When It Crashes, Do You Buy or Sell?

Clarifying Crypto

05-07-2020 • 45 min

This episode was recorded in March 2020 when the market crashed after states started announcing shut-downs over COVID-19.

It's an interesting time. We saw the stock market crash, and even saw Bitcoin fall to $3800. Many got scared and sold, while others found it an opportunity to pick up investments at a discount?

The age-old investing advice has always held true, sell high and buy low.

What type of investor are you? Did you see this as an opportunity or a time to run? Gary and I talked about stance, and how we reacted to the start of this extremely wild roller coaster.

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Here is the full episode breakdown:

BloodBath

Erin Gregor: Welcome. We've got an interesting episode of Clarifying Crypto. I'm Erin Gregor. I'm with my cohost Gary Leland, Gary. Welcome. We're in the middle of the blood bath.

Gary Leland: The blood bath is right. It's a strange and trying times. There's a lot, a lot of weird wild, wacky, crazy weird stuff going on. There's a lot of weird stuff.

Erin Gregor: So we're recording this on March 17th, Happy St. Patrick's day. Uh, even though we're all sitting inside quarantine.

Gary Leland: So, no, I don't know if you're having any green beer. We're not at our house. You know, my father died on st Patrick's day. So I really, it's not a time to celebrate. It's been 15 years, but it's just, it's kind of weird, you know, wish he hadn't died on a holiday, which isn't bad at all, but especially on a holiday.

Cause I used to go out and get drunk on green beer, everything.

Erin Gregor: Yeah, well, sorry about that. But, uh, anyway, it's been an issue, like we said, it's been an interesting week. So the question is we were talking about it before we hit record, but we have been going go down, go down to 3,800. Were you able to buy at the 3,800?

Gary Leland: No, I wasn't. I was buying on the way down when it got to 30, I don't know I was using the Cash App, which you talked about quite a bit last week. And when it got to 3,800, I said, well, I'm just going to go ahead and buy a Bitcoin. And I went to buy and it told me I had reached my limit for the day already.

So I can buy at the low for the day. I think the last time I bought anyways, it's 4,200, but at 38, I said, this is it. It's not going to be any cheaper than this. I'm just going to go ahead and get it over with. And I was right. That was the low basically. How did you know it's not going to get any cheaper cause I've been reading.

Erin Gregor: it's just interesting....

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