Bitcoin 10,700 10,900 11,000 USD! I made a poll some days ago, I asked if people if they do have fiat savings, or only crypto. From 15, 9 have both, and 5 persons, 33.33 percent, only crypto. That is a little sad for me. Dangerous. More even, if this crypto means all Steem and Steem Dollars.
Bitcoin and Ether skyrocketed
One of my eyes is crying today, the other is laughing. I woke up with a 10,900 USD bitcoin price, and that is very good news for me. I slept seven hours and got up richer – or, less poor, it depends on the definition. That is good news. But Steem didn’t move or surged only one percent (after falling 4-5 percent a day before). That is bad news.
But this is all natural if you are diversified. And you should be. Diversification means in the investment world, that you should never put all your money in the same inversion. First, not in the same product. If we talk about stocks, never in the same stock only. If we talk about cryptocurrencies, never all in the same cryptocurrency. Forget the option “all in”, like in the poker game.
More feet to stand on
The best example is today. If I had only Steem, I would be very sad seeing the Bitcoin and Ether price jumping high. But I’m having all the three cryptos, so, only one of my three eyes is crying, two of them are shining from happiness. (I’m caught. I’m an alien with three eyes and six feet.)
(Chart courtesy of Tradingview.com)
Rule number two, never invest all in the same asset class. Don’t put all your money in cryptos, nor in the stock market, nor in real estate. Examples: The approximately 12-14 months long crypto-winter of 2018-2019. The stock exchange crashes of 1929–, or 2008-2009. The bursting of the dotcom-bubble in 2000. The housing market crash in the US in 2007-2008. You can find a lot of other examples in financial history.
More eyes to see
Another benefit of having more investments is that you will see more of the world. Your horizon, your field of vision expands considerably. I can tell you with many years of experience: I read and hear news and analysis of a totally different way if I’m invested in something.
Do you have Turkish Lira? You will read all the Turkish news. Are you invested in gold mines? You will read all gold related articles but will be more interested also in some countries and political events, tensions.
Tough to be a whale
So, I suppose I never will be a whale (whales are people with 500,000 Steem or more if I’m right). I think I had only a chance if I put all my money and other savings in Steem, and I worked in some kind of full-time job in this same blockchain-world, all the time. Creating more posts, participating in the life of more dApps, building community connections, etc. And even so, I needed years.
But who knows what happens in these years. I can’t afford to risk all that I have in one and only investment. I prefer to be a dolphin, for now, maybe someday an “orca” (from 50,000 Steem Power), but having a plan B, plan C in other asset classes. To have always the possibility of a laughing eye.
Please, answer my poll about the Bitcoin price FOMO on dPoll!
(Photo: Pixabay.com)
I regret that last 3000 Steem purchase as much as the big purchase of Cardano in April 2018. Will not do either again.
If you start a YouTube channel and then go viral you have the possibility to become a whale.
Otherwise you're destined to be a sad little Orca the rest of your life (basically a glorified dolphin).
Thanks. But I'm not sure if I really have many options.
:) I Wish I were an orca
Steem needs marketing. Bitcoin markets itself
I like bitcoin and your photo.
Photo: Pixabay
Thank you.
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STOPDo not miss the last post from @steemitboard:
I personally don't care about price fluctuation, I stick to investing on a legitimate platform like https://allcoinvest.com which pays me double of my invested capital in 7 days or I buy hash power for mining using https://genesis-mining.com, all this have been doing for some years now and have helped me raised more than a million dollar i will recommend the same for everyone don't rely on just mooning get into investment, mining or trading you can earn in a few months what others will take years to earn waiting for the big moon
And that is why your Steemit account value is only 35 cents 🤣 Stop shilling your scams here dude. GTFO
You are scammed. Only Ponzi-schemes pay so much. You should retire your money.
You're right, it's too risky to leave all the investment in one place.