4 months ago my mom bought a whole Bitcoin for $2833 - Is it time to take some profits?
I remember explaining all the risk to her but she wanted to roll with it anyway as a long-term investment.
She paid $2833 for her Bitcoin.
And look at Bitcoin now.
Incredible.
That same bitcoin is now worth $7269.
But there is more. Because she bought the Bitcoin before the split she also received 1 Bitcoin Cash.
Today I managed to separate the two and it's sitting in her wallet. That's another extra $600.
We talked about the investment yesterday on the phone.
The debate was if she should take the initial investment out or take some form of profit.
I think it's the best move. It's what I do with my other crypto.
There is nothing wrong with taking some profits.
If she sells 0.4 BTC she would be completely in the clear regarding her BTC investment.
The rest is pure profits.
She could also potentially use that 0.4 BTC to buy back more BTC if she wants in case it goes lower.
I saw Bitcoin crash from $1200 to $150 in 2013.
That crash is always in the back of my mind when trading crypto. It's a lesson I'll never forget.
Anyone who has gotten into Bitcoin for the first time this year only seen it go up. It's easy to get used to it.
That last feeling is very dangerous.
Even though everything seems ok at the moment I just think of it as something that can crash at any moment.
I still consider it very volatile.
Having a strategy to take profit is therefore very wise.
What do you guys think?
Yes it’s wise to recover your Mums investment and sit free carried. If BTC does continue to jump every month then she may never again be able to hold a whole coin. The other way to look at is, which currency do you sit your profits in? I also think about trading out, but not sure if there is really a better place to be right now. A few grand won’t change your life, but a hundred would.
I guess it all comes down to her personal situation. Does she need the money now? Could she afford to lose it? Of course theres nothing wrong with taking profits but if Bitcoin is one day 5 or 10 times the price it is now for example she will almost certainly regret selling now
Did your mother also get bitcoin gold? Cause she should. And now on 15-16 november, she will get segwit2x as well..
But most of the people are right here.. do not let that coin go.. do not be afraid of minor market fluctuations. Like you said, she bought it as long term investment.. let it be long term. Revisit that coin in 2020. May be you will get 50,000 dollars for it 😏
50,000???? Are you really that optimistic... i don't think so mate
1 year ago bitcoin was trading at less than 1000$. Now it is 7 times its price. Is it too hard to think that after 3 years, it can't go up as much as 50k?
Actually i am hoping and expecting that it will reach 100k by 2020.. 😏
Well that's great if it does so....but there might be some corrections as well
It could achieve a value of a couple million dollars.
Well, let's say the US switches all of it's currency over to Bitcoin and it's the only country in the world that uses it. On September 2017, there was 1.58 trillion US dollars in circulation. Let's convert that into the 21 million Bitcoin that will ever exist. 1.58 trillion divided by 21 million is a bit more than 75,000 US dollars per Bitcoin. But Bitcoin is a global currency, imagine how high that number would be if it was converted into the value of all the currency in circulation in the world.
i also think as like you...bitcoin can go 50,000 within 2020.it very possible
Yesss
Not anymore
@exyle If I was your MOM and I'm not I would just sit tight on her 1 Bitcoin right now and maybe revisit it in 2018. I do not see any hurry to take and sell any portion of it.
It is always better to take some profits at frequent intervals... Now when the Bitcoin has shoot up dramatically is very good time to book some profits.
If it falls back a bit then can re-invest back.
I tend to feel the same.
For what is it worth....
i think BTC will go higher until the next fork
The day after money will flow back to Alt's
BTC may or may not fall, it depends on the media attention BTC gets.
At some point the FIAT bankers will make a move to try & control BTC
probably with heaps of negative media....BTC price will drop & Fiat bankers will buy in!
China will be back!
BTC is only stage 1, a new gold backed coin will emerge sooner or later, giving it "real" value. (what is money anyhow? :-) )
$0.02
nice post, well i agree with your points, no doubt taking profit at the right time is very important in cryptos trading because you never know what's going to be happen in upcoming days, right now bitcoin is holding at it's peak and there is a chance that we see correction in bitcoin after that fork, so i think taking the investment out along with some profit now is a wise decision and once bitcoin done it's correction then buy back again, i think this is a great way to trading cryptos that buy low and sell at high, wishing you both a very cheerful & happy week ahead , Stay blessed
Damn good to read these kind of bitcoin stories while I'm just sitting here drinking tea and enjoying the moment!
Happy for you and your mom! Wish you success!
yeah as the prediction says that BTC price would go up and up so its good decision of your mom. dear @exyle
I have to agree, this is a HODL moment.
I'd take the Bitcoin profits but would leave the BCH there for longer or turn some of the BTC into BCH. :)
What do you like about BCH? I still have mine but still on the fence how I feel about it. At the moment I just see it as free money. I'm not complaining :)
I like that it follows Satoshis vision of letting anyone transact with it and as long as they are in no way connected to the Bitcoin Core team who are trying to turn Bitcoin into the next Paypal I'm holding. ;)
Seconded, but don't take my advice I'm really shit at trading :)