NexTeck has the weakest of them weak hands

NexTeck excited their shareholders a few weeks back when they said they were gonna put $2 million from their Treasury into bitcoin.

The intent of the move was to diversify their treasury with a long term investment in digital gold.

I am sure the move was encourage by the praise MicroStrategy had received for a similar move, though the sizes of the moves were night and day.

However, after a few weeks of holding, them weak hands got in the way.

When news of that double spend event broke, they dumped that $2 million worth of bitcoin like a champ (chump).

Sees:

(Source: https://twitter.com/Fullbeerbottle/status/1352668104392896519/photo/1)

They netted roughly $200k in profits from the holding, but risking $2 million in something like bitcoin to make $200k hardly seems worth it.

They coulda made 10% holding something with a lot less volatility than bitcoin, which would also imply less risk.

Anyways, have you have seen anyone flip that quickly from being a long term holding to bailing on their position?

That sounds like an old friend of mine I used to trade stocks with, he'd tell me all about the fundamentals of a company like he was going to be investing in it for years.

He'd buy the dip on it and then get a 10% move in his favor and he'd be out.

I'd ask him why he didn't invest for the longer term and he'd respond with something like, "hey I made money, time to move on".

Hard to fault that statement but why do the research on the company as a long term investment if you are just playing a 10% bounce?

Anyways, NexTech will probably make another announcement like this later in the year...

"NexTech announces they have invested $2 million into Bitcoin at an average price of $112k per coin due to our belief in its long term potential as a form of digital gold."

Them weak hands love to fomo in and out, usually at the wrong time.