As the price of bitcoin and other cryptocurrencies approaches its prior all-time high, it has caused me to pause for thought. It might be difficult to track your own progress while investing in cryptocurrency. There are several explanations for this. Perhaps you started investing during a bear market or simply a market lull. During this period, your crypto holdings are growing, but your dollar worth is either staying the same or declining. Throughout this period, many people may lose their focus or tolerance and opt to sell. Buying high and selling cheap is a strategy that many people use. However, they are the finest times to buy in reality. You're winding down the coil, increasing the tension and pressure, and when things blow up, your portfolio will see the growth that may surprise you.
Those of us who have been in the market for a while are starting to reap the benefits of our efforts. That coil, into which we had been pouring more money and exerting greater pressure, had finally leapt up and shifted in our favor. It's critical that you take a minute to appreciate your accomplishments. Investing in cryptocurrency has revolutionized not just our financial life, but possibly even more critically, our financial attitude and thinking. However, now that costs are rising, they may reach levels that most people would consider unthinkable only a few years ago. In this economy, we must examine our own personal future.
What I mean by our own personal future in this market is what we will do next. Will you sell fiat out of the market? Perhaps you'll start to scale down your crypto investments as it becomes more difficult to amass the same quantity of coins as in the past. Perhaps your faith in the market has grown dramatically, and you will be investing even more money and time in it. There is no right or wrong response; each person must do what is best for them.
But, since I'm in a contemplative mindset, I think it's a good idea to consider why you started investing in bitcoin, ethereum, or any other cryptocurrency in the first place.
I'm willing to bet that the great majority of them joined the market with the intention of making money. I was in the same boat as you. The majority of people enter the market for this purpose. However, after they've made an investment and have some "skin in the game," they'll be more likely to stick with it. That's when they go down the rabbit hole, and there's no turning back after that. Many of these folks will lose their ability to view the world in the same manner they once did.
I always find it intriguing to learn how individuals first became involved in the bitcoin industry, and I thought it would be interesting to hear from all of you. My story is similar to that of many of you. My brother became interested in bitcoin some years ago. He approached me with the desire to discuss the amazing new technology that he had discovered. He insisted that I check into it and get some. Bitcoin's price was still in the double digits at the time. Naturally, I disregarded him, supposing it was a ruse or simply uninteresting. But, to be honest, I was preoccupied with other matters at the moment and wasn't interested in any other investing chances that would detract from my present objective. As time passed, he ceased attempting to persuade me to invest in bitcoin. As it turned out, I would leave the United States and live abroad. I rapidly discovered that sending money home was a hassle. It was time-consuming and costly. That's when I recalled bitcoin and decided to learn more about it. Yes, I started investing in it for the purpose of remittance, but I rapidly went down the rabbit hole, and that's when everything changed. While I didn't go into bitcoin when it was in the single digits and under $100, I was lucky enough to get in fairly early.
What are your plans for crypto in the future?
Crypto has taken over my life and has become a staple for me. As a result, I believe it would be extremely difficult for me to ever sell out of my current position. Instead, I'm focusing even more on bitcoin and other cryptocurrencies and expanding my investment in them. Trying to learn everything there is to know about the market. How can I enhance my crypto-based passive income by putting up nodes or even running a Lightning channel? I'm experimenting with DeFi and researching NFTs. People who acquire these basic abilities or duties today will be in a much better position later on. If I wanted to cash out on my crypto winnings, I'd probably take out a loan and use my crypto as collateral. This would allow me to keep my assets while also avoiding the high cryptocurrency taxes.
However, there is nothing wrong with selling if it can assist you out. After all, we're all in this market to attempt to make our lives better in some manner. If you can achieve that, I believe selling is something you should seriously consider.
What are your thoughts? What drew you to crypto in the first place? What does the future hold for you in this market?
