My wife doesn't trust me - and she is probably right about that!
Come on people, we are in a bull market and many experience how their portfolio has increased (a lot) in value in the latest weeks. And that gives you a good feeling, doesn't it? Sometimes you almost feel like bragging about it, for example to your spouse!
But, my wife doesn't trust me when I brag about crypto... and she is probably right about that! Let me explain!
An imaginary conversation!
First, let us return to 2017 to give the background!
"Man, my crypto is worth thousands of dollars." (Me)
"Wow, that is great." (Wife)
And then let us go to 2019...
"I wish I had sold back in 2017... my crypto is only worth a few hundred dollars." (Me)
"You should have sold... be wiser the next time." (Wife)
January 2021
"Hurry, my cryptoportfolio is worth thousands of dollars again. Isn't that simply fantastic? I am so happy." (Me)
"I don't care - let me know when I see the money on your bank account." (Wife)
And that is it... My wife might actually be smarter than me! She has seen a bull market and a bear market before. To her, crypto is the same as "Monopoly" money. It is a fun game, and it gives you a rush and all sorts of feelings. But, it is still just game money, not tangible in real life (for her). I might feel otherwise, but somehow - I have got to say that she is right about it.
I am not planning on paying for things with crypto. In other words, it actually can be compared to Monopoly money. To use it in "real life" I will need to convert it to a FIAT currency. And as long as I keep my cryptos, it is highly volatile and not really for use in real life.
Let me know when you have real money in your bank account!
That would be something my wife would tell me, and that she is still telling me. Of course, crypto is going mainstream and can be used for more and more, but for most of us, it is something we just store and hope for it to moon. But, unless we actually take profit and cash out, we are in great risk of losing it all if/when a bear market should return.
So, I guess I have got to say that my wife is right :) I guess it is time to take some profit, even though it is really hard.
How do you feel about this? I would love to hear your thoughts!
Best not to get caught up in the roller coaster ride that is day to day.
Hello friend @unbiasedwriter.
An extraordinary content you share this time with all of us, personally this happened to me with my wife when I was just starting with my publications on the platform, she told me I see you spend hours sitting on your computer but I don't see anything tangible in your pockets.
Today I can say the opposite and my wife already believes in me, for the simple reason that she can see the Fiat money in my accounts and actually helps us a lot with our expenses.
Thank you for sharing such interesting content with all of us, I hope that later you can convince your wife with facts in your accounts. Successes friends.
The important lesson you need to learn is to cash out some profit and transfer it to your bank account. Then your wife will be happy and kiss you passionately. :)
She is kissing me passionately anyway - but, if maybe even more if I bring her an account statement coming with a big plus in addition :)
Lol I guess most people is like your wife though. Most time when I tell people who live around me how much my crypto worth, they just laugh and say they will believe only if when the money show in my bank account
Yeah, most people behave and feel that way... But, I am curious to see when cryptopayments will be as normal as paying with a VISA or MasterCard. That will be a fun change! But, until then - I guess we need to cash out for people to understand and see the value (including my wife)!
Global markets are pricing in inflation, because central banks are monetizing debt at an accelerated rate. Capital Assets in general are benefiting, including crypto. Fiat and debt right now are not good to hold (besides a one year emergency fund). So keeping it in crypto or other capital assets and watching it grow is important in building wealth.
Over the next decade, the world could become unsustainably over-leveraged, then it might be a good time to hold fiat or a stablecoin. In the meantime, one should cash in crypto to pay off debt as prices rise. Because when the deleveraging happens, and asset prices are sliced in half, it's not a good time to hold debt.
I like your post @unbiasedwriter.
Lots of wisdom in your comment, and I will try to remember your words, as they contain information that might turn useful not only right now, but in the coming years as well!
I really support your wife, the crypto market is extremely volatile and change can occur at anytime so I think it is better to have get some profit in cash so you can prove to your wife that you have made some profit.
Yeah - I try to listen to her myself :) Lots of wisdom can be achieved by listening to "outsiders", not just my wife, but other people also not paying much attention to the cryptoindustry! :)
Hello @unbiasedwriter
I hope you are well, the title caught my attention when I read the publication, I confess that the same thing happens to me with my wife, she has never been attracted to the world of cryptos, even though, she is a user of both STEEM and HIVE, however, she does not encourage any kind of interaction. My wife may be your wife's sister, for she also asks me to tell her how much my coins actually equal in my bank accounts, but it is certainly time to take advantage of this price hike. Best regards.
The general advice is always the same foe every market - take profits along the way. You can't always sell at ATH. If you buy a 100 coins at 1$, and coin now cost 2$ and keeps growing, you still may want to sell say 20 coins at 2$, then some more at 3$ and etc.
You are so right about it, and we all know it in theory, but it is way harder in practice :)
Oh yeah, do this in practice is the hardest thing in crypto market.
Oh yeah, do this in
Practice is the hardest thing
In crypto market.
- cryptohumster
I'm a bot. I detect haiku.
Best regards. Maybe many of us in this world must have that happen to someone close to us, in my case my wife does listen and gets excited about the value of the crypts hehe, but other members of my family don't understand it no matter how much I explain to them, they still see it as gambling money as you say.
Hi, I'm very familiar to this dynamic. We made a deal of splitting the portfolio: Sell half, keep half. This took the tension out of the topic..... for now.