First Bull Run, First Mistake
The jury is kind of out right now on whether or not we are still in a bull market. Many say we still are, some say we are not. Still others seem to think we are at the end of one and bear season is right around the corner.
It actually makes me think of the news story I saw the other day where a lady shoved a bear off of the wall in her back yard to protect her dogs. I wonder if someone has made a meme yet about that in regards to crypto. The bear could be the bear market and the dogs could be Doge and she is saying "back off bear market".
There you go, thanks a ton imgflip. It probably makes more sense if you know the story behind the image
But I digress...
The main reason for this post is to talk about a big mistake I potentially already made in whatever this market is that we are going through right now. I wrote a post a couple of weeks ago about how I was able to get a little bit of a win when BTC was up around $60K and everything else was up as well. With that win my wife and I were able to pay off all of our remaining debt.
I should have known better than to rest on my laurels, because this is where I feel I may have made a significant misstep. Not paying off the debt, that was a really smart move, it is what I did with the other portion of my funds that might come back to bite me.
I will be honest and admit that up until now I never really understood the importance of stable coins. Sure I had heard about them and I think @revisesociology has written about them in his investing posts quite frequently. Despite that, it never really clicked with me.
Until recently. With the current drop in BTC price to the low $30k level and the subsequent drop of pretty much all the altcoins across the board, I am starting to realize just how important stable coins can be.
Personally, I don't think this bull run is over. I think we are still in the middle of it and things will likely start to ramp back up before the end of the year. However, as I mentioned, I have absolutely zero experience to base that belief on.
In my heart I believe my assets will recover, but part of me wishes I would have moved some (or more) of that money into stable coins when the opportunity was more beneficial to me. Even if it would have been just a small percentage each week, I think it would have been a smart move.
Did you notice I said "or more" in parenthesis above? That is because I did in fact move some of my funds into BUSD, but then those funds were immediately paired with CUB and moved into the Cub DeFi farm. Since the price of CUB has dropped by close to 40% from when I made those moves, you can see it hasn't panned out quite to well for me so far.
I don't regret it, because I do believe the price of CUB will recover, but I do wish I had just left more of the funds as BUSD. It would have put me in a better position to buy some of the dips that we are seeing right now.
So there you go, moral of the story today...
Never underestimate the power of stable coins!
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@eos.detroit Staff Writer/BOID Team Leader
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