Buying More Bitcoin | Am I Crazy?
I dollar-cost average into Bitcoin on a near-daily basis. It's primarily automated but when certain chunks of returns come in from TradFi investments, I move it into Bitcoin - if I feel the time is right.
I've said many times that DCA (Dollar-Cost Averaging) is the #1 way to get involved in the crypto space. When a normie asks me what coin to buy, I simply tell them to DCA into BTC.
The people who ask you "what's a good coin to buy right now" are the same as the people who ask you "what's a good stock to buy right now".
The answer? For you, there is no good coin to buy right now. There is also no good stock for you to buy right now.
I would recommend - in the ladder case - to dollar-cost average into an index fund that tracks the S&P500.
In the former case, you can see why I recommend DCA'ing into BTC. It's the closest thing we've got to an S&P500 index fund for the crypto industry.
If You're Not Going to DYOR...
When I say this, they often don't relent in asking me for more information about random crypto's. "So and so told me that XYZ coin was a great buy right now"
My response is that unless they have an intimate knowledge of that specific project, who is developing it, how it is progressing, the runway that their team has (so that they don't go bankrupt) and what they predict for the future developments....
There is just so much to know and so much to research.
When I first got into this space, I had a portfolio of 30+ altcoins.
Now, my portfolio is primarily 6 different coins and I can clearly state my intimate knowledge of each. This is the only way to invest in the coins of crypto. If you don't have intimate, first-hand experience with each coin you buy, then I can't recommend just going after the big dog - BTC - enough.
Isn't Crypto Dead?
I put out a thread the other day and talked about if crypto was dead. I was talking to someone IRL who asked "oh, you're still in crypto?" when I described what I did each day.
Since I spend most of my time building LEO, it's quite obvious that crypto is far from dead from where I'm sitting.
To the outside world though, Bitcoin has been dead ever since it dipped below $20k in the last bear market.
So no, crypto is not dead but does that mean we have bottomed out? I don't know. I know about as well as you or the corner grocery store owner knows.
What I do know is that Bitcoin is not going anywhere. I was here for the crash from $4k to $300. I bought more Bitcoin.
When we crashed from $20k to $3500, I bought more Bitcoin.
I feel like a broken record to people IRL at this point. Frankly, I just take any extra cash I have and I buy more Bitcoin.
I'm not one for charting and predicting, but I do predict BTC will cross $100k by 2025. Some say that that is ridiculous and others say that that is a bearish estimate.
That tells me that I am likely on the right track. Somewhere right down the middle of the crazies and the ignorant.
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You are not a fool among fools!
On the contrary, you have UNDERSTANDED perfectly how a crypto accumulation plan works: always buy a Small amount of Coins, independent of the price!
I also believe in Bitcoin. No matter how much it crashes, I'm certain that there would be a massive uptrend movement after the halving.
Crazy like a fox! I remember when bitcoin went from $1 all the way to $100, and back down again. That was the first time I heard the start of that same tired old record that bitcoin and crypto was dead (remember when Michael Dell said that Apple should sellt the company, and give the money back to the shareholders?) same thing here.
I just bought a new hardware wallet (OneKey Touch), and plan to fill it with crypto.
Some people won't do any research. Even fewer have a long-term viewpoint as I do when it comes to bitcoin, LeoFinance, and Hive.
See you at 100K!
Awesome choice.
Lol I also had a basket of coins I’ve now reduced to 3, Hive, Leo, Rune and few sps assets, I’ve learnt my lesson.
Simplification has been a huge benefit. As Buffett says: put all your eggs in one basket and watch that basket like your life depends on it (paraphrasing)
I think you are totally right. Making Dollar Cost Average to Bitcoin is the best option to invest in the world of cryptocurrencies. I personally think it is the best and easiest way to make money with BTC in the long term. And for those who have a desire to quickly earn or who have relatively little capital, I would recommend trading BTC, but in a very controlled way, that is, doing good capital management and delimiting very precise stop loss and take profit points.
In addition to what was mentioned, I think in the case of investment, but even more so in the case of BTC trading, people need to have great emotional control. If not, they will crumble under the slightest pressure on the markets. But the most difficult thing is to make people get that BTC is volatile, true, BTC is in a downtrend, true too, but even so, we can make money with BTC if we know well what we are doing.