Bitcoin Just Crashed - Here's What to Do...
O
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to me
12 hours agoDetails
Hey |Fname|, it's Ofir from 99Bitcoins.
Bitcoin just dropped to its lowest point in the past 12 months reaching a price of $3,400 a few days ago. That's an 80% drop since the all time high back in December 2017. Naturally, a lot of people are scared and panicked and I'm receiving a lot of questions asking what to do at this point.
It's hard to answer this question in a way that will fit everyone, since each person comes from a different financial background. If someone made the mistake of investing money they can't afford to lose the answer would be different then if someone invested money they knew might be at risk.
So instead of giving advice (which I don't usually do) I will just tell you what I'm personally doing at a time like this.
Back in 2013 when I first started out with Bitcoin I bought coins at the "then all time high" of $1000. When the market tanked to $250 shortly after, I panicked and sold all of my coins.
I didn't understand the technology back then and it was all about money. Looking back I think it was a dumb move to do, but I guess considering the circumstances and my lack of understanding of Bitcoin, there wasn't any other possible outcome.
Today things are different. Today I'm into Bitcoin because of the promise it brings to change the current monetary system. I personally believe that the true value of Bitcoin will only be understood once the next economic crisis will hit. When will that be? I can't say, but we seem to be driving straight towards it in the past few years.
Today I invest money I know I might end up losing, and I understand WHY I'm invested in this currency. So at the moment I don't see any reason to sell any of my Bitcoins.
Just for reference, here's a list of some of the biggest Bitcoin crashes throughout its 10 years of existence:
June 2011 - Bitcoin crashes from $32 to $2 in November 2011 (94%)
August 2012 - Bitcoin crashes from $15.25 to $7.50 in two days (51%)
April 2013 - Bitcoin crashes from $266 to $65 (75%)
December 2013 - Bitcoin crashes from $1200 to $220 at the end of 2014 (82%)
When I look at this list I can't help but wonder how I would feel today if I bought Bitcoin back at the height of those previous "bubbles".
If you ignore the price and just take a look at worldwide adoption and how Bitcoin is evolving the picture is very optimistic. You can take a look at this week's news update if you're looking for some happy news (mainly the Overstock story).
