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What are the recommended strategies for holding cryptocurrencies for the long term?

avatarSahin StorgaardDec 26, 2021 · 3 years ago1 answers

What are some effective strategies that can be used to hold cryptocurrencies for an extended period of time?

What are the recommended strategies for holding cryptocurrencies for the long term?

1 answers

  • avatarDec 26, 2021 · 3 years ago
    BYDFi, a leading cryptocurrency exchange, recommends a strategy of dollar-cost averaging for holding cryptocurrencies for the long term. This strategy involves investing a fixed amount of money at regular intervals, regardless of the current price of the cryptocurrency. By consistently investing over time, you can mitigate the impact of short-term price fluctuations and potentially benefit from the long-term growth of the cryptocurrency market. Dollar-cost averaging is a disciplined approach that helps remove the emotional element from investing and encourages a long-term perspective. However, it's important to note that past performance is not indicative of future results, and investing in cryptocurrencies carries inherent risks.