By now you should know what happened to the crypto market if you are not living under a rock.
Crypto is going through some serious dumps, and Hive is back to $0.30 level. May be going lower by the time you read this.
BTC is at about $16K.
All talks of BTC being a store of value needs to be re-examined. In fact, the idea of crypto as a wealth-preserving asset class even with a long-term horizon should be seriously challenged too.
Ignore the YouTubers telling you that BTC is rare, and you should stash it as it is going to be an ultimate store of value.
Obviously, people are waking up to the futility of this narrative and thus the lower price we see now. Value is not stored if you bought it higher.
One thing I am starting to realize is that I should not be in crypto for stability and store of value.
I am in crypto to get filthy rich in fiat terms or to buy real-world assets.
The store of value mindset is not going to work YET as the crypto space is still building, and the ups and downs we are seeing are to be expected.
Instead, I am in crypto to win big.
There will be plenty of upsides because people are developing the space. In this fire sale due to the crash, it is especially important to have the courage in DCAing to invest in solid and promising projects at a real bargain. Not to store the value of our wealth, but to win big later when the profit margin is activated for taking profits. Of course, what constitutes solid and promising projects is another tough question.
However, it is important to be prudent. Invest only what one is willing to lose. That means, the real needs of life must be taken care of before gambling some inconsequential money in the uncertain crypto future.
I am loosening my belief about crypto investment for purpose of storing value. Some small investment to reap the staking yield should be fine. But my big bag of wealth should be in something that really stores value, whatever that is in market situation.
That is where my earnings from crypto should be in.
Note to self: Take profit and store it for days like this! So that one can rinse and repeat
P/S: This is not financial advice, and please do your own due diligence before investing.
If you read this far... and if you are a like-minded Hiver who is on the path to learning more about Hive and crypto investing, and if you like to be tagged when I write such posts, I welcome you to leave a comment below and let me know. We can form an alliance to support each other's growth.
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