>> (p.1)
    Author Topic: Spend or HODL Bitcoin during COVID-19?  (Read 1990 times)

    • Abiky (OP)
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    October 31, 2020, 11:05:23 PM
     #1
    It seems that during these times of turmoil, Bitcoin's prices are increasing at a slow and steady rate. Since the mainstream economy has been on a downfall, people have been resorting to Bitcoin as a store of value. This gives Bitcoin "hodlers" greater spending power than before in terms of Fiat. You can now buy more things with Bitcoin than you did before COVID-19.

    What would be the right thing to do during COVID-19? Should I spend Bitcoin or should I just "HODL" it? The more Bitcoin's prices increase on the market, the more tempting it is to spend one's Bitcoin holdings. But at the same time, you want to "HODL" your Bitcoin for the next ATH in price. What would you do?

    Any advice, recommendations, or suggestions will be greatly appreciated. Thanks in advance. Smiley
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  • Casdinyard
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    October 31, 2020, 11:14:41 PM
     #2
    It depends on your situation. If you are needing something necessary, it would be okay to spend your holdings.
    "But what if the price reach new ATH?"
    There's really nothing to regret if that's the case since you get what you wanted or needed, especially if it would be beneficial to you. There would be regrets more likely because you've missed bigger profit but if you would look at the situation, perhaps you spend your holdings now, things are not certain. There is an increase in its price but it is not really certain that its market value will be breaking  its ATH, or simply will be having larger market price. You just did what's necessary and that is fine. But if you have that "choice" to continue holding, then that would be better.
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  • Oasisman
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    October 31, 2020, 11:25:14 PM
     #3
    Well, as you have mentioned "people have been resorting to Bitcoin as a store of value", I guess it's not so smart to spend or sell your bag at this current rate. Btc has been in an upward momentum and it doesn't seem to have shown any weak sides or a down turn. If you sell at this current range, you might not be able to find a good entry point to buy back again. People has been very bullish hoping to see the $100k on 2021.
    I'm not sure, but there might be some investors who has been continuing to accumulate fractions today rather than selling.

  • AbuBhakar
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    October 31, 2020, 11:29:52 PM
     #4
    I have used some of my holdings in the start of quarantine to start a online business and to pay in our monthly expenses without knowing that the price of BTC will set to have this pump. Since BTC price is too volatile we never know what can happen as well if we're not able to pay in our bills and have extra job to sustain our living. Luckily I did not spend all of my holding and atleast still have a chance to gain during this BTC pump. Spending and Holding will depend on our living status those who have still job and enough savings will sure to only hold and wait.
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  • NavI_027
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    October 31, 2020, 11:32:24 PM
     #5
    I'll go with Hodling all the way. I mean, the price chart is doing good and it was unusual to happen nowadays. So all of us should make the most of it as much as possible. Resist to convert because there would be a higher price waiting for you ahead, who knows?

    However, there is some point that something eagerly forcing us to spend our crypto savings. Like in my case right now, I really want to continue hodling until december but my empty purse already telling me "Feed me please" lol. That's why I decided to convert my remaining btc savings (while the price still soaring tsk). In the battle between greed and needs, the latter one wins Cheesy.

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    October 31, 2020, 11:48:56 PM
     #6
    Quote from: Abiky on October 31, 2020, 11:05:23 PM
    Any advice, recommendations, or suggestions will be greatly appreciated. Thanks in advance. Smiley

    Hard to say, for those who have jobs, then they can simply invest on bitcoin and then hold, but how about those who have lost their main source of income because of the pandemic but then have bitcoin holding? Common sense will tell that they have no choice but to sell some of their stash in order to survived or at least find a decent job so that they won't emptied their bitcoin wallet.

    So I would say it really depends on the individual situation, of course the best thing to do is to HOLD and wait for the eventual bull run and new all time high. But you need to prioritised things, specially bringing food in the table for your family in this new norm.
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  • Oilacris
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    October 31, 2020, 11:53:03 PM
     #7
    Quote from: Abiky on October 31, 2020, 11:05:23 PM
    It seems that during these times of turmoil, Bitcoin's prices are increasing at a slow and steady rate. Since the mainstream economy has been on a downfall, people have been resorting to Bitcoin as a store of value. This gives Bitcoin "hodlers" greater spending power than before in terms of Fiat. You can now buy more things with Bitcoin than you did before COVID-19.

    What would be the right thing to do during COVID-19? Should I spend Bitcoin or should I just "HODL" it? The more Bitcoin's prices increase on the market, the more tempting it is to spend one's Bitcoin holdings. But at the same time, you want to "HODL" your Bitcoin for the next ATH in price. What would you do?

    Any advice, recommendations, or suggestions will be greatly appreciated. Thanks in advance. Smiley
    All matters to you since each one of us do have different needs and wants in life and since its your money or bitcoin then its up into your priority neither you would spend it or not.

    So each decision will be different.Some might hold and some might spend it no matter what reason it is and since its our money then its none of others business on what we gonna
    do with it.

    Spending for several reasons and holding for future ATh profits.Several reasons where peoples decision can affect.

  • hatshepsut93
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    November 01, 2020, 12:17:30 AM
     #8
    Quote from: Abiky on October 31, 2020, 11:05:23 PM
    It seems that during these times of turmoil, Bitcoin's prices are increasing at a slow and steady rate. Since the mainstream economy has been on a downfall, people have been resorting to Bitcoin as a store of value.

    How can you call it slow and steady if we went from $10k to now $13.7k in a matter of days? And before that the price was largely stagnant for months and even mimicked small movements of the stock market. Also, there's no evidence that regular people turned to Bitcoin en masse, and that the price boost is caused by that.

    What's happening now is just the usual Bitcoin speculation. In 2019 we also reached $13k, without any pandemics or other possible explanations.   

    Quote from: Abiky on October 31, 2020, 11:05:23 PM
    What would be the right thing to do during COVID-19?

    Covid doesn't change anything here. There's never a right or wrong answer to "spend or hodl", because no one can predict the future movements of Bitcoin.

  • noorman0
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    November 01, 2020, 12:30:42 AM
     #9
    If there is no compelling reason to spend BTC when the price continues to increase, then don't do it.
    But if it's about your daily needs, you don't have to spend BTC all at once, right? Just spend the daily profit and keep the BTC worth of initial capital or a little higher than that so as not to miss the train on the next ATH.
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  • Darker45
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    November 01, 2020, 01:37:54 AM
     #10
    Well, it seems to me that the contrary is true. The price of Bitcoin is increasing rather quickly. Just within the month, the price has already increased by around $4,000. Despite that huge spike, however, the retracement is very small. These are good times for Bitcoin amidst the health and economic turmoil.

    Personally, I would continue to hodl most of my Bitcoin. If the present increase in Bitcoin's price is already sweet, what happens for the next months and years must be way sweeter. I'm looking at the future with much more excitement now.
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  • carlisle1
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    November 01, 2020, 01:51:50 AM
     #11
    Quote from: Abiky on October 31, 2020, 11:05:23 PM
    It seems that during these times of turmoil, Bitcoin's prices are increasing at a slow and steady rate. Since the mainstream economy has been on a downfall, people have been resorting to Bitcoin as a store of value. This gives Bitcoin "hodlers" greater spending power than before in terms of Fiat. You can now buy more things with Bitcoin than you did before COVID-19.
    Actually you should have add the time when Covid19 was just started to be famous worldwide when the price of Bitcoin Decrease totally insane from 5 digits down fall to $4,000 level.
    Quote
    What would be the right thing to do during COVID-19? Should I spend Bitcoin or should I just "HODL" it? The more Bitcoin's prices increase on the market, the more tempting it is to spend one's Bitcoin holdings. But at the same time, you want to "HODL" your Bitcoin for the next ATH in price. What would you do?
    If you are not into position in which badly needed the Money?then why bother Selling your coins and asking this thread?
    You have mentioned the word HODL multiple times meaning you have good idea about this so why not just stay holding?
    Quote
    Any advice, recommendations, or suggestions will be greatly appreciated. Thanks in advance. Smiley
    Decide for your deamand mate,Bitcoin has been proven to be a good investment if you can afford to HOLD so being a legendary i'm sure you know what i mean Here.

    Hold the coins as long as you can .

  • Lorence.xD
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    November 01, 2020, 03:34:05 AM
     #12
    It definitely depends from person to person because we do not have the same economic/financial situation. If you still have the money to spend and push through the day or month, try to hold your bitcoin and wait for the oppurtunity to sell at a higher price. Selling on the other hand will net you losses if you keep track of the money you bought the bitcoin and compare it to the price when you sell it, it will fall into your hands to make the final decision. A proper planning of your finances on the future will greatly help to everyone.
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  • Warkop
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    November 01, 2020, 04:04:49 AM
     #13
    During this time of COVID-19 there was a lot of spending to buy necessities and it was very difficult to get income due to the impact of COVID-19, so I think if you have Bitcoin it is better to save it, but if you want to buy something for your needs, don't sell all the bitcoins you have. have. But if you really need and want to sell, sell a little to meet your needs, because I firmly believe that if you sell all your investment in Bitcoin, you will regret seeing the price of Bitcoin getting higher in the future.

  • AicecreaME
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    November 01, 2020, 04:07:34 AM
     #14
    It depends on your financial status to answer your question. If you're not that poor and not that rich, HODLing your Bitcoin and wait for the new ATH is highly recommended, but if you're other way around, then you don't have to think of profits. You have to think about survival instead of being greedy for profits. Many countries decided to use bitcoin in this pandemic to avoid COVID-19 spreading by using fiat.

    And with the aid of cryptocurrency in the amidst pandemic surely gives us a hassle free services for us not to go outside anymore to buy our daily needs.

  • maxreish
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    November 01, 2020, 04:08:23 AM
     #15
     Sadly, one of the worst struggle we've experienced was the COVID-19. A lot of bitcoin hodlers are affected during the pandemic. I was still lucky that I still have my job during that time and was able to still hold my bitcoin until now. Crisis can not be prevented and the choice of selling the bitcoin always depends on one's situation.

    We can't deny the fact that covid-19 affects the financial market industry including crypto industry. Good thing that bitcoin is doing a good progreas, a good opportunity to continue hodling btc now.

  • gabbie2010
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    November 01, 2020, 04:23:58 AM
     #16
    In a situation of job losses which was rampant in this period of pandemic, I believe the best option of any Bitcoin hodler is to resort to spending some of the coin to cushion its effect of joblessness and not having any alternative source of income.
    I believed hodling Bitcoin while waiting for another ATH  in a bid to become rich while going through some financial difficulties  due to Covid-19 is not well thought out idea, when there is life there is hope.

  • pooya87
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    November 01, 2020, 04:31:11 AM
     #17
    for as long as i can remember people have been spending more bitcoin whenever bitcoin prices shoot up. the higher the price goes (and faster) the more they spend their coins. note that spending is not the same as selling, spending is when they pay for stuff with bitcoin and stats from merchants and payment processors show an increase.
    i don't see how COVID-19 should change that behavior. we are currently at the beginning of the big rises and the more we get into the rally-mode the more spending behavior we will witness.

  • maydna
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    November 01, 2020, 05:43:12 AM
     #18
    Quote from: Abiky on October 31, 2020, 11:05:23 PM
    It seems that during these times of turmoil, Bitcoin's prices are increasing at a slow and steady rate. Since the mainstream economy has been on a downfall, people have been resorting to Bitcoin as a store of value. This gives Bitcoin "hodlers" greater spending power than before in terms of Fiat. You can now buy more things with Bitcoin than you did before COVID-19.

    What would be the right thing to do during COVID-19? Should I spend Bitcoin or should I just "HODL" it? The more Bitcoin's prices increase on the market, the more tempting it is to spend one's Bitcoin holdings. But at the same time, you want to "HODL" your Bitcoin for the next ATH in price. What would you do?

    Any advice, recommendations, or suggestions will be greatly appreciated. Thanks in advance. Smiley

    My suggestion will still hold your bitcoin if you don't have an urgent thing that needs money, so you don't have to convert it into fiat if the bitcoin price does not touch the highest price. But if you want to sell some bitcoin to buy back bitcoin if the price drops too far, you can do that when the price increase higher, so you can have the profit while you have another money to be ready use to buy bitcoin at a low price.

    You don't have to feel tempted because the bitcoin price now touches $13k-$14k because many people have a target price to sell their bitcoin at more than $15k-$19k. So if you want to follow them to sell at that price, you will need to hold for more and don't worry if the price needs longer to touch the next ATH.
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  • btc_angela
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    November 01, 2020, 05:47:37 AM
     #19
    Better hold and learn from past history, this is 2016, prior to the bull run of 2017, so the history might repeat itself again, although it might take long. What I'm trying to say is that we should HODL as long and as much as we can. Well you can spend me, but at least be reminded that we are still a long way to go to see the price going into another all time high, this is just a tip of what's going to happen next year. So I would rather stack even more on the contrary, instead of spending it.
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    November 01, 2020, 06:08:41 AM
     #20
    Quote from: Abiky on October 31, 2020, 11:05:23 PM
    ..... This gives Bitcoin "hodlers" greater spending power than before in terms of Fiat. You can now buy more things with Bitcoin than you did before COVID-19.
    You can also buy a lot of stuffs with fiats right now at a huge discount and that's because prices of things considered as "non-essentials" dropped by a whole lot during the pandemic. Too many stocks that they need to off load at a cheaper price since most people are using their money to buy the "essentials".
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