What If You're Holding Bitcoin Today?
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Early this year, I decided to place a small amount of money in a cryptocurrency trading account with Coinspot. That $1500 account was spread across a number of different coins that I've occasionally changed. At the moment I'm holding BTC, XRP, ETN, LTC, ADA, BCH and ZRX.
My total portfolio value is $536.55 - a loss of $961.45.
My plan is to hang on for now. I'm not a financial adviser and I'm not advising anyone else on what to do. I approached cryptocurrency trading as an experiment and I was prepared to lose all the money I tipped into the account. If the market heads back to the levels of last December, I'd probably collect the gains and bail out. But for now, I'm holding on.
The question of what to do will depend on what price you bought in at, whether you think the market will recover and how exposed you are. There's a lot of "expert" advice around but the reality is that the bitcoin market is still very new and no-one really knows what's going to happen. Many analysts agree that nascent markets are volatile and what we're seeing is to be expected.
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