Google announced they are going to Ban Bitcoin ads.
While HODL’ers are crying in their beer, I am seeing a huge buying opportunity!
When asked how I do it, my plan was both simple and works for me. Everybody has a different situation. Motley Fool has an article on “stocks to buy during a market crash“. I imagine some people put cash under their mattress. Here is what I do;:
First, DON’T PANIC. Panic makes you buy high and sell low. Ask your friends who invest, take a shot of whiskey, don’t be “quick on the trigger”. THE MARKETS ARE CYCLICAL. Ups and downs are expected, and can be profitable. Wait a day or two and see what happens when the smoke clears.
Cryptocurrency 2018: Mining, Investing and Trading in Blockchain, including Bitcoin, Ethereum, Litecoin, Ripple, Dash, Dogecoin, Emercoin, Putincoin, Auroracoin and others (Fintech) [3rd Edition]
Bitcoin is a relative newcomer to the market. As it’s popularity grows, large swings in valuation are happening. This is normal. It will take years for the Bitcoin price to stabilize. Let me share my opinion on this; unless you need the cash, don’t sell (especially if you bought high). If you are truly afraid, liquidate your position slowly, to take advantage of any uptick in price. There may be a “Dead Cat Bounce“.
If you have some cash handy, consider buying more bitcoin – The herd is driving the price down, and I believe savvy investors are quietly buying more. This may even be a ploy by Google insiders, who may be quietly buying bitcoin as the price tumbles. (disclaimer: I have no knowledge of this, it is purely speculation).
Take a deep breath! If all you own are stocks and the market crashes, you can see a market drop eroding a large percentage of your assets in days. Same goes for Bitcoin – If you are not diversified, consider selling some bitcoin and put it into the stock market, which is doing pretty good right now.
So now you know what I am thinking. It’s not “All Bitcoin, all the time!” It’s about being smart with your own pile of assets and investments and money that you need to make “bigger”. Pulling some profit out of the market, and buying Bitcoin is part of a strategy to get into cryptocurrency, and it is a wild ride, as it goes up and down with regularity! So don’t “bet the farm”, spread your money around (stock market, bitcoin, collectible things, gold, etc.) and hopefully, over time, you will watch it grow into a nice nest egg. Remember, it does take time – investing is not like a winning instant lottery ticket – it’s like a winding road, with ups and downs.
Your financial journey should be more than money. Money can buy things that make you happy. I own an antique slot machine. It was not cheap, but my “one-armed bandit” is fun and anyone that visits can’t resist putting some change in it. It is also worth more than what I paid for it, and my heirs will either sell it or keep it, based on what they like. Or I can sell it or “trade up” based on my feelings about this machine. It’s picture is below. I enjoy showing it off, and feel like I own a casino! (I am also thinking of some way it can pay out in Bitcoin; still working on that).
Now you have seen my real strategy – Take some stock market profit off the table, and diversify with Bitcoin and collectibles. Also run this by your financial advisor – don’t just take my word for it; like I said, this works for me – you need to find what will work for you!
Thank you for reading my blog, and feel free to share! Best of luck with Bitcoin and all your investments!
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Disclaimer: This answer is offered as opinion and is not a recommendation on investing. Please consult knowledgeable advisors and professionals you trust when seeking investment advice. I currently own BTCS (Bitcoin Shops). I also own some Bitcoin and Litecoin, and the other assets mentioned.
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