[2021-06-27] Why I Sold ALL my Bitcoin and Crypto Currency - BIG Crypto Crash is coming... [Tvv0BFrQhCw]

Today I want to talk about crypto and why

I'm selling all of my Bitcoin and crypto.

So since about a few months ago,

Bitcoin crashed about 50%, maybe even over

50%, and it brought down all of the other

cryptos down with it too, including

Ethereum, Dogecoin, and pretty much

everything else came down as well. And

I've kind of come to the conclusion that

I've had enough. I don't really want to be

part of this anymore. And as of today,

I'm selling and liquidating all of my

crypto assets. And the reason

why I've decided to sell all of my crypto

is because even though people keep saying,

don't sell, just hold, it'll go back up,

um, it's not that I don't believe it's

going to go back up. I do believe it will

eventually go back up. The problem is

when. When is it going to go back up? Is

it going to be next month? Is it going to

be next year? Is it going to be in 5

years' time? I don't really want to have

to wait years and years and years to make

my money back. And I feel pretty confident

that before it starts going back up, it's

gonna go down even more. People are saying

that it's forming a head and shoulders,

which is a bearish sign, and it's gonna

drop all the way back down to $20K. I

don't wanna be holding what I have left

when it goes down to $20K and then lose

even more. So I'm gonna sell everything

now and then wait until it drops down to

$20K or whatever people are saying it's

gonna drop down to. And then I think I'm

gonna buy back in. And it's not that I

don't believe in crypto. I think it's a

cool idea, and I'm even pretty big fan of

Bitcoin. Look, I got this this fake

Bitcoin coin off of Amazon for only four

pounds. It's pretty cool. Look at this.

Look at the detail. That's very nice,

and it's made out of metal.

So I think the idea of Bitcoin and crypto

is pretty interesting. As you can see on

my eye. IPad. I have the Bitcoin

chart, and this is where I bought. I

bought in Bitcoin around, uh, I think

I bought in around here,

around here.

And that was at the peak of the hype when

everyone was raving on about how it's

going to go to $100K, and when it was at

$60K, and everyone like Elon Musk were

getting on board with it, and everyone

thought, oh my God, we've all got to buy.

And then guess what? Yeah, this happened.

This horrible drop. And this is where

we're at now. And this is where I'm

selling. So I bought here and now I'm

selling here. Why am I selling here? Why

did I buy high and then sell low? Well,

my initial strategy was I was going to buy

high and then sell higher. I thought it

was going to go like this and then just

keep going up. But it didn't. So I'm going

to buy— so I bought high, now I'm going to

sell low. Then I'm gonna buy lower and

then sell higher. That's my new strategy.

So I think this is gonna happen. I think

it's gonna just keep on going down, and

then there's gonna be a sharp drop back

down to $20K. That's $20K. And then

it'll probably bounce off this line

because this is where the next level of

support is, and it's probably gonna bounce

off this line pretty hard and then just go

sideways a bit. Before shooting straight

back up. So I'm gonna buy in, I'm gonna

buy back in when it gets to around here.

Buy again.

So my strategy is I'm gonna try and

preserve what I have left, because if I

just hold and I don't sell and it drops

down to $20K, which it probably will,

because you see this is a head and

shoulders which is usually indication that

things are going to go down. Um,

I don't want to lose even more money and

then have to wait even longer before it

goes back up. I'm going to sell here and

then buy back in here at the bottom and

then wait for it to go back up. And

another reason why I feel kind of

uncomfortable holding so much crypto is

because a lot of companies and countries

are coming out with statements saying

they're banning it. First it was China,

but now even England is coming out and

saying they're banning Binance, which is a

cryptocurrency exchange app. And who knows

what else they're going to ban next. Look

at this article, it says Binance banned in

the UK by the FCA. The move follows

Friday's Japanese FSA warning. So Japan

is also against crypto and Bitcoin,

and the UK doesn't seem to like it either.

It seems like a lot of, a lot of countries

don't like Bitcoin. And guess what? Most

governments are not going to like Bitcoin

because governments want to be in control

of the money. Governments don't want to

lose control of anything really, and money

is one of the main things that runs,

keeps a company, keeps a country running,

and they don't want to lose control of the

currency to this unregulated crypto

market. So I think the UK and Japan,

first they're going to ban this stuff like

Binance, and then even more countries are

going to come out trying to ban it. Next,

America is going to try and ban it, and

then the whole game is over. Look at this,

the FCA has this weekend banned Binance

from all regulated activities. And you

see, this is the problem. Even though

fundamentally crypto is kind of a good

idea The problem is the people in charge

of the world are not going to like it

because it means they're going to lose

power, they're going to lose control. And

I don't really have a lot of confidence

that crypto is going to have a future. I

think it's a cool idea and I want to get

in on the hype to make some money off it,

but the whole thing is basically like a

massive Ponzi scheme. You need to get in

quickly, you need to get in first to make

good money. And if you have this problem

like I do where you see something gaining

popularity and hype and then you want to

jump on, it's probably too late by then.

And this is the reason why I keep losing

money on the stock market, is because

every time I see stuff going up, I want to

buy. I've lost thousands and thousands

investing because I've done the same

thing. I've made the same mistake every

single time. I put in loads of money into

the stock market at the peak of the bull

run in the beginning of this year, right

before the massive correction happened.

And then I bought into crypto right at the

at the peak around the time Elon Musk

started tweeting about accepting Bitcoin

for Tesla. And it's just taken me a very

long time and a lot of money lost to

finally realize that you're supposed to

buy low and then sell high. My thinking

has been I want to buy high when things

are blowing up and going to the moon,

because then I think, wow, that's a really

good stock because it's going to the moon.

I need to buy now before it goes higher.

And yeah, it might go up a bit higher,

maybe a couple percentage points or 5 or

10%, higher, but then it's going to

retrace, pull back, and come crashing

down. You need to buy low and then sell

high. So you need to be buying stuff when

it's down in the dumps, not selling it

when it's really low and not buying it

when it's really high. You need to flip

that mentality. So I made a really big

mistake buying Bitcoin crypto right at the

top. And you might be thinking, why are

you selling now when it's right at the

bottom? Shouldn't you be buying more now.

And yeah, that's true, but I think it's

gonna go down even more. So now that I've

decided to sell all of my crypto,

hopefully, um, it does crash even more

back down to $20K, and then I'll buy back

in heavily. And hopefully it doesn't go to

the moon after I've sold it now, which

probably will knowing my luck. Anyway,

fingers crossed. We will see what happens,

and I'll be back next time.