Should you sell your crypto?
Investing - June 7, 2021
We’ve all asked this question before. It’s usually after a price drop. Last month, Bitcoin and crypto prices almost halved after a series of bearish news. So, naturally, this question arose. In this video, we answer should you sell your cryptocurrencies?
Over the past few weeks, Bitcoin has been very volatile. This has brought the age-old argument – should you sell? Some will say you need to hodl on using diamond hands. Others will say, sell fast, Bitcoin and all the other cryptocurrencies are going to zero. They’re both right, but you can listen to neither.
Crypto according to the plan
Selling your cryptocurrencies should be based on your financial plan. Not someone on Twitter’s. In order to decide to sell your hold, you need to assess whether you need the money more than the crypto. If you do, selling should be an option. This is contrary to what people on Twitter and LinkedIn say.
In our opinion, this is a mindset problem. Many crypto influencers keep saying you need to hold on to dear life during volatility. But if you’ve got in early, made some profit, and need to sell to pay for your life. Go ahead. You can’t let necessary daily expenses wait just because you can’t pay for it in crypto yet.
Yes, it’s okay to sell your crypto. Like an Apple stock, Amazon stock, or Tesla stock crypto can be sold to pay for daily expenses. We need to change the mindset of “Diamond hands,” and “Screw Elon, we’re not selling,” into a more educated approach.
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