We aren’t here to judge your reasons for thinking about ditching BTC.
Bitcoin can be a stressful investment for those who are anxious about which direction the market or coin might take. And, it can feel like a ball and chain for anyone who is ready to set sail in other investment seas.
Every investment is not right for everyone. Let’s consider scenarios where you should cash out your BTC and how you can cash out in different ways.
Scenario 1: You’re ready to break up with Bitcoin, and never look back.
Bitcoin just doesn’t appeal to you anymore. You’ve listened to all the arguments, devoured twenty hours of YouTube research, and subscribed to every blog. Even the shiny NFTs caught your eye. But, it won’t change the fact that Bitcoin just isn’t your thing.
You should cash out.
Bitcoin will understand.
Scenario 2: You have urgent bills or you need extra cash
Sometimes life gets the better of us. After the year of which we will not speak, it is totally understandable that finances may pose a real challenge for anybody.
We like this advice from Josiah Hernandez, CSO at Coinsource.
The TL;DR is – sell the BTC equivalent of what you need to cover your bills for a month. That will give you the leeway you need to catch up.
If you need more than that, cashing out up to 50% is a smart way to keep your BTC while getting the cash you need.
Scenario 3: You have 0% - 0.001% patience
In this scenario, you just invested in Bitcoin a year ago. You have seen some gains that you like. But, you aren’t willing to wait for years longer “just to see.”
Check out these wise words from the co-founder of Bread, Aaron Lasher.
“Selling 20% to 30% is a reasonable strategy for those who don't want to wait years for a potential windfall.”
If you want to grow your Bitcoin, find a wallet or account that will bring you the APR you seek.
You can also borrow cash against Bitcoin if you just want to be able to spend what you’ve earned. That is the perfect way to have your BTC and earn more of it too.
Scenario 4: Holding BTC gives you serious anxiety
It’s true that BTC has done things to surprise us - and not always in a good way. BTC has taken swan dives and rises that could make any stealth airplane jealous. If that has taken a toll on your mental health in any way, we understand.
You should cash out. Or, you can try depositing your Bitcoin in an account that will accrue interest. Securing guaranteed earnings can bring peace of mind to your Bitcoin adventure.
Scenario 5: You have realized your BTC dreams!
Congratulations! It is so rewarding to reap a healthy profit in cryptocurrency.
If you HODL until your target BTC price point or your intended all time high and you want to sell, go for it! This is the perfect time for you to gain compound interest on your successful investment.
Scenario 6: You have no clue what’s going on and don’t have time to learn
Maybe you threw money at Bitcoin because it sounded cool. But, part of a wise investment strategy is knowing about your investment.
There are a lot of scammers in the cryptocurrency world. You should spend a little time learning about Bitcoini and how it works. Not knowing where your BTC is or how to use the market to your advantage is putting yourself at risk of losing your investment.
If you don’t have time to learn, BitLeague is here to help you store your BTC in a secure account that grows interest.
Reinvesting Your BTC
Maybe you don’t want to sell your BTC, but find a way that your investment can work for you.
BitLeague is a pioneer in digital currency banking. We developed our next generation platform for secure, affordable and revolutionary financial services.
Our team has 100 years of combined global market experience as gatekeepers for industry leaders like Citigroup, Franklin Templeton, and Goldman Sachs. That means we know what it takes to generate returns for you.
The BitLeague team is happy to answer any questions you may have about reinvesting your BTC with us.