Ask Leo: Is putting all my savings in crypto the best decision?
These past few days has been quite tough on me financially and I tend to ask myself this question if I actually made the right decision putting all my earnings and savings in crypto. I kept remembering last year around this time when the bull market peaked and everyone was happy and rejoincing. That time my hive savings peaked to 17k dollars something that is now less than 2k. I blame myself each day for not selling then and buying back now.
Right now, I don't think having all my savings in crypto is the best decision especially for someone solely earning in crypto. If there is another source of income where one is being paid in local currency, it would have been better and easy to survive. Cashing out my earnings and selling right now is something I find so difficult to do even though I have responsibilities to meet. Imagine selling something whereby you'd be loosing in many folds, I'd rather not sell unless it's very very important. Right now I'm holding unto it as much as I can but I don't know for how long I will be able to. Right now, I have no choice than to cash out my NFT sales earnings and mind you, they aren't as frequent as before. Apparently the bear market affected the sales too and everyone is barely surviving.
If I'm to advice anyone coming into crypto, I'd say do not put every of your life savings in crypto. It's very very volatile and as fast as it could rise, it could also fall back. Its advisable to have some liquid money in savings which can be used on rainy days like the bear market. I do hope we enter the bull market soon and things get better for us all.
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Yes, crypto is volatile and when you put all your savings in crypto, it might be hard cashing out especially when it's dip so that one wouldn't regret. At least saving in HBD has been helping me for now because I can pull some out if I need to.
You can check out my post about why having cash is king and could save one.
https://leofinance.io/@princessbusayo/having-cash-at-hand-will-increase-the-ability-to-earn-more
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You're absolutely right just that sometimes one's might be tempted to leave the coins and not cash them out even when you ought to like in the bear market with the hope of it rising more but now I know better.
I will definitely check the post. Thank you for your comment 🙏
I think finding a balance between both cash and crypto will be the best way to go. Cash can sometimes be highly inflated especially the naira, but not as volatile as crypto. The gray area around Hive is the HBD savings oppurtunity with 20% apr. Its hard to find a sustainable stablecoin like that anywhere.
I wish you luck in the next bull run and be ready to take profits when the times comes. Have a nice day
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I agree with you. Sometimes cash is no better and can behave badly too and like you said HBD can be the amazing solution for savings.
Thank yoi so muvh for your wishes and I wish you too an amazing day.