With sentiment suggesting Bitcoin and the crypto markets are about to go on a bull run, seasoned old timers are warning about the lessons learned from previous rallies.
With Bitcoin correcting 5% in the past day, the Crypto Fear & Greed Index is back to 75.
Either way expectations are high of boom times ahead.In a Twitter thread on Aug. 11, MyCryptoWallet and MyEtherWallet co-founder Taylor Monahan laid out some good old fashioned advice learned during the 2017 bull run.
She pointed out the irrational exuberance of bull markets invariably attracts bad actors preying on the vulnerable.
Monahan believes the time for accumulation has now passed and pushed for users to put 90-95% of their crypto assets into cold storage.
Monahan also stressed restraint and pointed out that people who "Take on huge debt to get crypto" will not win, but will " lose their house, their kids' savings.
Easy to say, hard to doCrypto researcher Chris Burniske said in an Aug. 7 tweet it was "Hard to be adequately prepared" for a bull run.
If you're a fan of podcaster Anthony Pompliano, you will be familiar with his frequently reposted advice for what to do in a bull run.
Some users believe the advice is a jinx, as every time he posts it the market appears to turn bearish.
BTC is very volatile- You can lose all of your money- Only invest what is ok to lose- Twitter is not investment advice- Don't buy BTC with credit cards- Keep low time preference- Do your own research.
How Not To Lose Everything During the Bull Run
Published on Aug 12, 2020
by Cointele | Published on Coinage
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