Should You Hold your Cryptocurrency, or it’s Time to Sell?

Published in

Coinmonks

3 min readJun 29, 2022

Keeping Updated With Coins

As usual, I was scrolling my life away on TikTok until a touching video prompted me to stop and reflect. So, there is this guy, probably mid-30s, who put all his life savings into Crypto, and when Luna crashed, he lost all his savings; that’s about 2 million dollars. Perhaps he was putting up an act, but at the time of filming, he cried and spat out names of fake internet gurus who led him into this rabbit hole.

I feel sorry for this poor guy; on the other hand, should I feel sorry for myself too ’cause I have some of my money sliced to the last third? So I thought I should pause and question the thoughts that have led me to this point.

The question is should I sell or hold your coins?

What led us here is that in November last year BTC hit 68844 USD, which raised hopes among crypto enthusiasts. Besides, 2021 is the year cryptocurrencies went mainstream with significant endorsements from prominent figures like Elon Musk and Jack Dorsey. So, it made sense to hold our hopes high regardless of the scammy nature of the crypto scene. Rumours that bitcoin would hit the 100K USD mark almost sounded like a reality, but as l am writing, Bitcoin is around 20K USD. As if that’s not enough, Robert Kiyosaki is waiting for the coin to retest the USD 1100 mark to start adding to his long.

There is a lot of panic and desperation, and many of us have lost so much that we don’t know whether we should dump the whole thing and cut the losses or hold on till Jesus comes. But let's look at both sides of the story.

Cryptocurrencies are revolutionary primarily because they decentralise financial authority. However, a cryptocurrency’s actual value is hazy, so it may be likely we’re all in a hoax. Of course, crypto believers, me included, might not like this, but people who advocate for cryptocurrencies are not always genuine about their claims. Instead, they are salesmen; more often than not, they have skin in the game. So if they pump the scheme, ultimately, they make money in their investment. For instance, when Tesla bought 1.5 billion USD worth of bitcoin Elon Musk and his followers vowed to be the face of Crypto on Twitter. Don’t you think this was a move to protect their capital?

On the contrary, cryptocurrencies are not useless; if anything, they offer an alternative for transactions that bypasses authoritarian governments. In turn, we can make donations and move resources without having to beg centralised bodies to authorise our activities. This goes for donations to countries like Nigeria in the most recent years. Moreover, some countries are cut-off global payment systems due to sanctions, so cryptocurrencies were slowly becoming the undiscriminating method for moving funds. So the vitality of cryptocurrencies is undisputed.

Whether you should or should not hold your coins should not be answered by a simple Yes or No answer. It boils down to your situation and why you invested in the first place. Every investment has an investment policy outlining conditions for pulling out with holding on as the alternative. And perhaps it’s time we refer to that.

Pulling out doesn’t mean you don’t believe in Bitcoin anymore, nor does holding on mean you’re an astute investor and a devout crypto believer. Decisions made in financial markets are not about to whom you owe allegiance or a religious cult with rigid rules that you follow. In the aftermath, we need profit.

We all have different stories that led us here, and so should our actions.

Back to the question, “should you pull out or Hold?” my simple answer is I don’t know.

Join Coinmonks Telegram Channel and Youtube Channel learn about crypto trading and investing

Should You Hold your Cryptocurrency, or it’s Time to Sell?

Also, Read

Written by Derby Matoma