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

1 answers

• Bing Yu LiApr 08, 2023 · 2 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.
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