Yes, diversification does not mean that the investor has to invest in Bitcoin along with other cryptocurrencies or gambling tokens. Diversification is done to reduce the risk. Not putting all the eggs in one basket, but in different baskets. But when he keeps his assets in shitcoin, his attention to Bitcoin will be lost. After holding shitcoins for a long time, when he loses that money, his greed will also affect his Bitcoin investment later. This will destroy his long-term dream of investing in Bitcoin. For diversification one can also keep his assets in real estate or any other platform, but when he keeps them in shitcons, he can be cheated at any time.
Yeah, diversifying our investment is good, but since we are still early in Bitcoin investment, it is good for us to remain focused on our Bitcoin investment and forget about diversifying our investment for now so that we will not get distracted. It would even be better if we used the money for diversification to front-load our Bitcoin investment so that we can increase the size of our Bitcoin holding. Maybe when we have accumulated the quantity of Bitcoin we want, we can then think about diversifying our investment or, better still, start accumulating Bitcoin again.
How do you intend to diversify your investment when you have not even gotten to the middle of your accumulating journey? diversifying your investment when you have not yet acquired a reasonable amount don't make much sense to me. As a no coiner what you need to do is to keep accumulating bitcoin since is your first choice of investment then
after which you have gotten to the status of overaccumulation then you can start looking into diversifying into other assets, because bitcoin investment need to be giving much attention than any other crypto investment since bitcoin is the only crypto currency we are sure of it good potential in the future, aside from bitcoin investment I don't think if there's any other crypto currency that one can think of diversifying into.
Permit me to say as a newbie, diversifying too early might not be effective when, as a newbie, the primary goal is to build as much of a long Bitcoin portfolio little by little, plus having a belief that Bitcoin really has a strong future potential which warrants focused investment, and once a substantial Bitcoin portfolio is really established, diversification into other assets can be considered.
Either too early or not, as a newbie you are not suppose to diversify your investment because you are still in your building up stage,
the only time you can diversify is when you have reached your over accumulation stage, then from the over accumulation you diversify not all your investment but part of it and then continue to be accumulating, because it will be wrong to see all your investment after you have reached your over accumulation stage that took you about over three to four cycle to invest in the bit to diversify, make your starting your investment from zero level again, it will be very unhealthy for that investor, because it shows that the investor does not really understand what investment for long-term is all about.
I continue to wonder why members keep repeating the wrong statement, which is that you cannot diversify until you have reached overaccumulation status.
That clearly is not correct.
Yeah I think some people needs to understand that first diversifying really don't have a stage that one should get to in his or her Bitcoin accumulation before diversifying, anyone can choose to diversify at what ever stage that looks appropriate for him or her, if you feel that you can carry the responsibility of two investment at a time then you are good to go, however if you don't have the resources for that and you choose to focus on your Bitcoin accumulation till you get to overaccumulation stage before deciding to diversify it's still okay.
The point is you alone know when you are ready to diversify, it is not a most that you need to reach an overaccumulation stage before you can diversifying to another investment, even a newbie who has the financial strength, energy and mental state to handle his Bitcoin investment and other investment can choose to still diversify and there's nothing wrong with it.
It is also important that members here know diversifying can either bring you more income or reduce it and then slow your Bitcoin accumulation journey, like I said diversifying depends on you so make sure you are fully ready before doing it.