I capitulated.
I learned some hard lessons. When bitcoin was at $104k, I took out a loan to pay for taxes and to buy more bitcoin.
Bitcoin went up to $126k. I think I made a great decision. The loan I took out had already paid for itself, and then some.
Bitcoin falls and closes below the bull market support band ($107k). I see Benjamin Cowen on YouTube confirm that he thinks we've entered the bear market. In the back of my head, I know it's true but I don't want to act on it.
Bitcoin falls to $85k and Luke Gromen says he sold at $95k. My pride says he's wrong.
Bitcoin crashes further to $72k. Margin call could happen soon, so I load up more collateral.
I've been thinking about where to go from here for a while. Benjamin Cowen clearly sees another trend with this bear market rally.
Time to make a decision. I'm going to have to pay back this loan in June or refinance.
Decided to sell some bitcoin to pay back the loan. Really sucks.
Major benefits: don't have to stress about whether to pay back the loan or buy bitcoin at these crazy low prices. Don't have to think about paying the loan and paying taxes together.
Overall view: I think @jack mallers's Strike offers an amazing product. I will use it again. I'm going to be smarter about when. An expensive lesson. Benjamin Cowen is almost always right lol.
I learned some hard lessons. When bitcoin was at $104k, I took out a loan to pay for taxes and to buy more bitcoin.
Bitcoin went up to $126k. I think I made a great decision. The loan I took out had already paid for itself, and then some.
Bitcoin falls and closes below the bull market support band ($107k). I see Benjamin Cowen on YouTube confirm that he thinks we've entered the bear market. In the back of my head, I know it's true but I don't want to act on it.
Bitcoin falls to $85k and Luke Gromen says he sold at $95k. My pride says he's wrong.
Bitcoin crashes further to $72k. Margin call could happen soon, so I load up more collateral.
I've been thinking about where to go from here for a while. Benjamin Cowen clearly sees another trend with this bear market rally.
Time to make a decision. I'm going to have to pay back this loan in June or refinance.
Decided to sell some bitcoin to pay back the loan. Really sucks.
Major benefits: don't have to stress about whether to pay back the loan or buy bitcoin at these crazy low prices. Don't have to think about paying the loan and paying taxes together.
Overall view: I think @jack mallers's Strike offers an amazing product. I will use it again. I'm going to be smarter about when. An expensive lesson. Benjamin Cowen is almost always right lol.
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