Post
Topic
Board Speculation
Re: Buy the DIP, and HODL!
by
DubemIfedigbo001
on 20/08/2024, 05:23:38 UTC
No body will invest all his salary in Bitcoin it is not done anywhere except the person is insane
Maybe you haven’t seen someone like that before, but it’s really happening. I have come across different people who are ready to invest all the money they have with them in bitcoin. Just because of what they hear about bitcoin from other people, they already think that if they invest in bitcoin, they will quickly be able to increase their money, and they don’t even know they can lose when they invest in bitcoin. Most of the people who do crazy things like this lack basic knowledge about bitcoin, most of them are new to crypto, and they just follow what they see on social media.

Yeah, I believe illiteracy is one of the main reasons people engage wrongly in their Bitcoin investment journey. Not only that this practice rids them of their emergency fund and increase the possibilities of preying on their investments when emergencies arise.

They can even record a significant loss at the time they prey on their investments within a short time and those immediate losses can discourage the new investor to continue accumulating. They might end up panic selling their investments and then join those calling Bitcoin a gamble or scam while it's their investments attitude that jeopardized the profitability of their Bitcoin investment.

The emotional implication of putting in all your money without backups can be exhilarating, especially if the market moves sharply lower than your purchase price, the investor would be obviously restless since he threw his whole livelihood into the investment. That's why it's better to use your discretionary income for your investment, do you can be at peace with price volatility and be able sustain your investment for a longer time while increasing your portfolio periodically using DCA and buying the dip where applicable.