If you’re a new Bitcoin buyer and are asking whether you should sell, especially after buying in at 19k or higher and are anxious about whether you’re going to lose money, think about what you believe bitcoin is.
The only question is, do you think Bitcoin is just completely over?
Do you think that Paypal, Stripe, or all these major institutions who bought hundreds of millions worth of bitcoin in the past few months are done with Bitcoin forever after today?
Do you think that the new Bitcoin banks being set up in the US or Bitcoin debit card issuers are calling it quits after today?
Do you think that crypto is just a fad or that China’s experiment of digital currency is going to be scrapped today?
Do you think that the market is now stable and people aren’t going to look at this has a store of value anymore?
Do you think that Bitcoin’s nearly $200 Billion market cap is done for, forever?
Do you think that with Paypal opening up Bitcoin as a payment to 38 million new merchants means FEWER people will use it moving forward?
If not, and you think that Bitcoin will probably go back up eventually, then relax. As long as you haven’t sold, you haven’t lost any money.
You should only “cut your losses” if you’ve genuinely given up hope on Bitcoin entirely and believe that digital currency, as a store of value, is finished forever after today.
Otherwise, the only difference today is you have an opportunity to buy in at a lower cost and actually IMPROVE your previous investment with averaging.
Disclaimer: This isn’t a post meant for traders who are looking for short term trades and profit from doing multiple trades daily. And if you aren’t experienced in that area, I don’t recommend choosing this volatile time to start gambling.