I remember explaining all the risk to her but she wanted to roll with it anyway as a long-term investment.
She paid $2833 for her Bitcoin.
And look at Bitcoin now.
Incredible.
That same bitcoin is now worth $7269.
But there is more. Because she bought the Bitcoin before the split she also received 1 Bitcoin Cash.
Today I managed to separate the two and it's sitting in her wallet. That's another extra $600.
We talked about the investment yesterday on the phone.
The debate was if she should take the initial investment out or take some form of profit.
I think it's the best move. It's what I do with my other crypto.
There is nothing wrong with taking some profits.
If she sells 0.4 BTC she would be completely in the clear regarding her BTC investment.
The rest is pure profits.
She could also potentially use that 0.4 BTC to buy back more BTC if she wants in case it goes lower.
I saw Bitcoin crash from $1200 to $150 in 2013.
That crash is always in the back of my mind when trading crypto. It's a lesson I'll never forget.
Anyone who has gotten into Bitcoin for the first time this year only seen it go up. It's easy to get used to it.
That last feeling is very dangerous.
Even though everything seems ok at the moment I just think of it as something that can crash at any moment.
I still consider it very volatile.
Having a strategy to take profit is therefore very wise.
What do you guys think?
