@MightyTalon
Morning guys! I have two crypto-related questions that I'm hoping to get your opinions on... 1. That friend I mentioned before, the one who's new to crypto, asks: Regarding the crash that happened in May, did anyone predict it and was there a specific reason why it happened? Personally I expected a correction to happen around April/May, but I didn't foresee the kind of bloodbath that we experienced. 2, What are your thoughts on the Daily HODL article about the UBS warning that there's another crash coming and people should "stay clear" of crypto? https://dailyhodl.com/2021/07/07/financial-titan-ubs-issues-dire-warning-suggests-investors-stay-clear-of-crypto I feel like this is some fear-mongering from someone who's sour that people don't want to invest in regular stocks anymore. What are your thoughts? #CryptoTrading
5 comments
I think that everything is done to make the cryptosphere appearing as dangerous... https://noise.cash/post/10kj0n3x
I agree with you. So I guess we're still in the second stage... :)
1. People seem to be experts at explaining why a crash happened, but much less so at accurately predicting a crash. No one knows the future. 2. IMHO the only reason to invest in crypto is because you believe in the long term value of what you're putting your money into. Trying to make short term profits is a fool's game. Obviously I'm firmly in the HODL camp. If you don't think crypto will be profitable long term, then why would you invest in it? As for stocks, they have been VERY good to me. Most of my "fortune" is invested in the stock market. I invest in crypto just for diversification.
That's interesting... Do you still buy new stocks or are you only holding on to the stocks you've already bought? And right now while the prices are down, if you have spare money would you personally choose to put it in stocks, or crypto, or both? For me, I hodl certain coins but others I buy and trade for instant profit. If I wasn't able to get out regular profit (however small the amounts might be) I would spend less time and energy talking about crypto and caring about the markets... I'd probably pay more attention to stocks.
I'm an American. In the USA we have this thing called a 401K where you can invest some of your income, tax deferred, and often your employer will match a portion of it. I've been working since 1980, (just retired last year!), and most years until the last five or so I put money into a 401K. Until very recently I think the only options to put money in via a 401K was a stock fund or a bond fund. (IRAs are more flexible.) I didn't get married until 13 years ago, so I had lots of years where my expenses were low, and I could save money. Ever since we had our second kid I've actually been spending down my savings, even when I was still working. So no, I haven't really bought many stocks recently, other than puttering around with small amounts in stash.com . If I had spare money, I'd probably go 80/20 stocks and crypto, (or maybe 70/30 if i felt particularly adventurous). Crypto is still just too volatile.