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I keep telling myself stick to the plan. I made my first crypto purchase earlier this month dumping a decent chunk of change into BTC and ETH. I really wanted to just HODL that amount for awhile while earning crypto in a variety of other ways. Given where crypto prices had been when I first started paying attention back in November last year I got a pretty good deal. I was even patient, waiting on a bit of a dip.
But then... Crypto prices since have plummeted. Should I sell? No, I'm a hodler through and through after all Einstein is often quoted as calling compound interest “the eighth wonder of the world” and who am I to argue with his wonderful brain even as it pertains to crypto. Should I buy? No, that wasn't part of the plan but at these prices I am having a really hard time not adding a bunch of fiat to my exchanges and going on a shopping spree. Somebody talk me out of it please.
This is like Black Friday, Cyber Monday and a closeout clearance sale all rolled together!
I remember back in the day when my wife told me about a certain episode of Oprah, it was five years before Bitcoin would be introduced to the world, when the famous talk show host gave away a Pontiac G-6 Sedan to every member of her audience. That day a total of 276 cars were given away worth around $28,500 each. Oprah exclaimed to the shocked audience, “You get a carYou get a carYou get a carIt was so exciting for everyone and that is exactly how I feel right now with cryptocurrency. I tend to move in the opposite direction to most, especially when it comes to investing.
With prices this low, who can resist? I will probably cave in an start buying again. My real goal is to accumulate as many coins and tokens as possible and this is a great opportunity to do so. I just have no idea when this will bottom out. Will Bitcoin dip below $30K? $25K? Who knows. When I recently bought Bitcoin it was around 63% of its all-time high price of over $68K, but now it is over 50% off from the ATH. This seems to good to be true and Ethereum reached nearly $4.9K not that long ago and at around $2.2K it sits at close to 45% off.
I really, really want to stack some ETH because it is at a price in which I can get coins and not just percentages of a coin like Bitcoin. Plus I'm getting a better return on the more versatile crypto in my wallets and exchanges while also being excited for version 2.0 at some point. Some of the other altcoins are down even more but in reality I have a lot more research to do on those in order to flush out the long-term viability of those coins and tokens.
My short term plans first step was to buy some BTC and ETH and hold it long term getting good yields - check. My next step was to dip my toes into the world of yield farming, something I'm still spending a lot of time looking into right now because of the risks associated with it. I had allocated a certain amount to start playing with but I'm so tempted to just dump that into the two biggest cryptos again to increase my holdings.
Typically I don't try to buy a the market bottom but wait for the ascent to start and buy then. I just have to be patient till then, however, we could already be in that bounce back up looking at charts today. I am curious how everyone else is feeling. Do you just want to buy every crypto in sight or are you so scared you just want to cut bait and sell?
