coin early (or exiting a position to recover later, or a whole bunch of other situations). Even Tong, who got into Bitcoin when it was less than a tenth of its current value, recalled missing out on not buying sooner. "One help is setting goals," he said. “Let’s say Ethereum is $500 right now. Set a target and when it hits $1,000 it might sell 10%. When it hits $1,500, add another 10%. It’s really useful to have a framework like that.” Tong recommends creating a spreadsheet or using one of the free tools available online to track your assets and make strategic decisions.
It's not easy, but Tong suggests changing your mindset and making bitcoin or ethereum the base currency of your crypto portfolio instead of always thinking about its dollar value (or whatever your primary fiat currency is). "Try to find the currency you most believe in and use that as your base currency," he said. “So don’t worry too much about the dollar value of your holdings [on a day-to-day basis] and worry about making trades that end up getting you more tokens. A lot of big companies are actually starting to do that.”
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