Last night a close friend of mine texted and asked me where he could unload his Ripple. He was done. I didn’t even bother trying to give him the HODL talk for the tenth time.
I talked to him about buying Bitcoin, Litecoin, and Ripple last September. Later in December when the market was peaking he insisted I help him get into the market. He bought Bitcoin at $16k, Litecoin @ $300, and Ripple @ $2.50. I told him he may want to wait until the market cools a bit, but the FOMO overwhelmed him and he bought.
I spent all of January getting him through the anxiety of huge drops that he had never experienced before. Let’s face it few do have the experience. It was tough dealing with his anxiety on top of my own as I tried to keep faith in crypto.
Last night he sold everything. I bought his last 400 Ripple for $250, which he paid almost $1000, and he was happy to get rid of them. I added them to my bag, what’s four hundred more at this point, right? I could not believe how thankful and relieved he was when I sent him the $250. I was really stunned that he was not upset at the loss but rather relieved from being out and having something. I asked him, “do you really think it may go to zero?” He said, “Yes, and I really don’t care.”
I think we are seeing many small investors throw in their hand, especially those that got in during the December rally. The mainstream news has nothing but one bad story after another about crypto – and this is where most small investors get their news not from the crypto community. As talks of bubbles and Ponzi schemes to regulations and scams is seen by most of the public and fearful investors, those who bought high are throwing in the towel, as my friend did last night.
And then I had a thought…
Strangely, and of course I did not tell him this, I became a bull on this market right after I received his coins. His capitulation was my signal to become a Bull again.
The next market upswing will come by way of institutional investment and I can be patient and wait. I now really understand what Warren Buffet means by “the market is a device for transferring money from the impatient to the patient.” I will continue to buy my friend’s cheap coins and the coins from those similarly situated.
I am buying slowly at these prices – and I am only buying blue chip projects. Small altcoins are in for a difficult journey these next several months as governments decide how they will deal with the security status of these tokens.
My friend turned my bearish into bullishness. No friend, this is not going to zero, ever. It’s a tough market, it will turn around.
I am a bull on Litecoin and Ripple at these prices.
I also like Bitcoin, Stellar, NEO and Cardano.
Dollar cost/ladder into positions.
The bottom is near. ($6900-7200BTC)
I hear the BULLS coming.
A final note, there are too many coins for this small of market cap. Be careful of the altcoins you fell in love with because of great marketing. They are going to have a difficult time surviving in this market until clear regulations are given.
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