Okay guys, relax!
If you are wondering, this is not a drill and you are certainly not dreaming. Bitcoin prices are falling fast. I set my Bitcoin Wallet notification to below RM 10,500 per Bitcoin (I am using Luno by the way) and it had been ringing non-stop. Friends and family members are worried because just like many of us, we did purchase Bitcoins at high prices.
Take a look at this graph by Coindesk.
Should you be worried?
Literally speaking, yes but yet, nothing big deal. As a financial advisor, I am here to tell you the real thing about Bitcoin investment.
Some analysts forecast the week’s run-up in Bitcoin would likely result in a major pullback soon. But most anticipate that in the long run, bitcoin and the supporting blockchain technology will transform the world just as much as the internet did.
What’s more important is that despite Friday’s losses, Bitcoin remained more than 15 percent higher over the last seven days and up more than 100 percent for the year, according to CoinDesk. The digital currency first crossed above the psychologically key $2,000 last Saturday.
So, what should you do right now?
This is where the fun parts begin. There are safety measures you can take right now (which I am taking myself too).
1. Start saving up money to buy in bulk
Always remember that anything that goes up, will come down and vice versa.
There will be a point where the prices for Bitcoin will go down and that is the exact moment where you start buying those!
BONUS: Create a free Bitcoin wallet today using Luno (click here to get extra deposit bonus).
2. Do not sell your current Bitcoins
Most beginners are selling their Bitcoins. Stop doing that! You are not going to make the market better.
Here’s what I did. I took a portion of my Bitcoins and invested into very specific schemes to increase my Bitcoin count. I share about it more in this blog post, Bitcoin Investment for Newbies and you can even check out the program I am using by clicking on this link.
Remember that you should only invest a small portion of your Bitcoins (I invested only 0.05 BTC if you are wondering) to earn some side income.
A quick recap for Bitcoin plunge
Do not panic, folks. This is an investment and this happens all the time in the stock exchange (putting aside the value). There is no point panicking and what you can do is to keep an eye on the trend and invest when the time is right.
Again, I am a firm believer that making your Bitcoin work harder for you through carefully thought out Bitcoin investment is critical for your success. And if you are living in Asia and finding hard to purchase Bitcoin, consider checking out this post, How To Buy Bitcoins In Malaysia.