Don't Marry Your Crypto
It might keep you from seeing reality. Plus, it's getting harder to stop Bitcoin
Time to talk a hard truth.
Even if you’ve been in crypto for years, you need this reminder—especially now when the market isn’t what most would like.
(Anyone sick of sideways trading, raise your hand!)
Please, don’t marry your crypto.
This is especially true when it comes to altcoins—the ones that act as alternative investments to Bitcoin. No matter how much you love a Level 1 chain, a token, or a project, please keep your wits about and do not marry it.
What I mean is, invest all you want in whatever you think is worth your time, but don’t hesitate to sell out of a position if the investment isn’t doing what you would like or what you need. You can cut. You can leave. And there are times when you should.
Maybe the chain is… dead. Maybe people aren’t talking about it much anymore. Or maybe projects built on it haven’t met market expectations.
It happens.
Crypto comes in cycles. We’ve talked about that before, but that’s also something to remember here. Plenty of hyped up projects from 2016 or 2107 (a lifetime ago for this sector) aren’t major players now. Some have completely closed.
So sell if you need to. And don’t feel bad about it for one moment.
Plus…
What did I say in a previous newsletter about Jack Mallers?
He never disappoints.
At Bitcoin 2022, he revealed that his company, Strike, has partnered with a number of companies to offer payments via the Bitcoin Lightning network. Specifically, these companies:
What does that mean?
First, Jack said it doesn’t mean spending your Bitcoin at these retailers. If you want to spend dollars, that’s fine. You can still use the Lightning network, which removes the middleman (banks and credit card companies) from the transaction. The merchant also won’t have to touch Bitcoin, but can access the network and the benefits.
Consider this— most businesses pay 3-5% on credit card fees each time a customer swipes a card. It’s a racket, but until now they’ve had no other choice. We live in a digital world, and they have to compete.
Now they have another option. The Lightning network does not charge these fees.
Customers now have another option too—they can’t be kicked off the Lightning network just because a bank doesn’t like them, or they aren’t part of a certain group. Bitcoin is decentralized, and is for everyone.
Long live the free market.
Before you make a judgement about this announcement, I recommend that you watch what Jack said. Many people did not, and jumped to conclusions. I saw all kinds of ridiculous takes on social media and in legacy media publications. Most people got it wrong. Let him show you what he’s been working on these last few months. Jack does a great job of explaining what he is driving at, and here he is (foul language and all):
I personally think this is huge deal. Bitcoin took another huge step toward adoption with this initiative, and its getting harder for naysayers to stop it.
What do you think is next?
The Crypto Connection is for entertainment purposes only and is not meant to be financial advice. Please do your own research before investing in any asset class. Sara Celi is not a financial advisor, and holds several cryptocurrencies. To purchase her books on Amazon, please click here.