Crypto trader and analyst Ben Armstrong is pulling back the curtain on his long-term altcoin investing philosophy.
In a new video, the popular crypto influencer says that as much as he believes in cryptocurrency, he still pays for things in dollars, which makes clicking the sell button a necessity.
“The dollar isn’t going away any time soon. A worst-case scenario of hyperinflation is possible, but it isn’t likely. This means the crypto system is not replacing the dollar in the next year. Ten years down the road, who knows? But for now, it just simply isn’t happening. You know those bills that you got? Well, they have to be paid with cash.
Most of you aren’t in a position to play a long game and accumulate crypto indefinitely in hopes that it totally replaces our financial system one day.”
Armstrong adds that it is important to differentiate between projects that have long-term potential, and ones that can produce short-term profits. As an example, he says that no matter what, he will not be selling the majority of his Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Chainlink (LINK), and possibly Polkadot (DOT) holdings.
On the other hand, the trader reveals that he has a six-figure holding in decentralized finance (DeFi) project Compound (COMP), which is down approximately $200 from its high, that he acquired due to bullish rumors that never materialized.
Armstrong says he has nothing against COMP, but it is a project that he will start selling as soon as it pumps again.
“Most projects in my portfolio, I do have some type of allegiance to. But there’s still many [where] I’m only in it for the money. Believe it or not, you can actually be in crypto both for the money and for the crypto…
You need to look at your altcoin portfolio and decide which projects are non-negotiable long-term holds for you, and which projects you are simply using for gain. For you, it may be all about the gains, and maybe you’re confident in the dollar and you want to cash out everything at the top of the market. That’s fine if that’s your thing, like no problem, you do you bud. The point is, you need a plan. You don’t want to get to the end of this bull market and try to figure out all this on the fly.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/GrandeDuc