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Should I Sell My Crypto? (Beginner鈥檚 Guide to Bitcoin Profits) - YouTube
Channel: BitBoy Crypto
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hello and welcome to bible crypto
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home of the bit squad the largest and
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creates crypto community and all the
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interwebs my name is ben every day on
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this channel
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i show you how to make money in crypto
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if you like money and you like crypto
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make sure to hit that subscribe button
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coming to you live today from
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boston bean down that's gotta be the
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worst attempt at a boston accent
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ever but uh on a little trip right now
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i'm gonna go to the red talks game of
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three now look i'm not a red sox fan of
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course uh so you may be wondering why
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i'm wearing this hat the hotel gave it
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to us it was sitting here they had a
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bunch of gifts for us uh we came to the
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hotel here we're staying um well i'm not
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gonna say where i'm staying but it's a
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really nice hotel uh we've had a good
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time so far now listen
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in this video we usually by this time i
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give you the news for the day but i
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don't want to do that today do you want
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to know why because there's no freaking
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news for the day it's been so boring
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bitcoin's sitting around 55 000 so
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that's good that's a positive thing we
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could see the momentum carry upwards
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tomorrow now i want to address something
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that you know i get asked every once in
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a while i thought this would be a good
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topic for this video for tonight which
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is
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what do you do with your crypto how do
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you take profits
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and is right now the time where you
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should be trying to get out
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so this is kind of complicated question
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um because you know we tell you all the
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time
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anytime you can get profits
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you need to take some profits but that
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doesn't mean you pull 100 out of your
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portfolio now what do we mean by taking
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profits well either one of two things
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either you are
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taking money and or taking crypto and
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you're trading it back in for cash
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or you're trading it back in for usdc or
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tether or a stable coin um now you can
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also take profits on a coin right let's
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say you take profits on bitcoin but you
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want to roll those into ethereum so you
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trade part of your bitcoin for ethereum
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because you think it's getting ready to
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explode or something like that so uh i
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guess technically three ways so you're
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going into cash you're going into stable
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coins or you're moving from one coin to
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another in order to take advantage of
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price wings and that's really trading at
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its heart
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but
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the question is a lot of people are
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getting scared and here's why
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it
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it's not that people are scared that
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bitcoin is not going to go up more
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because a lot of people do feel like
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it's going to go up more and people are
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excited i'm excited i think we're going
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up to 100 000
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by the end of this year you guys know
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that but people are getting scared
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because we're getting back to numbers
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that are in the ballpark of all-time
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highs
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and it feels good people are feeling
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good about their portfolios they're
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feeling good about money
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and they miss that feeling because when
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we had the crash in may there was a
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dramatic price drop
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as you know
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and then all of a sudden our portfolios
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dropped 50 60 70
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and that was gut wrenching
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so it it it's kind of like
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um you know
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you have this opportunity to get those
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gains back the gains that you have like
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maybe your portfolio is almost back to
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an all-time high and people are nervous
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because they feel like this may be their
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last chance like
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it's kind of like playing um you know
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craps or something it's like you roll so
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many good numbers in a row and you're
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winning you're winning you're winning
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it's like
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at some point i'm gonna roll the wrong
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number and i'm gonna lose and so it's
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good to take money off the table as you
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go instead of just trying to you know
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double up on every spin because
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eventually you're going to lose there's
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no there's no doubt about it or letting
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your money ride on red or black on a
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roulette or something like that
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with crypto it's a little bit different
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because
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we have some educated guesses we have
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some
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hypotheses out there um that kind of
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tell us
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what crypto should be doing at this time
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now
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we know we've talked about this on the
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channel a lot uh there is this idea by
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benjamin cowan that there is a linkedin
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cycle and we're going to go until next
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year uh people like jeb and carl i think
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they believe we're going to go into next
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year
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in the bull run
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i don't believe that i think it's going
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to be quick i think we're going to go to
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100 000 by the end of the year there's
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some other people that agree with me as
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well you've also got the bears out there
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that believe that we are going to see
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dramatic price drop we're not going to
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get back to all-time highs so if you
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look at those three options you say okay
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two out of those three options sound
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pretty good prices are going to go up
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maybe i hold on to some maybe i'll take
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some profits but the other one's really
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bad if we are bearish if this is like
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the last hurrah of a bull trap which if
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you didn't know bull trap is when the
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price looks like it's going to continue
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upwards
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only to set people up for a big fall
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okay
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if you think that's a possibility and
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your portfolio is back to an all-time
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high
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then maybe you should take more profits
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maybe you should take some more off the
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table
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but the other two options sound like we
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no matter what we're going to be going
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up
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it's it's just how fast are we going to
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get there if we are at a hundred
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thousand dollars in the next two months
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a big old finger a bit of a fat finger
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putting on front of my camera there
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but if we are at all-time highs and if
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we're 100 000 by like the end of next
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month or the beginning of december
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then you need to consider pulling money
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off the table a good amount of money off
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the table and i don't really believe any
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more in just huddling i think huddling
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as a ladies is a lazy strategy i'm going
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to talk about this a lot on the channel
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over time it works but you're talking
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about the difference between doubling
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your money or tripling your money
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or 20xing your money when you're when
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you're just doing
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two simple trades every four years where
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you're trying to generally sell the top
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trying to generally buy the bottom i
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don't advocate huddling anymore i just
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think it's lazy i think we have enough
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crypto education out there um to where
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if you watch this channel you understand
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the four year cycles you have no excuse
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to hold bitcoin all the way back down to
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15 000 after we top out i just i just
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don't think you have an excuse there or
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maybe 20 or 30 000 whatever it's going
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to be after we top out around 100k but
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but i think it's really important
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for you to at least have a strategy i
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think too many people go into crypto
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and they're just kind of like flying
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around blind like you don't really know
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exactly what you're doing
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you're just like i'll feel it out when
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we get there no no no no my friend you
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need to have a plan whether it's to sell
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in a couple months or whether it's to
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sell at certain price points or take
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profits along the way you need to have a
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plan without a plan you're going to fail
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because
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there's never going to be a time that
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feels like the right time to sell your
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crypto so i want to give you guys that
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message i'm not selling anything right
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now i mean we've you know we bought a
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lambo we did some stuff but you know we
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we sold off less than five percent of
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our portfolio over the last uh couple
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months for different real estate
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purchases and things like that um but 95
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percent we've held on to and the other
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ones were just for purchases uh so in
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that way we have taken some profits just
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a little bit along the way but you know
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we're not planning to take full profits
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uh the maximum somewhere between 60 and
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80 percent of our crypto we've taken my
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profits on you know hopefully by the end
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of the year now look if we get in the
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end of the year in bitcoin still saying
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around 50 or 60 000 then that would be a
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strong indicator that we are going to
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see all-time highs next year and this is
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going to carry on for a while to come
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but i like i said i've been very adamant
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i do not see that happening i think
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we're following closer to the 2017 month
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over month schedule september was down
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october pumped november pumped december
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saw an all-time high for bitcoin january
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saw all-time highs for lots of other
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coins so i think we are going to see
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that all coin season go then
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um but let me know what you guys think
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drop down below i want to know what
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profit strategies are you guys taking
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and also let me know what should i do
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while i'm here in boston all right guys
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so you guys have a good night it's all
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god be blessed
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