Time to put 10% of your wealth into Bitcoin and hope it doesn't crash?

in bitcoin •  5 months ago

That's not me saying that headline, that's a quote ripped from this article titled, Is Bitcoin the New Gold?," in which a global strategist is interviewed on the Street.com:

Trescothick said in the past there has been the belief that investors should "put 10% of your wealth into gold and hope it goes down." This logic underlines the well-known fact that when gold rises in value it indicates that other assets are performing terribly and fear is gripping the market.

Now Trescothick says it is time to put 10% of your wealth into Bitcoin and hope it doesn't crash. "In the middle of July Bitcoin was trading around $1985 per coin before continuing its rise higher and around the beginning of August it traded at $2789.58 per coin," he said. "And then as hostilities increased between North Korea and the U.S., it skyrocketed. First it broke the $3,000 mark before slicing through the $4,000 level with ease."

While very obviously bitcoin is, indeed, stealing some of gold's safe haven glory, I'm not sure about his advice because he doesn't seem to point to anything but the price movement and hope is a poor strategy. This article nevertheless inspired our most recent Double Down podcast where we interviewed precious metals expert, Chris Blasi, of the PMC Ounce Index. We asked him what he thought of ditching gold for bitcoin. Listen here.

double-down.jpg

[Signed, Stacy]

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Thanks for sharing. Buy the dip time it is.

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Maybe. Depends if you think the dip will get dippier. Crypto market cap is down from 170s to 130s; reckon it might go below 100 before it turns the corner. Watching closely.

You know what, GO ALL IN! NO FEAR BABY!! haha

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hahahaa NO FEAR.. @stackin LMAOOOOOOOOOOOO.....

The crypto space is still really early for investment. Buy BTC, ETH, LTC, and Dash and don't pay attention to their daily price fluctuations.

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What about XMR?

Wow, Keiser, is that really you? I love your show! I have been watching when here in UK RT was still played live on air, and then they banned it.... (govs cant handle 100% true once again...) and then I had to watch KeiserReport on Youtube!

I 100% agree with diversificaton, and investing some of money into BTC, or even other cryptos (Dash, Monero, Ethereum, Ripple).
Rest of the assets could be: properties, shares, rare art, Gold.

(Nice to see you here: once more)

1st! Upvoted, re$teemed & following!

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And that gives you 1 vote, not worth the struggle

Well i think the issue isnt about crashing but more about dropping in value but all is cool. Bitcoin still doing its skyroketing till now.

Ill have to check that podcast out on my commute

Dips are our friend.

IMHO of course; Bitcoin is the new gold and LiteCoin is the new Silver. I reckon so!

This post recieved an upvote from minnowpond. If you would like to recieve upvotes from minnowpond on all your posts, simply FOLLOW@holl.boll

@keiserreport A great deal details thanks for sharing. Like it..

Diversification is cool. I would not put 10% of my wealth into one specific cryptocurrency for long but 10% spread across many different projects might not be such a bad idea over a 5-10 year period.

There are many projects which go beyond the utility of Bitcoin. Bitcoin gets the credit for starting the industry.

The monetary system is modern slavery. All this FUD about China and JP morgan pissed me off and inspired me to write a blog about what the read fraud is. It's FIAT money!

https://steemit.com/money/@elliotmeijer/red-pill-or-the-blue-pill-or-how-money-is-made-or-why-you-should-care-or-why-the-monetary-system-is-modern-slavery

@keiserreport What a wonderful and heartwarming Tale..

No. Dollar cost average it. Buy on a schedule, same amount. You'll buy cheap as it goes down, and gain value as it goes up. When the btc value reaches 10% of your portfolio, ok, then you can stop if you wish. But don't buy all at once. You'll be watching it and get too emotional. It's not timing the market but "time in" the market.