For the past week, the crypto market has been quite shaky. Earlier last week, a short-term market dip affected most altcoins and the crypto giant Bitcoin. This dip caused a stir in the market and emotional turmoil to cryptocurrency holders, especially the freshmen in the market.
Americans have been saying that cryptocurrencies harm their relationships. We are seeing people breaking the golden rules of cryptocurrency investing; they are investing more than they can afford to lose. This is something that needs to stop. If you are only investing extra money, you will not be having these issues where you will have to sleep on the couch because you did a 50x long on Dogecoin at the top and then got liquidated and lost this month’s apartment rent.
People have to understand that the crypto market is notorious; cryptocurrencies are an incredibly volatile market. You do not go too deep and all in on these highly speculative turns; you have to take the long-term gain and have some patience. It is a step-by-step process because that is how winning is done. You take the crypto market one at a time, Dollar Cost Averaging and bring in Bitcoin is good.
People who are negative impacts on their relationship because of cryptocurrencies are buying tops and selling the bottoms. This is what most of the market does; meanwhile, the people who have been Dollar Cost Averaging into Bitcoin for the past five years are super-wealthy and have fantastic relationships. Cryptocurrencies will be a part of that because it has helped them solve what is regarded as the most common issues couples mostly fight about, MONEY.
If you help yourself by investing smartly, you will have better relationships and more wealth. One has to be careful when chasing after Ponzi coins, meme coins, and when trading on leverage. This type of stuff can get you in trouble fast, so you have to be aware of those realities. Investing in cryptocurrencies is a long-term game, so you have to play in a long-term game.
Many new investors have been panic selling due to the recent drop and panic buying back in after selling the bottom and rushing in to try and buy the top again.
On the other hand, yesterday, Tesla sold a percent of their Bitcoin. Tesla sold 10% of their Bitcoin holdings to prove the liquidity of Bitcoin as an alternative to holding cash. This Tesla sale has brought to light that Elon Musk indirectly revealed that he too is a Bitcoin holder.
Some time ago, around 2018 or so, Elon Musk said that he had about 0.5 Bitcoin that someone gave to him at a party one time. Elon Musk directed his company to buy 1.5 billion dollars worth of Bitcoin; there is no way he would do all that for his company without personally believing in the potential of Bitcoin. It will not be a surprise if he has over a billion worth of Bitcoin in holding.
