Dear Reader,
Investing in Bitcoin and other cryptocurrencies is the new investment craze. I know many people, usually information technologists, who never before invested in anything now first invest in cryptocurrencies and later in stocks, foreign exchange or even commodities.
Yes, we are living through another dot-com bubble like in 2001. Then, again, day traders were prolific. Now, free of charge brokerage platforms like Robinhood and Trade Republic gamify buying financial assets, making it easy and free. However, buying stocks may be easy, but buying and selling them with a profit is not easy at all!
The same goes for cryptocurrencies. If one is investing in cryptocurrencies, especially smaller less famous and less liquid cryptocurrency tokens one has to be extremely vigilant. Buy and hold for less liquid cryptocurrencies will hardly work. There are just too many factors at play. The company behind the crypto token could go bankrupt, governments could outlaw cryptocurrencies, a large holder could sell a large holding of an illiquid security, Bitcoin's price can crash.
One has to buy at weakness, like a fall in the price of the cryptocurrency of 20% from a recent peak, and sell at a rise of 20% from a recent cryptocurrency price level. Yes, the commissions for trading an illiquid commodity like an obscure cryptocurrency are high, but the rewards can be potentially much higher.
The downside of being complacent, though, could be extremely painful.
Disclaimer: The blogposts and comments on this blog and posts on social networks(Twitter, LinkedIn, Facebook etc.) are not investment recommendation, are provided solely for informational purposes, and do not constitute an offer or solicitation to buy or sell any securities. The opinions expressed on the blog are Petar Posledovich's. Petar Posledovich does not guarantee the accuracy of the information presented on this blog and social networks. The information presented is "as is".
Petar Vladimirov Posledovich is not liable for any investment losses incurred by reading and interpreting blogposts on this blog and posts on social networks.
Conflicts of interest: I may possess some of the securities, currencies or their derivatives mentioned in the blogpost and posts on social networks(Twitter, LinkedIn etc.)!
Respectfully yours,
Petar Posledovich
1 comment:
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