Money was lost on Black Thursday, it’s not over.
I like to stay ahead of trends in general, and since my wife is immune-compromised, I was paying extra close attention to the coronavirus outbreak in China. As it went on, I realize how unprepared the western countries were.
The “just the flu” narrative coming from global leaders & health officials (like the CDC refusing to use the word pandemic, etc) made me realize this was likely going to cause a significant drop in the stock market, which would cause a cascade of selling of all assets as people look to go to dollars to wait out the storm. Leading up to Black Thursday, I was catching a lot of flack from people on Bitcoin Twitter for tweeting that I was nervous about a coming 50% drop in Bitcoin caused by panic in the markets re: Coronavirus.
Bitcoin was trading at $10,000 when I tweeted this out. Over the next few weeks, I sold about 25% of my total Bitcoin as I felt like being in USD was safer.
I also moved 50% of my Canadian Dollars into USD, seeing the trend in the exchange rate, and feeling that everyone was going to have a flight to USD as the reality of Covid19’s impact was going to be felt.
Here’s a tweet where I mentioned selling 10% of my BTC due to the back pain of having such a large percent of my portfolio allocated to BTC. The next day we experienced “Black Thursday.”
The amount of hate I got from people was astounding.
I realized that the majority of the market participants on Bitcoin Twitter are not yet fully allocated, that have not achieved their target amount of Bitcoin yet – they are still in their #stacksats journey.
These people were seeing me sell Bitcoin, thinking that I’m giving up on Bitcoin.
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