Member-only story
Top 4 strategies for surviving the crypto bear market
Bitcoin was at an all-time high just a few months ago, and celebrities were promoting obscure altcoins. However, with Bitcoin values plummeting to approximately $36,000 from a high of over $68,000, and other digital currencies plummeting, former crypto enthusiasts are turning skeptical and reassessing their tolerance for financial risk.
The age-old dilemma of how to play a market drop is whether to hang tight, load up, or escape in panic. Here’s what some crypto investors believe is the greatest long-term plan.
Don’t try to short the market
While some investors may be tempted to short Bitcoin and other cryptocurrencies (bet on the price falling further), experts advise against it. A method like this might end up causing more harm than benefit.
“The moment to short is likely past, and it would be an emotional choice based on the assumption that the market is ‘heading to zero,’” said Scott Melker, a crypto miner and investor who produces the Spotify podcast Wolf of All Streets and writes The Wolf Den newsletter. “The advantage of purchasing now is exponential, whereas the advantage of shorting is quite restricted.”
