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MultiversX Good Luck Trying To Time The Bitcoin Price
Listen To The Episode Here:
In this week’s episode of “Bitcoin Bottom Line,” hosts C.J. Wilson and Josh Olszewicz discuss how to survive in choppy markets. There is currently a large amount of volatility in the Bitcoin space which could be unsettling for new users. Wilson explains, “If your first bitcoin purchase was $45,000 or higher and you are looking at an $18,000 price, that does not look great in your portfolio. For those of us who bought in when the price was $3,000, we are still comfortable knowing that the price is above that because we know that the volatility on the downside is rewarded with all-time highs on the upside.”
Wilson and Olszewicz discuss the difficulty of taking profits. Olszewicz states, “The volume of any cryptocurrency is down significantly and the number of people who are publicly trading it is a very small percentage. People are not trading as they used to unless they have a different approach to long only.” The long-only strategy only works if you take profits and buy back in at a lower price. The problem is that in a market like this, you do not know what the low is. Wilson warns that you should not be investing solely in one place. He says, “Right now, the winning strategy is not losing.”
Wilson and Olszewicz transitioned to talking about blue chip stocks and the stock market. Wilson believes that yield chasing in cryptocurrency is the most dangerous mentality to have right now. “I feel better about holding dividend-paying stocks.” Wilson does believe blue chip stocks are okay to hold in your broad portfolio for retirement, but you need a mitigation strategy. The most important thing is understanding your total risk profile and your thesis on what is happening.
Olszewicz wraps up the episode by telling bitcoin users that they have to decide what they are here for. “You need to decide your time horizons, why you are here, what you are here for, what are your goals and if you can sleep at night.”
Read More: Good Luck Trying To Time The Bitcoin Price
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