BITCOIN DO I RISK IT ALL FOR THE BOYS

Used to own some btc back in 2016 but sold out before the 2017 surge and I just watched bitcoin drop 20% this morning (sitting at $30.5k atm). I'm sitting on around $20k in savings and don't have many expenses tbh

Is throwing in $2k stupid if bitcoin drops down to $28k?

Comments (18)

 
Jan 11, 2021 - 12:34pm

It might not be the worst decision but with that small of a position you're unlikely to experience any life changing returns. Even if Bitcoin doubles (which I eventually think will happen), that's only a 2k gain. All of the success stories you see on Bitcoin of like 100 dollars to 100,000 were people who bought in below a dollar and sold for 10,000%+gains. To make that happen again, Bitcoin would have to go into the millions, which I think we can all agree is not happening any time soon. Could be a decent investment, but set your expectations accordingly. Instead, I recommend YOLOing all 20k into Dogecoin, which has much better fundamentals, higher upside, and solid institutional support (Elon Musk and Angela White, to name a couple).

 
Jan 11, 2021 - 2:00pm

Don't invest in it because someone said so. Do you own research, read about it, and then decide for yourself if this investment offers any value. I have yet to pull the trigger and actually commit to buying a sizable portion of btc, but the more I learn about the technology behind it the more fascinating it becomes. I believe cryptocurrencies and cryptoassets can and will revolutionize the world economic system, but that's just me.  

 
Jan 11, 2021 - 2:14pm

I honestly hate crypto. For me, it's associated with all those candlestick junkies on marketwatch. Can't hate on it too much because as long as you can keep from getting hacked, it's a viable alternative yield given the new found institutional love of it. This 20% drop will have a lot of retail support but it also wouldn't surprise me if it's those same people who end up paying for some rich guy's yacht as he sells out at the top, taking the valuation down with it. Always be wary of crazy upside predictions especially after a recent strong run up.

 
  • Investment Analyst in HF - Event
Jan 11, 2021 - 8:06pm

Don't go yolo on something just because you have fomo even if it's 2k

 
Jan 11, 2021 - 8:10pm

Seriously do it. Then report back in a year and let us know how it went. Couldn't possibly go tits up.

Array

 
Jan 11, 2021 - 8:30pm

I actually put in some money today. Small amount. I too believe that it has no fundamentals and is mostly driven by clueless people.

The latter being what made me put some money.

My only advice when it comes to bitcoin is this: put in an amount that you'd be OK losing.

 
Jan 12, 2021 - 5:09am

BUY THE DIP

Can be summoned to make fun of liberals at will. 

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