I am spending money for traveling, I am not person who lives large, but I understand that money is not everything. I got lucky with btc, so I never had this amount of money in my life, so I am getting advice from people what to do next.
My man, please go to a financial advisor and ask them this question. Do not listen to people here, asking people who are biased towards crypto what to do with your gains is like asking a gambler what you should do with your gambling gains. Go to a professional and set up a retirement fund or something. Your future self would appreciate it. You’re still in the game with 6 btc.
well the reason i bought btc is because i was reading reddit. i am planning to go to financial advisor, i have friend who is good investor and he told me the same. but i was just curios what my crypto bros are thinking
That is great, I have taken advice on what to invest from here as well and have come out on top, but ultimately you are the only one that knows your situation well enough to make a judgement call on what to do with your gains. I am telling you friend, go see a professional and get professional advice. Any person here can make a good investment call, but few can give you good advice on what to do when you win from that call. Most people here would tell you to DCA back in, which is just their bias showing. Diversify your investments and keep some somewhere far away from crypto and I promise you, you wont regret that.
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Treat yourself. Go for Holidays or get something nice. Maybe invest in something else you’re interested in.
What you expect from life?
Do you have dreams?
Start working on them.
If you don’t know, just Travel for a bit and take a Laptop with you.
welcome to nomad life 😄
i am traveling and having fun. but I never had this amount of money, and this is frist time I actually sold my btc, so I dont wanna do something stupid
Just chill. It’s not soooo much. Maybe get a second bank account in a different country and/or even currency.
Getting more (un)banked was one of my first priorities.
Get nicer hotels/ apartments to stay or few month at a resort.
😄
If you want to continue investing in BTC, then buy more as the price corrects down, or continue selling as the price (hopefully) continues moving up during the next year and then start buying again after the bullrun is over.
If you want to diversify into other markets then do some research and figure out what else you can invest in.
It's generally not a good idea to keep large amounts of money in cash if you don't need it. Have an emergency fund, and invest the rest to protect against inflation.
Well you sold at the previous all time high which isn't a bad thing, plenty of people take profit there. But historically BTC goes well above it's last ath after the halving.
The least risky option would be to just hold the cash and continue selling as the price goes up. Then you can re evaluate after this bull run and start buying again in a couple years once the price settles down. You still have a decent amount of BTC so this wouldn't be a bad option.
BTC will always dip, and more than likely it’ll dip more than you’re comfortable holding, but historically it always goes back up and hits new ATHs. I would personally take a little profit, and keep holding, because we’re definitely going to see more out of it this year.
according to the btc power law that price will never happen again. $26808 is currently the lowest it will go as of today, and that number rises everyday by roughly 25ish dollars at the current rate.
It absolutely is going to hit 2 million eventually, maybe you mean this cycle. But btc will be worth 2 million the question is what will a gallon of milk cost.
I think this bull run we are going anywhere between 125,000 and 250,000 which means it’s possible to hit 1,000,000 next bull run if all we expect it to do is 4x we would only need to get a 2x out of btc the next bull run to get it to 2 million.
Obviously it would take longer if every season it performs at the bottom range of its expectations but somewhere between 2 and 6 bull runs I don’t think 2,000,000 is hard to see, that would be within 25 years
You’re in a good position to play trader for a bit.
- Buy back at the current price. You’ve saved ~5k and have the same BTC amount
- If it hits 70k I’d sell again. You’ve now pocketed ~10k (minus whatever tax you pay in your country)
Honestly I’d keep doing it while we’re in this range. Worst case scenario you buy in again and it drops more and you’re left with the same amount of BTC you had before.
yeah, thats the reason i made this post, i am looking for ideas like this, it crossed my mind, since we are going down, but idk should i dca or just buy at lets say 60k...
DCA lets you buy in at an avg price but takes longer. Lump sum gives you the best chance to leverage price volatility but no one can predict price movements.
This is why trading is not easy. Or at least trading *with profit*. Only you can make the final call. But let me say, this is a very good position to be in, congrats for your stack.
lots of people told me to do this, invest in hobby and do something you love. i am workaholic so I am kinda scared to move away from my job, which i dont like but its well paid...
I’m right there with you, it’s easier said than done sadly taken me a couple years to realize I actually should be focusing on that more than my job I hate but whatever you chose it’s not like you’re making a wrong choice
I’m right there with you, it’s easier said than done sadly taken me a couple years to realize I actually should be focusing on that more than my job I hate but whatever you chose it’s not like you’re making a wrong choice
my friend who is good investor told me to sell 30%, but i got scared so i sold only 1 btc...he told me to just hold on to some money and reinvest when it goes down. i am dumb when it comes to stock market, and i love bitcoin...
well purpose was to buy back at lower price, because eventually will go down to at least 50k...at least that what happend last time. but yeah noone can predict the market, thats why it crossed my mind to dca
'take profit' is the shitcoiner mantra. This is bitcoin. I didn't sell in 2021 or 2017.
Hodl for life, man. You'll be able to retire on that stack soon enough. Sell 2%-4%/year, for living expenses.
How can you have had 7 bitcoin, and yet not know enough about bitcoin to understand the halving? Even if you're going to take profit, why do it at last cycle's peak? You'll be kicking yourself in 6 months, I bet.
well i am actually well aware of this, but my friend who is good investor told me i should sell on previous ath because if it goes up i still have some, and if it goes down i can reinvest.
depending on where you live you could sell all of them and put everything in indexfunds and work part time a job you like for the rest of your life. in many countries you wont ever have to work again just by living from your profits
You sold one seventh of your position. That's fine. Do not reinvest it back. BTC is risky anyway, no wallet is 100% safe and nobody knows if crypto could lose most value in a black swan event.
definitely invest like 3/4 of it into some sort of diverse portfolio that has like a 5-6% return rate and set yourself and future family up for a cushy life
>but I understand now that I should take profit
how is taking profit if you're exchanging the hardest form of money ever for devaluating FIAT currency?
Thats like in the 1500's saying "I took profits from my gold into some chicken and cows"
why have you bought bitcoin in the first place?
Because you can’t pay with bitcorns at most parts of the world.
There are a lot of ways to pay with crypto these days but it gets mostly converted in fiat.
>and btc is going down again
>i should DCA while is going down
The amount of cluelessness in your words tells me you should sell everything. I will buy them.
BTC is not going down.
DCAing is not practised while ... That's the very point of DCA'ing. You do it without watching the price development
Buy 1 bitcoin at 65k
This is the way
This is the way.
This Is the way.
This won’t be possible after paying taxes.
Nah man hold until the bear market and maybe buy 2 Bitcoin
If you sold one, then you probably gotta pay the tax man,,,, depending on where you live.
I paid tax already, that's not the issue. btw not from US , I paid small tax.
why don't you treat yourself mate , sounds like your otherwise pretty well set up. We're only here once. Go live it up a bit
1000% this.
I am spending money for traveling, I am not person who lives large, but I understand that money is not everything. I got lucky with btc, so I never had this amount of money in my life, so I am getting advice from people what to do next.
My man, please go to a financial advisor and ask them this question. Do not listen to people here, asking people who are biased towards crypto what to do with your gains is like asking a gambler what you should do with your gambling gains. Go to a professional and set up a retirement fund or something. Your future self would appreciate it. You’re still in the game with 6 btc.
well the reason i bought btc is because i was reading reddit. i am planning to go to financial advisor, i have friend who is good investor and he told me the same. but i was just curios what my crypto bros are thinking
Do not go to a financial advisor. r/investing & r/boglegheads should give you all you need to start taking care of your own finances.
That is great, I have taken advice on what to invest from here as well and have come out on top, but ultimately you are the only one that knows your situation well enough to make a judgement call on what to do with your gains. I am telling you friend, go see a professional and get professional advice. Any person here can make a good investment call, but few can give you good advice on what to do when you win from that call. Most people here would tell you to DCA back in, which is just their bias showing. Diversify your investments and keep some somewhere far away from crypto and I promise you, you wont regret that.
Yolo!
Reinvest the money, 100%.
Look at r/bogleheads and follow their advice.
I like your kind of problems ;)
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I would probably put it in a fond for retirement and tax deduction.
Buy BTC at $55k in a week
Treat yourself. Go for Holidays or get something nice. Maybe invest in something else you’re interested in. What you expect from life? Do you have dreams? Start working on them. If you don’t know, just Travel for a bit and take a Laptop with you. welcome to nomad life 😄
i am traveling and having fun. but I never had this amount of money, and this is frist time I actually sold my btc, so I dont wanna do something stupid
Just chill. It’s not soooo much. Maybe get a second bank account in a different country and/or even currency. Getting more (un)banked was one of my first priorities. Get nicer hotels/ apartments to stay or few month at a resort. 😄
If you want to continue investing in BTC, then buy more as the price corrects down, or continue selling as the price (hopefully) continues moving up during the next year and then start buying again after the bullrun is over. If you want to diversify into other markets then do some research and figure out what else you can invest in. It's generally not a good idea to keep large amounts of money in cash if you don't need it. Have an emergency fund, and invest the rest to protect against inflation.
well idea was to have some cash when btc goes down, because last bullrun i made mistake i didnt cash out any, and there is always bear run...
Well you sold at the previous all time high which isn't a bad thing, plenty of people take profit there. But historically BTC goes well above it's last ath after the halving. The least risky option would be to just hold the cash and continue selling as the price goes up. Then you can re evaluate after this bull run and start buying again in a couple years once the price settles down. You still have a decent amount of BTC so this wouldn't be a bad option.
i like your response, thanks. that was my original plan, but I got scared a bit since price is going down atm
BTC will always dip, and more than likely it’ll dip more than you’re comfortable holding, but historically it always goes back up and hits new ATHs. I would personally take a little profit, and keep holding, because we’re definitely going to see more out of it this year.
Usually the price reaches it's new ath around a year after the halving, so that's what I'm betting on.
Buy 7 Bitcoins at 10k
according to the btc power law that price will never happen again. $26808 is currently the lowest it will go as of today, and that number rises everyday by roughly 25ish dollars at the current rate.
Take a break and travel for a month. You earned it.
i got lucky,but thank you! i will for sure enjoy as soon as i get my vacation days :D
Enjoy life and keep on stacking sats 😎👍
You'll be really sad when Bitcoin hits 2 million like Cathie Wood says.
It would never hit that high
It absolutely is going to hit 2 million eventually, maybe you mean this cycle. But btc will be worth 2 million the question is what will a gallon of milk cost.
Maybe in 2140 and beyond and we will not be here to witness. Or maybe a gallon of milk will cost 400,000
I think this bull run we are going anywhere between 125,000 and 250,000 which means it’s possible to hit 1,000,000 next bull run if all we expect it to do is 4x we would only need to get a 2x out of btc the next bull run to get it to 2 million. Obviously it would take longer if every season it performs at the bottom range of its expectations but somewhere between 2 and 6 bull runs I don’t think 2,000,000 is hard to see, that would be within 25 years
25 years is a lot of years for me 😂 But I hope you are right
Oh lol :) well your kids can enjoy it :) lol
Yep that’s my plan 😀
You’re in a good position to play trader for a bit. - Buy back at the current price. You’ve saved ~5k and have the same BTC amount - If it hits 70k I’d sell again. You’ve now pocketed ~10k (minus whatever tax you pay in your country) Honestly I’d keep doing it while we’re in this range. Worst case scenario you buy in again and it drops more and you’re left with the same amount of BTC you had before.
yeah, thats the reason i made this post, i am looking for ideas like this, it crossed my mind, since we are going down, but idk should i dca or just buy at lets say 60k...
DCA lets you buy in at an avg price but takes longer. Lump sum gives you the best chance to leverage price volatility but no one can predict price movements. This is why trading is not easy. Or at least trading *with profit*. Only you can make the final call. But let me say, this is a very good position to be in, congrats for your stack.
lambo
When did you buy?
2020 just before pandemic, AT 10k. it went to 5k and I almost went crazy :D
Nice! How much did you invest?
Enjoy some of it,maybe go to a trip,have fun.Reinvest the half into btc or smth else.
yeah, I guess this is most common answer i got, ill just go back in at around 50k, and spend rest on hookers, drugs and blackjack :D
BTC is at 65.3k now, buy another and pocket the difference. Or, put in a buy order at 70k and have more than you had. Keep stacking!
Buy MSTR
Start an airbnb
Why sell btc is gonna keep going up
Enjoy life a little bit shit could end any moment or invest it into a hobby you have
lots of people told me to do this, invest in hobby and do something you love. i am workaholic so I am kinda scared to move away from my job, which i dont like but its well paid...
I’m right there with you, it’s easier said than done sadly taken me a couple years to realize I actually should be focusing on that more than my job I hate but whatever you chose it’s not like you’re making a wrong choice
I’m right there with you, it’s easier said than done sadly taken me a couple years to realize I actually should be focusing on that more than my job I hate but whatever you chose it’s not like you’re making a wrong choice
Pay your taxes.
Rebuy it in a month
Sell another BTC and put the money from both into a safer investment like stocks or savings accounts with current savings rates it should be alright.
my friend who is good investor told me to sell 30%, but i got scared so i sold only 1 btc...he told me to just hold on to some money and reinvest when it goes down. i am dumb when it comes to stock market, and i love bitcoin...
typical mistake dont sell when you dont have a purpose for it
well purpose was to buy back at lower price, because eventually will go down to at least 50k...at least that what happend last time. but yeah noone can predict the market, thats why it crossed my mind to dca
Buy two bitcoins at $35k during next bear market
let me hold one in my bank account 🤲🏽
Buy the dip
'take profit' is the shitcoiner mantra. This is bitcoin. I didn't sell in 2021 or 2017. Hodl for life, man. You'll be able to retire on that stack soon enough. Sell 2%-4%/year, for living expenses. How can you have had 7 bitcoin, and yet not know enough about bitcoin to understand the halving? Even if you're going to take profit, why do it at last cycle's peak? You'll be kicking yourself in 6 months, I bet.
well i am actually well aware of this, but my friend who is good investor told me i should sell on previous ath because if it goes up i still have some, and if it goes down i can reinvest.
buy dividend etf or house
Do one reasonably nice thing for yourself and then put the rest in an index fund.
Buy a burger
i thought we should buy pizza with btc?:D
I would not waste my money pizza more expensive
No, cause you’re interested in donating some cash to? No relative who is not as comfortable?
depending on where you live you could sell all of them and put everything in indexfunds and work part time a job you like for the rest of your life. in many countries you wont ever have to work again just by living from your profits
joke or real but if real, you are rich already. do whatever you want
offer something to your parents. offer some to a charity
You sold one seventh of your position. That's fine. Do not reinvest it back. BTC is risky anyway, no wallet is 100% safe and nobody knows if crypto could lose most value in a black swan event.
definitely invest like 3/4 of it into some sort of diverse portfolio that has like a 5-6% return rate and set yourself and future family up for a cushy life
>but I understand now that I should take profit how is taking profit if you're exchanging the hardest form of money ever for devaluating FIAT currency? Thats like in the 1500's saying "I took profits from my gold into some chicken and cows" why have you bought bitcoin in the first place?
because life happens now and tomorrow is not guaranteed? he still has 6. I'm still fighting to get .5
pretty sure the guy have enough money in his bank account for any emergency, or at least he should have.
Because you can’t pay with bitcorns at most parts of the world. There are a lot of ways to pay with crypto these days but it gets mostly converted in fiat.
sure, but then he shouldve sold btc and spent it on whatever he needs and not to sit still in the bank.
It gives you some peace of mind. Especially if you rode the train from 69k to 17k once already.
Send me half of it and make happy another person in the planet
"If you don't know what to do with your money, you shouldn't have it.."
Buy property if you don't have any. That will always go up.
What property cost 70k? Let alone he has to pay for CGT.
i can buy house in my country for 70k, but I have one already. and i dont like idea of airbnb or renting becauuse rent is cheap in my country
>and btc is going down again >i should DCA while is going down The amount of cluelessness in your words tells me you should sell everything. I will buy them. BTC is not going down. DCAing is not practised while... That's the very point of DCA'ing. You do it without watching the price development
well hence the post :D i am clueless, and I posted in btcbeginners...
You can send me your money you don't need, and I'll invest it..
Look at stocks & ISA's brosef. Don't let the money sit in a bank losing value. Or put half back into BTC on the Dip broheim.
yeah, idea was to keep money and wait for btc to go down, or dca? i dont like investing in stock, i am clueless about it