As all types of markets are entering a bear market, those who hold crypto are wondering just what to do with their investment. Bitcoin comes with advantages and disadvantages, both as an asset class and as a potential currency. Here is some advice on what to do with your cryptos during this market correction.
Decide Your Overall Opinion of Cryptocurrencies
In order to decide what you want to do with your cryptocurrencies, you should take a clear and honest stock of what you expect from this new technology. It is all so new, which means it has huge potential–either to go to the moon or to disappear rather quickly.
If you are Mark Zuckerberg, then you are banking big on crypto. He has transformed Facebook into Meta, a blockchain and crypto-based company. With such big names and fortunes investing in the metaverse and cryptocurrencies, their increased growth can seem somewhat inevitable.
On the other hand, the eventual disappearance of cryptocurrencies is not the most far-fetched vision out there. After all, one could argue that there is nothing there backing them up and that a rather quick chain-reaction divestment and devaluing could make the whole thing seem like a pipe dream.
In order to know what to do with your cryptos and Bitcoin during this bear market, you will have to decide how you feel about the overall future of the cryptocurrency industry. No matter which route you choose, keep in mind that it is impossible to be absolutely certain about what will happen in any financial market.
If you think the Bitcoins might not go back up, then this is a good time to spend them. After all, if you believe the future price will be lower, the sooner you can spend them, the better!
But, of course, it is not as if every corner store across the country accepts Bitcoins for everyday goods. There are some large companies that are accepting cryptocurrencies, as well as some industries where it is fairly common practice.
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Outside of Bitcoin-friendly industries, there are some companies that are leading the way in the crypto world. For example, you can add Bitcoin to your Starbucks app and use that to pay. Microsoft accepts some cryptocurrencies. AMC Theatres also began accepting cryptocurrencies for online payments over the last few years.
These are just some of the biggest places where you can spend your Bitcoin.
Hold on Tight for the Ride
If you are feeling lukewarm about the future of Bitcoin prices, now could be a good time to just sit tight. If you are not sure, then sometimes not making a decision is the best decision. In the markets, every move normally carries a transaction fee. So, all else being equal, holding on to your assets is a decent choice.
This is the simplest of all the possible routes, as it involves doing nothing. The main bit of advice here is to reevaluate the changing circumstance frequently so that you can make sure you do not miss the right time to act.
Double Down on Your Investment
If you are feeling super confident about the future of cryptocurrencies, it could be the time to double down on your investment. Right now, cryptocurrencies are much cheaper than they have been for a long time. So if you think they are going to come back up, this means that they are essentially on sale.
You could buy more of the same cryptos you have, or you could be looking into some of the altcoins you might not know as well. Diversifying your portfolio will only make it stronger and more stable.
Plus, because bear markets open up space for up and comers, we often see the new generation of technology really dominating the next bull run. Maybe you could do the research and invest in the next unicorn while it is dirt cheap.