Time to get out

I don't think I have the stomach for volatility. It has been a few months since I got into crypto investing. I have to admit that I do not really understand it. I put off starting many projects with the hope that I will get mastery in the subject matter before I put any money in it. 

With crypto, I decided to just go ahead and invest. For one reason. My brother has been following crypto and told me that it was a risk worth taking. I was hesitant at first but decided to try it. I have tried many risky business ideas with a lot more labor than just putting money in it. So I got some coins and started to watch the crypto news. 

I noticed that almost all the youtubers or serious investors were mostly men. Many people didn't really invest in crypto unlike the 2017 bull run. And many institutions were getting into it. When PayPal decided to join, I felt good about the risk I took. 

Today, bitcoin dropped by $13,000 within a 24 hour timeframe. And along with it, a whole bunch of alt coins plummeted as well. I kept refreshing the page and was shocked at how fast things were dropping. 

I went online to see if there is a reason for all this. I found just one event. Elon Musk decided that Tesla will no longer accept bitcoin for buying a car due to the environment cost of mining. That was it. All this activity  was because of this one guy tweeting something. 

I haven't made up my mind about Musk yet. But crypto seems so ripe for manipulation and tweets of this nature can be used to drive prices in any direction and make millions in minutes. Is this the right time to get out?
You have reinforced my position not to look at what the price of crypto is doing. I'm just holding it.
2021-05-13 17:12:03
Wise decision. Musk is acting a fool and driving us crazy in the process. I am still in shock that he has this much influence. 
2021-05-13 21:31:03