Big mistake: Ripple’s CTO sold his Bitcoin for $750
- 13th October 2020
- Posted by: Hakeem
- Category: Crypto
Many times in the investment world, patience can be golden. This theme was prevalent when Ripple’s Chief Technology Officer, David Schwartz, had recently revealed with regrets that he and his wife made bad decisions for their crypto portfolio in 2012 — resulting in the eight-figures worth of missed profit at current prices.
In a series of tweets recently released by Ripple’s CTO, he sold some Bitcoins for $750, and 40,000 Ether (ETH) for $1 each back then — a stash that would be worth more than $15.5 million in today’s prices.
Ripple’s David Schwartz also admits that “derisking” by selling BTC at $750 and XRP at $0.10 “hurt”. https://t.co/4N7ScChkxA
— Cointelegraph (@Cointelegraph) October 13, 2020
Investing in crypto assets has always been a hot trend among investors around the globe. However, selecting which cryptocurrencies to invest in is often complex, especially for beginners.
According to CoinMarketCap, there are over 5000 crypto-coins to select from, although not all of them are worth investing your hard-earned capital in.
For you to be a successful crypto trader, you must be able to understand the relationship between reward and risk management. This entails high understanding levels about the degree of randomness in the BTC market and the risk involved in taking such risk. As a successful BTC trader, you are required to understand when its best to trade BTC as market conditions change from time to time.
Chris Ani, a professional BTC trader, in a phone chat interview, explained to Nairametrics in detail, the major attributes every successful BTC trader must possess, including the need to have basic trading skills. He said;
“To prevent yourself from becoming a slave to the market, you must be trading small enough size on your trades that you are not emotionally attached to them. Trading opportunities wait for no one.
“You have no idea when and where they will appear. Whenever they appear, you have to be ready with your trading plan. You must also master technical and fundamental analysis and most importantly, the one that works for me, understand the seasons and market structure so as to know when to trade, allow big wins run, or rather exit the market in order not to lose your money.”