Bitcoin is down more than 60% this year, but the potential for stratospheric returns on cryptocurrencies can still be enticing. Temper your all-in mentality by setting goals – starting with these questions for yourself.
Despite bad news about cryptocurrencies — the monumental price drops, the bankruptcies, the thefts, the corruption — true believers aren’t looking for a way out. In fact, it’s usually the opposite.
“Nobody wants to get rich slow,” says Ryan Losi, a CPA and executive vice president at PIASCIK, based in Glen Allen, Virginia, who handles a lot of clients with cryptocurrency holdings. “But a lot of people who come into riches quickly don’t know what to do with that money, like people who win the lottery. You look down the road and they have zero.”
Financial adviser Doug Boneparth, who has an interest in crypto himself, has had many conversations with his clients about goals as a way for them to figure out when they’ve reached them, and then they’ll know it’s time to get out. If you stay in, you might get to your goal sooner, but you might also very well miss the opportunity to get there at all.
Anti-Wall Street sentiment Investor sentiment on crypto can vary based on when you first purchased the investments. The thinking behind some of Losi’s clients is that every time they have gains, they think it’s not the right time to sell, because it might go up even more tomorrow. And if they’re losing, nobody likes to admit it or take their chips off the table.
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