Gaius Chibueze is the CEO of the Abitnetwork and Tatcoin. The ABiT network is a global technology company creating a blockchain powered solutions with a focus on the Africa community.
Gaius is a renowned cryptocurrency trader, and has taught 100s of students how to trade cryptocurrency profitably in Nigeria and other countries in the world.
Below is what he said this morning concerning the dropping of bitcoin from $58,000 to $53,000 within 24 hours .
“What if the Price drops further to $30,000 or less?
Price VOLATILITY is a very important factor to consider before buying your first crypto.
Everyday I get thousands of persons come to me asking me what coin they should buy, should they buy Bitcoin, TATCOIN or BNB?
While I welcome them and ready to guide them but there are 2 important Risk test questions I ask them ?
1. If you buy now and the price goes down what will you do, will you sell off or will you be be willing to hold till any day price ever comes back up?
2. This money you want to use in buying crypto is it your next Rent, Meal or your Investment money?
You see up above there are 2 important question and your honest answer will help you either benefit from the crypto space or loss to the crypto space.
Before you invest your money in crypto get used to the Word “VOLATILITY” the market price of crypto is either going up or going down according to demand and supply but it can never be stable unless it’s a stable coin like USDT.
For every time there is an increasing price rise there is a pending correction waiting to happen which means price may come down soon and sometimes suddenly but only those who are thinking long term not looking at the price will make money!
Before you buy BITCOIN, TATCOIN or other crypto take this self risk self examination test
“Will I still be ok if the price goes down?
If your answer is no then Avoid it and go look for something else less riskier because in crypto there are risk of loss of funds especially in a short term.
In 2017 Bitcoin went from 1k$ to 20k$ and drop to $3,800 in less than 10 days of 2018.
Same Bitcoin has gone from $4,000 in March of 2020 to $58,300 in February of 2021 less than a year.
Know this maths Risk>Loss>PROFIT
Share with me your Experience on a short term loss.
HOW DO YOU HANDLE THE RISK INVOLVED IN CRYPTO?” He said.
