Post
Topic
Board Speculation
Re: Buy the DIP, and HODL!
by
Mayor of ogba
on 31/01/2024, 13:41:09 UTC
Knowing that investing in bitcoin is a long time investment, you should plan better and keep aside the money for investment as this will help you avoid anything that will alter your reasoning because as an investor you must be psychologically  stable.
although the term HODLing tend to suggest that you have to hold it for a little while, investing in bitcoin isn't all that a long term investment  as you suggest because the volatile nature of Bitcoin depict that you could have a reasonable returns even after a few month of investment unlike other asset like land that after buying, you have to wait for as long as five yeas upward before the value of the land will appreciate. We've seen the price of bitcoin rise to $42k this January and then dropped back to around $39k this same January so buying it now and after a week or two the price goes back to the $42k, if you sell it at that price, you've made your profit within the shortest possible time.
Mate, bitcoin is not something you will hold for a while; it is something you have to hold for the long term, like 4-5 years before you can see a huge profit from your bitcoin investment. I can see you are accumulating bitcoin for the short term, which is not a good way of owning a bitcoin because you can miss out on having a bitcoin because you are pursuing a short-term gain. For instance, if you accumulated bitcoin when the price was $39k and sold it when the price was $42k, you would make a little profit. For you to buy another bitcoin, you have to wait for the price to drop before you can buy it again. But if the bitcoin price is still on an upward trend, you have no choice but to wait because you are in for the short term, which could make you miss out on bitcoin.