Bitcoin At All Time High – Should You Sell Or Buy More?

The crazy post election gains continue today and Bitcoin reached almost $88,000 for the first time ever. Here’s what you need to know if you feel you missed out or if you are considering selling at high prices.

I’m Kiana Danial, a former engineer, I wrote the first edition of Cryptocurrency Investing For Dummies in 2018 and the Second Edition in 2023.

As of today my total crypto portfolios across two wallets just passed $2.1 million.

Of course my phone has been blowing off all day with friends, family and media asking me what to expect next.

Back in 2021, on a Fox Business live news segment with Charles Payne I talked about bitcoin going to $100K+

Bitcoin At All Time High Should you Sell Or Buy More Video Summary

What does this mean for you today?

If you’re considering buying Bitcoin simply because you’re seeing the hype, DON’T. Investing in any asset involves risk and crypto in particular, is extremely volatile and needs you to have a solid understanding of its fundamentals so you can manage your emotions when it inevitably pulls back again. It always has, it always will. 

For me, Bitcoin, alongside other crypto assets I’ve been holding in my portfolio, is a tool for diversification. When I first started investing in crypto, it had an inverse correlation to the stock market. This means when the stock market went up, Bitcoin went down, and vice versa. 

Now that crypto has become mainstream, it’s developing an increasingly positive correlation to the rest of the market, so inverse asset allocation out the window. 

That being said, I will continue holding on to my Bitcoin for a very long time. Here’s why.

I was born and raised in Iran in a minority family. Before the 1979 Iranian revolution, when the Iranian people voted in someone who promised change, but then turned out to be a dictator.

My dad was a successful business owner. He had a whole bunch of money that he reinvested in his business and kept in Iranian accounts.

Once the Islamic regime came to power, they started cracking down on minorities like us. They froze all his accounts and seized all his assets. They could do this because these accounts were centralized. 

The reason I invested in Bitcoin is that even though it recently seems to have become politicized, it is the only truly decentralized asset you can ever own.

This means as long as you keep your coins in a hard wallet like a Ledger, Trezor or Bitkey and hide it in a safe place, no centralized government body can seize it.

Other crypto assets like Ethereum, Dogecoin, and Solana are NOT truly decentralized. But some of them do make for great diversification, especially the ones that pay you free money, called staking rewards, just for holding them.

Investing in them is kinda like investing in any other online financial asset, but obviously, the fundamentals are different. 

So, Is Now A Good Time To Buy Bitcoin? Or Should You Sell?

You need to understand that investing is highly personal, and you should NOT invest before you know your exact risk tolerance. The only time to sell an asset is if you have a better investment opportunity that justifies the capital gain taxes you’re gonna have to pay for selling. 

If you’re looking to buy, while these are the prices Bitcoin could drop to in the future, you need to make peace with the risk of missing out if you wait and the risk of a total collapse if you buy at current high prices.

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