Hi guys, hope are you are well. I don't know whether you believe there will be a correction of Bitcoin soon or not, but many people are saying that there will be. This would be a healthy correction, not a catastrophe. As we all know, Bitcoin is unstoppable. But when something goes up so high so fast and with so many institutional investors including venture capitalists and Wall St. bankers desperate to get into Bitcoin cheaper, there is a lot of downward pressure on the price. I know we are all buying it and pushing it back up, but at some point there may be another dip. And I hope when I say I hope there will be no Bitcoin longs will take offense. I am not wishing any longterm harm to Bitcoin and unless you need to cash out and spend your Bitcoin in less than two weeks it won't harm your holdings at all. I just want to get on the other side of the divide to where you are now, with a full holding of BTC and not just the little amounts I've managed to get.
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To that end I've liquidated a lot of stock holdings, raided my savings account, and collected on all manner of payments that are owed to me for this that and the other. I can't actually dip into my IRAs or 401ks so that's out. But I am moving any spare cash from anywhere I can think of into the exchanges to be ready.
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Photo credit: Pixabay royalty free. Photographer: Olichel.
Photo credit: Pixabay royalty free. Photographer: Erika Wittlieb.
Photo credit: New York Public Library Digital Collections.
I don't know how much time I'll have till there's a correction. And of course everyone could be completely wrong and we will just rocket on up past 5,000 and 10,000 and beyond and I'll feel stupid for waiting. But just in case this buying opportunity is coming I am looking around for things to sell on eBay and getting ready to sell more stock. A couple of stocks in my dwindling portfolio are on an uptrend and are expecting news, so I am giving them a few more days to take off or not.
What I'm not doing is borrowing against my rental condos. I'm too much a child of the Depression (haha not really, but that's my parents' influence) to take that risk. I'm also not borrowing money from family (I would feel ashamed of borrowing money for anything unless I were practically out on the streets) and I'm not recommending Bitcoin to anyone else. I already got my Dad and brother into one bad investment back in 2000 and I still feel guilt about that. No, this one is all on me.
I work in advertising sales and unfortunately our commission is paid out quarterly, and even then it takes a month to six weeks after the quarter ends to get paid. That will be long after Bitcoin does whatever it's going to do.
So I will assemble as many dollars as I possibly can before The Event and have it all ready to trade in what feels like the most important buying opportunity of my lifetime.
Photo credit: Pixabay royalty free. Photographer: Michael Wuensch.
I wish everyone luck, both the HODLers who don't want a dip and the FOMOs like me who are praying for one. I think we will all be happy in the end!