Hello and welcome to BitBoy Crypto!
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My name is Ben.
Everyday on this channel, I show you how to make money in crypto.
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I'm coming to you live today from Boston Beantown.
That's got to be the worst attempt at a Boston accent ever.
But on a little trip right now,
I'm going to go to the Red Sox game this weekend.
Now, look, I'm not a Red Sox fan, of course.
So you may be wondering why I'm wearing this hat.
The hotel gave it to us!
It was sitting here. They had a bunch of gifts for us
when we came to the hotel here.
We're staying--
Well, I'm not going to tell you where I'm staying,
but it's a really nice hotel.
We've had a good time so far.
Now, listen.
In this video, we usually about this time, I give you the news for the day,
but I don't want to do that today. Do you want to know why?
Because there's no frickin' news for the day!
It's been so boring.
Bitcoin's sitting around $55,000.
So that's good.
That's a positive thing.
We could see the momentum carry upwards tomorrow.
Now, I want to address something that, you know, I get asked every once in a while.
I thought this would be a good topic for this video for tonight,
which is
what do you do with your crypto?
How do you take profits?
And is right now the time where you should be trying to get out?
So, this is kind of a complicated question
because, you know, we tell you all the time
anytime you can get profits,
you need to take some profits,
but that doesn't mean you pull 100% out of your portfolio.
Now, what do we mean by taking profits?
Well, either one of two things.
Either you are taking money-- or taking crypto and you're trading it back in for cash,
or you're trading it back in for USDC or Tether or a stablecoin.
Now, you can also take profits on a coin, right?
Let's say you take profits on Bitcoin, but you want to roll those into Ethereum,
so you trade part of your Bitcoin for Ethereum
because you think it's getting ready to explode or something like that.
So, I guess, technically, three ways.
So, you're either going into cash,
you're going into stablecoins,
or you're moving from one coin to another
in order to take advantage of price swings.
That's really trading at its heart.
But the question is,
a lot of people are getting scared,
and here's why.
It's not that people are scared that Bitcoin is not going to go up more
because a lot of people do feel like it's going to go up more and people are excited.
I'm excited. I think we're going up to $100,000 by the end of this year. You guys know that.
But people are getting scared because we're getting back to numbers
that are in the ballpark of all-time highs,
and it feels good.
People are feeling good about their portfolios.
They're feeling good about money.
And they missed that feeling.
Because when we had the crash in May,
there was a dramatic price drop, as you know,
and then all of a sudden, our portfolios dropped 50%, 60%, 70%.
And that was gut-wrenching.
So, it's kind of like, you know,
you have this opportunity to get those gains back, the gains that you had.
Like, maybe your portfolio is almost back to an all-time high.
And people are nervous because they feel like this may be their last chance.
Like, it's kind of like playing, you know, craps or something.
It's like you roll so many good numbers in a row,
and you're winning, you're winning, you're winning.
It's like, at some point, I'm going to roll the wrong number and I'm going to lose.
And so it's good to take money off the table as you go
instead of just trying to double up on every spin
because eventually you're going to lose.
There's no doubt about it.
Or letting your money ride on red or black on roulette or something like that.
But with crypto,
it's a little bit different because we have some educated guesses.
We have some hypotheses out there
that kind of tell us what crypto should be doing at this time.
Now, we know-- we've talked about this on the channel a lot.
There is this idea by Benjamin Cowen that there is a lengthening cycle
and we're going to go until next year.
People like Jebb and Carl, I think, they believe we're going to go into next year in the bull run.
I don't believe that. I think it's going to be quick.
I think we're going to go to $100,000 by the end of the year.
There's some other people that agree with me as well.
You've also got the bears out there
that believe that we are going to see dramatic price drop.
We're not going to get back to all-time highs.
So, if you look at those three options,
and you say, "Okay, two out of those three options sound pretty good.
Prices are going to go up.
Maybe I hold on to some. Maybe I take some profits,"
but the other one's really bad.
If we are bearish.
If this is like the last hurrah of a bull trap,
which, if you didn't know, a bull trap is when the price looks like it's going to continue upwards
only to set people up for a big fall.
Okay?
If you think that's a possibility,
and your portfolio's back to an all-time high,
then maybe you should take more profits.
Maybe you should take some more off the table.
But the other two options sound like we-- no matter what, we're going to be going up.
It's just how fast are we going to get there.
If we are at $100,000 in the next two months--
my big old finger.
My big old fat finger I had put on in front of my camera there.
But if we are at all-time highs,
and if we're at $100,000 by the end of next month or the beginning of December,
then you need to consider pulling money off the table.
A good amount of money off the table.
And I don't really believe anymore in just HODLing.
I think HODLing is a lazy strategy.
I'm going to talk about this a lot on the channel.
Over time, it works,
but you're talking about the difference between doubling your money or tripling your money
or 20X'ing your money
when you're just doing two simple trades every four years,
where you're trying to generally sell the top, trying to generally buy the bottom.
I don't advocate HODLing anymore.
I just think it's lazy.
I think we have enough crypto education out there
to where if you watch this channel,
you understand the four-year cycles,
you have no excuse to hold Bitcoin all the way back down to $15,000 after we top out.
I just--
I just don't think you have an excuse there.
Or maybe $20,000 or $30,000, whatever it's going to be after we top out around $100K.
But I think it's really important for you to at least have a strategy.
I think too many people go into crypto
and they're just kind of like flying around blind.
Like, you don't really know exactly what you're doing.
You're just like, "I'll feel it out when we get there."
No, no, no, my friend.
You need to have a plan.
Whether it's to sell in a couple months,
or whether it's to sell at certain price points,
or take profits along the way,
you need to have a plan.
Without a plan, you're going to fail
because there's never going to be a time that feels like the right time to sell your crypto.
So, I wanted to give you guys that message.
I'm not selling anything right now.
I mean, we've, you know, we bought a Lambo.
We did some stuff, but, you know, we sold off less than 5% of our portfolio
over the last couple months for different real estate purchases and things like that.
But 95%, we've held on to and the other ones were just for purchases,
so in that way, we have taken some profits just a little bit along the way,
but, you know, we're not planning to take full profits.
The maximum, somewhere between 60% and 80% of our crypto,
we'll be taking profits on, you know, hopefully by the end of the year.
Now, look. If we get into the end of the year and Bitcoin is still staying around $50K or $60,000,
then that will be a strong indicator that we are going to see all-time highs next year
and this is going to carry on for a while to come.
But like I said, I've been very adamant,
I do not see that happening.
I think we're following closer to the 2017 month-over-month schedule.
September was down.
October pumped.
November pumped.
December saw an all-time high for Bitcoin.
January saw all-time highs for lots of other coins.
So, I think we are going to see that altcoin season go then.
But let me know what you guys think.
Drop down below, I want to know, what profit strategies are you guys taking?
And also let me know,
what should I do while I'm here in Boston?
Alright, guys. So you guys have a good night.
That's all I got. Be blessed.
BitBoy out.