Post
Topic
Board Speculation
Re: Buy Buy Buy or Sell Sell Sell?
by
Olatundespo
on 20/11/2024, 13:30:56 UTC
Well even as a holder of Bitcoin, I haven't even thought of this, or contemplating of surviving on my Bitcoin holdings even when I have gotten the stash of Bitcoin I wanted, though at that point I might decide to be taking profit from it bit by bit after retirement, but not like depending on it fully for survival.
Because to me that's the easiest way to drain the asset you should be leaving for your offsprings.
So having another source of income or a business running for you is very much important, so that you wouldn't get to that point of draining your holdings after retirement.

Though I might be wrong, but having a good source of income as a man is something we shouldn't joke with regardless of your financial status or the stash of Bitcoin in our possession.
So in essence of what am trying to say is that regardless of anything, constant cash flow is very much important even when you have gotten to the top of your Bitcoin accumulation process.
Bitcoin is an asset, but not a guaranteed income source. Using it for survival will only deplete the holdings and affect long-term benefits, even if we feel we have enough to live off of. I don't know what others think of the assets but to me, I see Bitcoin as a generation wealth building too, an investment that I can preserve and grow for years to come rather than an investment I want to live off with while I am strong and can still get to work. I know everybody has different opinions and views on this subject matter. But relying on a single asset, no matter how promising it is totally risky. Why not have another source of income, if you feel you have accumulated enough to quit your job? Instead of feeding from your investment you can sell part of it, get a business, or diversify your investment and live off those ones. It will still provide more money to invest in your Bitcoin back.

I repeat again, no matter how promising Bitcoin can be don't take the risk of putting all your hopes on it for daily survival.
Everyone should be careful while investing in this amazing moment of Bitcoin price growth to add a portion from alternative income sources. An investor who aims to accumulate wealth for a long time by engaging himself with a generational wealth accumulation goal should not be hopeless for an investor. Earning from a single source is risky and time and circumstances tempt you to be informed about different sources and the positive sign of Bitcoin accumulation is that you are more available. Assets like Bitcoin should be given similar priority than real assets' potential for savings over the years, such as holding floating cash and the recommendation is to let DCA flow down your driveway like a floating lake. Your advice to try to increase holdings of risky assets and not just rely on it may be correct and positive for investors to have risk free capital and increase generational wealth in the long run.

In conclusion I would say that the advice of not taking any risk on investment may be very reasonable and the possibility of losing assets can be greatly reduced if an investor is able to successfully execute DCA and the assets that he/she owns are his/her discretionary income.