I have been watching crypto and the price of Bitcoin for quite some time now because my brother @bwells got into Bitcoin mining back in 2012, and made sure to always tell me to buy Bitcoin.
I did buy 6 Bitcoin for $180 dollars, and that obviously turned out to be a good investment.
Lately, I have been wondering about whether or not I should dump some of my coin and get out some profits. While I had to fight fairly hard to decide, I decided not to sell my coins. Here is why:
My brother was into Bitcoin while it was around $100 and then he saw the price spike all the way to $1100+. After that initial burst, the price dropped all the way back down below $200. Once it reached $600, he sold a good amount of his Bitcoin. While he got his coin very cheap, especially because he mined a lot with some of the first high powered ASIC miners for Bitcoin, he would have done much better just to hold onto all of the coins for a while longer.
I feel like I am in the same predicament. Sure, I could have sold all 6 of my Bitcoin for $19,000 and then rebought for $7,000 and I would have about 15 Bitcoins now, but no one has a crystal ball. I think that the long-term value of Bitcoin will be well over $100,000, so why would I sell at $19,000 or especially now.
I could be all wrong about Bitcoin and crypto in general, but considering that I started with under $1,000, I feel like I don't have that much to lose. 6 Bitcoins could potentially make me a multi-millionaire one day, and that is why I am going to continue to hold, even if the near-term outlook of crypto doesn't look so hot.
Stay High,
One word: Hodl! :-)
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Don't sell right now! It has been red for so long and now it's finally in the green. You've been in the industry long enough you know when the news is good the prices goes up when the news is bad the price goes down. I'm on the same boat with you but with a lot less. I want to sell then rebuy to strengthen my position. Scary stuff but either way you are up!
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You are a lucky young man to own 6 bitcoins. I don't know anyone that got in early and kept it this long. I definitely do not know anyone who bought it at ~$100 and sold it at the peak of $19K.
Have you thought about exchanging it for STEEM or other coins? I have been talking to my teammates about STEEM prices dropping ~75% and SBD dropping ~80% since Jan 2018. I think and hope that STEEM will drop to the $1 mark which is when I will pounce. This platform is gaining new users daily, witnesses are upgrading their servers recently to keep up with the high demand. All signs are pointing to buy. That could be an option for you to diversify as you use and support the platform too.
Your mentality is good that you can separate emotions and know that you only invested $1000. Whatever you decide to do, I wish you all the best. You look like you are enjoying life fishing everyday. I wish I had free time like you.
Thanks for hosting your daily $1 SBD giveaway. I hope I hit it one of these days. It's not the money really; it's all about the chase.
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