How ya holdin’ up there, kiddo? Enjoying the markets? Did you find the thrill ride known as Bitcoin to be exciting? Are you still in okay shape?
Still doing okay? (And if you’re still new to all this, hop on over here to this post and learn all about how to get started.)
Your mood might depend upon a few variables. First of all, whether you believe long-term in Bitcoin (which we’ll use in this post as the catch-all currency) and what it means for the economy. If you do believe, you may have bought in at lower numbers than what’s above. And, if you did, you probably didn’t look to sell at the first opportunity.
Another mood enhancer may be whether or not you tried to buy the dips. BTC at close to $2700 (above chart from Poloniex, so your experience and trading platform may vary) wouldn’t have given you a dip opportunity, but BTC dropping into the $1900s, then $1800s, then below? Any of those would have been buying opportunities for the long-term trader.
If you think Bitcoin is going to $5000 this year, then $2000 is a buying opportunity. $1538 is a golden buying opportunity.
Finally, again here’s our magic word: “Fundamentals.” The fundamentals of Bitcoin are strong, in our opinion here at Metacoin (that link is to our Facebook account and we would love your “likes”), so we’re bound to look at these moves as means of testing our hypotheses. Is Bitcoin strong enough to weather a drop into the $1500s? Does the volatility actually work in our favor – weeding out “panic sellers,” and bringing in long-term investors?
If there were a “State of the Union” for Bitcoin, we think that moving from a May 1 price of $1435 to today’s price of $2200 or so means that the state of Bitcoin is strong. Volatile, sure…but strong.
Leveraging Volatility Through Bitconnect
One more thing about volatility, and this last part is an Affiliate Link; since this whole site is a learning experience, we’re planning on…learning together.
We’ve just signed up at Bitconnect, and it’s a rather unique program. You lend Bitcoin through their platform, they trade it, using highly specialized bots and algorithms to use volatility to your advantage. The interest rates are compelling as heck – compounding daily at a half a percent can mean that money starts to add up quickly.
You can sign up for free – use the link above so this site gets credit, and we’ll get a bonus for your signup, should you eventually lend some of your hard-earned Bitcoin.
Our plan is to start lending in the next several days, then kick back and track the results. It could get pretty interesting – and we’ll share our results, warts and all.
Til then, stay strong.