It seems that during these times of turmoil, Bitcoin's prices are increasing at a slow and steady rate. Since the mainstream economy has been on a downfall, people have been resorting to Bitcoin as a store of value. This gives Bitcoin "hodlers" greater spending power than before in terms of Fiat. You can now buy more things with Bitcoin than you did before COVID-19.
What would be the right thing to do during COVID-19? Should I spend Bitcoin or should I just "HODL" it? The more Bitcoin's prices increase on the market, the more tempting it is to spend one's Bitcoin holdings. But at the same time, you want to "HODL" your Bitcoin for the next ATH in price. What would you do?
Any advice, recommendations, or suggestions will be greatly appreciated. Thanks in advance.
Surely, the ultimate point of investing in bitcoin/crypto is, for most, the gains that you can make in your overall wealth in the medium-to-long term? I mean, ultimately, hodlers want to generate more wealth and traders want to generate more crypto (wealth), but both have their eye on keeping crypto (even as a stablecoin). Nobody 'sells' their crypto unless they're a newbie or have no medium-term confidence in it. As it's 2021 next year, the end of the 4-year cycle where everyone is anticipating the bull market to really kick-in, selling now seems like an act of financial suicide to me (at least).What would be the right thing to do during COVID-19? Should I spend Bitcoin or should I just "HODL" it? The more Bitcoin's prices increase on the market, the more tempting it is to spend one's Bitcoin holdings. But at the same time, you want to "HODL" your Bitcoin for the next ATH in price. What would you do?
Any advice, recommendations, or suggestions will be greatly appreciated. Thanks in advance.
For newbies who are just coming in for a bit of a gamble, hoping to double their wealth overnight in order to buy [say] their kids a decent birthday/Xmas present, I'd say that you might as well go to your local casino and put what you have on red or black at the roulette table.