“Okay thanks a lot Pete, but it’s too late for me. I didn’t do anything like that and now I’m down 60-70% on my portfolio.”
People always think I’m crazy when I say this, but for anyone that has come to me saying they’re down 50%+ on something, I usually say to cut your losses on all of it and get a fresh start and re-strategize.
If you’re a passionate person that believes in cryptocurrency or you want to trade or you just are someone that can’t stand the thought of knowing people made a killing in 2017 while you walk away -50%, there are options.
“Do I think everything is going to zero right now?”
If the answer to this question is ‘no’, which I’m assuming it is – Good. Next question worth asking is:
“Do I legitimately see the price of $BTC ever going back to where it was around $19k-20k in a reasonable timeframe [let’s say by July 2019]”
If the answer to this question is yes, perhaps the best option for you would be to plop your money in $BTC and wait. At $6.8k, there’s not too much downside left (in terms of delta value) and the upside is technically infinite (purely in theory).
I say that because your belief that $BTC will reach the ATH in 365 days time is essentially the equivalent of you saying you have knowledge of something that will triple your money in a year. And I’m sure if a magic genie popped out of a lamp and said “I will grant you the ability to put your portfolio money in my magic lamp and I will pop out in a year will 3x that amount”, you (or most people), would probably say fuck it, why not?
So, I can’t see it being any different in this scenario…If you truly believe that the price action that I just described will be the case.
