Good day everyone in this wonderful board!
This topic recently came through my mind and I decided to share.
We do know how Bitcoin has experienced tremendous prowess, over the past few years.
And how it has been like a pinnacle of hope to many, those who invested long ago have witnessed a more than 200% growth and more since it's inception.
My idea is , since one is coming from a country like mine where there's hardly any good retirement plan for those who plan on retiring, then is it really ideal to buy Bitcoin as an asset and hold for Good returns despite it's volatility.
Although it might take time to witness a tremendous return.
But is this really an ideal idea?
I think that holding Bitcoin and blindly accumulating it is the stupidest thing you can think of. Everyone needs money: for treatment, for life, for paying bills. If someone lives in a country where everything can be paid for with cryptocurrency, then he does not need it, but I am sure that all readers are not from there. Therefore, Bitcoin should be sold at the upper price level and bought at the lower one. Blind holding will lead to the fact that the holder, like a fool, looks at the price change and does not know what to do next. I think many have already gone through this stage in their experience and understand that you need to be able to switch from Bitcoin to stablecoins and back.
Anything that involves no analysis and risks management will really be just that pure gambling and this is something that you should really be that really be looking into because investing in Bitcoin might give out that kind of confidence but always be considerate when it comes to the risks involved because we do know on what the future looks like whether it will be successful or not. We do know that everything could happen on this crypto space on which if you have put up everything on crypto investment but ending up on having a crash, then what you would do? specially if you had put up everything because you've been planning on having that retirement plan. This is why you should be scattering when it comes to investment because going all in on one source then its really that risky.
Just dont focus too much on a single plan and it will be better that you do have multiple options like investment or businesses on which you can put up at least that having that kind of confidence because you dont have that kind of worries because you do have multiple options because if you do have that multiple options then you will be having that chances that you can be able to choose up on which one will really be that bringing out that income source specially that you have retired since you are old and having no money source. Therefore, proper planning will really be that relevant or something which is really that crucial.