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Cryotosensei
30 Oct 2021
Blogger at diaperfinancingfund.blogspot.com
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Whenever I have made 50%/100% of my investment I will take out my initial capital and let profits run. However for long term holds such as Ether, I normally DCA and I plan to hold that for 10+ years.
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Daniel Chua
16 Aug 2021
Digital Audio Visual Production (Nitec) at ITE
May I ask do you mean how to take out crypto or how do Crypto investor maintain their Crypto asset a...
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Interesting question. Allow me to formulate my thoughts on this issue.
Financial literacy 101 recommends that we assign a purpose to every dollar so that we can rest assured that our hard-earned money is working hard on our behalf. I reckon this applies to cryptocurrency too. So in the first place, I am clear about why I am HODL-ing my Bitcoin and Ethereum for and what I am going to use these digital assets for should I choose to cash them out.
Specifically, I have decided to make Voluntary Housing Refund contributions for my CPF account. I think it yields me utility and sparks joy because the profits I accure from BTC and ETH are considered "happy money" in my mental accounting of my finances. So what better way to use such "bonuses" on something that I would feel pained to do with my salary?
As to when I HODL and when I cash out, I have this idiosyncratic strategy that I employ for my Gemini portfolio. Sometimes, I am lucky enough to attain $10 worth of BTC as referral credit because my friends make use of my referral link. I will alternate between transferring $10 to the Gemini Earn program and cashing it out. So far, I have five referees, so for the 6th referee, I will boldly cash out this $10 worth of BTC. And yes, no regrets because this $10 will go straight towards paying for my Voluntary Housing Refund.
So this is my highly personalised crypto exit strategy. What's yours?