Why I Made The Switch 3 Months Ago
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I am a huge fan of passive income.
The ability to have your money work for you is massive and continues to grow the more time you invest into it.
While there are many ways to make passive income the one I am referring to here would be Dividend income from stocks.
However 3 months ago I really started to back off buying stocks and instead started buying cryptocurrency instead.
You see the stock market at the moment is crazy overbought from what I can see. Just take Amazon stock for example.
The last mini crash in December of 2018 which was just 5 months ago had Amazon at $1,343 the stock now trades for $1,891 and lets be real there really has not but that much good news or profits for the world as of late. In fact the world itself is slipping into recession while the USA holds rather stable.
This still makes me wonder why stocks continue to climb they seem crazy over bought and I have a feeling we are in soon for a massive sell off maybe as soon as next week.
I do not believe that sell off will fuel cryptocurrency values though. Even cryptocurrency at the moment is struggling as of this afternoon to really make anymore gains. I almost feel like the next week is going to be a blood bath on two fronts with stocks taking a major blow.
This is why I moved from stocks over into crypto and the gains on crypto have been massive 90% on bitcoin alone 93% on litecoin and 57% on Ethereum.
Stock markets I saw gains of about 20%-30% which to me just spells totally overbought in all sectors and cryptocurrency. The month of May normally is a time when stock markets get smashed so this is leading me to believe a correction is due here shortly.
What are your thoughts?
Stocks? That’s for old people 😂
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:p I still enjoy them only Dividend paying ones though. Living off passive income is my main goal.
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We've been watching the crypto markets and its interesting read, the one we can't fathom is etn lots happening on the ground yet the price hovers, neither realy going any direction, the rest though Ethereum etc impressive growth, Bull imminent?
I think this bull run is over and its sell off time both stocks and crypto seem over bought majorly for the news that is currently out and people are getting greedy now. I backed out of some of my holdings and plan on picking up again here in a few days or a week when it corrects a bit. Those are my thoughts at the moment.
As they say, "sell in May and go away!" There is no way the economy has improved as much to warrant a 20% increase this year so I agree. I will stay away from the stock market for some time.