Hope is Not a Strategy
By Tim Mandell and Crystal J. Milburn
You wanted in when Bitcoin (BTC) was $12.56. So did I! But hoping and wishing you’d gotten in before now is wasteful. There will never be a perfect time to get in so, we follow the old adage ‘there’s no time like the present.’ Here’s why.
Why Get in the Cryptocurrency Market Now?
Equipment is significantly cheaper.
The coin is down and will come back; nothing has changed with the Bitcoin network, it’s just reacting to certain market changes just like any other market.
It’s a stable industry, continuously growing and adding jobs.
It’s a global currency meaning no one law or country has the ability to shut it down.
What the Experts Are Saying
“Despite the consistent crypto market volatility and other unknowns about potential future regulation and cybersecurity concerns, [Suze] Orman has an optimistic outlook. ‘Even with all of that said, I am still a fan of Bitcoin,’ Orman said.”1 Most experts recommend investing in the most popular cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), first and be prepared to stay in it for the long haul. Be smart about it and don’t let it get in the way of your other financial priorities.
Though not as predictable as the stock market, cryptocurrency can be treated the same in that it’s not advisable to pull out when the market is down. Unfortunately, there is no perfect time to get in but, once you’re in, stay the course. The important caveat is to buy when you can afford to. Lastly, don’t ignore blockchain technology, the technology behind most cryptocurrencies.
My advice? I’m no expert but I say that if you’re one of the “woulda, coulda, shoulda” crowd and you’re able, get in now and cross the bridges as they come. Simply shift with the market changes. You can get past the challenges but, as someone who has heard it too many times, I don’t think I can get past your regret without getting the gloves up. And I say that with tough love!
I look forward to hearing about your actual strategy (not just hope, but action) when you’re ready. Contact me for your crypto mining questions and needs.