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Cryptocurrency has always been a volatile investment, especially because it is relatively new and we don’t have years of data to look back on. However, over recent weeks Bitcoin has had a varied journey, with tweets by Elon Musk having an almost immediate effect on the value of the digital currency. The trend for mainstream brands accepting Bitcoin as a way to make a payment has certainly helped with its popularity and many will tell you that the best Bitcoin casinos have helped the price of Bitcoin to stabilise a little. However, just because you play roulette and pay with Bitcoin doesn’t mean that it won’t crash – so what should you do if that happens?
The first thing to do if Bitcoin takes a dip is not to panic. Almost all Cryptocurrencies have seen a rise in value and then a fall again, it happens. If you withdraw all of your funds or decide to flutter it all away at a Bitcoin casino then you may be doing yourself an injustice. Just because the price of Bitcoin has crashed doesn’t mean that it would rise again.
Keep An Eye on Things
Different factors can affect the price of any Cryptocurrency, so it is best to keep an ear to the ground and see what is going on. Even over the last few weeks, Elon Musk has affected the price of Bitcoin massively. Firstly he caused it to increase in price when he announced that Tesla would be accepting Bitcoin as a method of payment. Secondly, it plummeted again when he withdrew that statement due to environmental concerns surrounding Bitcoin mining. Backstreet Boys star Nick Carter has been Tweeting about the new Cryptocurrency Shiba lately, which has helped that currency to rise in value.
We can never predict what any celebrity will say about Cryptocurrency, but being on social media and following relevant hashtags can help to make sure you are ahead of the game if anyone does talk about it.
Look After Number 1
If a Bitcoin crash does happen, there will be plenty of articles and news reporters that want to share their wisdom and advice. When it is a good idea to gather all of the information and ensure you are fully informed, any financial decision you make has to be the best one for you. Everyone is in a different financial position and as such, the decision you make with your own Bitcoin investment may be different to one someone else would make. You might decide to ride out the storm, you may decide to sell it all and you might even decide to put it into a casino and play a few games of Black Jack. Ultimately, the decision is yours and has to be the right one for you.
Don’t panic, do your research and keep an eye on what everyone is saying and that way you’ll be in the best possible position to make a proper decision should a Bitcoin crash happen.