Crypto dillemma. Sell or hold?

[biddybird]

I bought some Bitcoin a few years back... not much, just £2k worth. I was hoping to build up a retirement fund.

I see that BC is having a bit of a surge at the moment and today my investment is worth just over £6k!! Should I sell now and re-invest when the price drops again (as it surely will)?

I will need the money in around 10 yrs time.

I really have no idea what I'm doing with investments. I have tried some shares in the past but it's always been a disaster. Help!

Diamond hands OP

Hodl until you get 100% profit Bitcoin will do that.

It's been going up and up if you ignore day trading so keep your hands steady and don't sell

She's already got over 100% profit, @gerup!

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

Just what? Bitcoin is anything but stable.
Looking at the incline on the spike I cannot see how thats going to be sustained. I think there must be a sharp pullback sooner or later.
Its a gamble with no inherent value. Pays your money takes your chance.

Bitcoin is one those ones that I really don't understand but if I was feeling jittery then I'd cash in some or all of it. Possibly take out 4000 so at least you've doubled your money then leave the rest to fate.

Thanks all! I've cashed in some of it and left my initial investment amount in BTC.

I bought 100 lite coins back in 2013, but no idea how to sell them so will just keep them. I very almost bought 3 bitcoins but didn’t

@gerup

Oh I misunderstood your comment. So what you are saying is that it is stable aside from the unstable 57% drop between late December 2017 and early February 2018. Well, with logic like that who am I to argue. How about the 46% drop between February 25th 2020 and March 17th 2020? Is that stable or volatile in your book?

@dawnlassie

Gerup is 100% right. On a macro scale bitcoin is trending upwards...it's a volatile asset so sees short term fluctuations (yes even 57% drops)..then again a lot of assets that give you such explosive growth do come with volatility...just look at the Asos share price.

@sashagabadon personally I would get rid of your litecoin shares...they'll be useless sooner or later. Have a look at coinbase...you can sell there.

Price will drip back to teens sooner or later (after hitting close to $100k..my prediction), probably won't go much lower.

Probably true but I bought them for about £3 each, now apparently £100 but I have no doubt they’ll drop again. I also don’t know how to sell them

Thanks gerup . I might give it a go.

There was an interesting Moneybox programme on Radio 4 today about this.

Here it is

I'm having the same problem with Binance. My portfolio says I have $5k and a bit, but my balance available to transfer to £GPB is 0! I have no idea.

I don't have a smart phone so that might be a problem? @gerup do you know about this one?

@biddybird.

If your verified (i.e. submitted proof of ID and address), you can just add your bank details to binance, then sell the coins into GBP, or USDT then GBP and transfer to your bank account. They use FPS, so will arrive in about 10 minutes.

@gerup

Are you trading, or in for long run?

@gerup @doubleaces89 Thanks! I've already registered/verified with Binance so I will try what aces suggests.