cryptonews.com
Meanwhile, after suggesting that crypto investors should reduce their risk by selling some of their coins and taking profits if they have "life-changing amounts of cryptocurrency" earlier this week, today, Schwartz addressed the "nonsense" "that you can't lose money if you don't sell."
"So if you bought USD 1,000 worth of crypto and its price dropped to USD 500, you went from no better and no worse off than someone with USD 1,000 to no better and no worse off than someone with USD 500. To say that that's not losing money is completely absurd," according to Schwartz.
Schwartz’s advice has won him some praise among the crypto commentariat.
@chimaera___ Right. If you're holding (or buying) because you want the upside opportunity and are comfortable with… https://t.co/6FmSXfkBRQ
— 𝘋𝘢𝘷𝘪𝘥 "𝘑𝘰𝘦𝘭𝘒𝘢𝘵𝘻" 𝘚𝘤𝘩𝘸𝘢𝘳𝘵𝘻 (@JoelKatz)
This is not the first time Schwartz shared his thoughts on crypto investing. Last November, he admitted to investing his own funds in more than 11 tokens that have since plummeted in value. Schwartz recognized he had “absolutely” lost money trading crypto, but the figure was “not as much as I’ve made.”
Also, he previously admitted to selling all of his ethereum (ETH) for some USD 40,000 to put solar panels on his house right before the start of a run that would have fueled the value of his crypto to about USD 40m.
“I still can't really understand why I sold all of it. I guess I was thinking it would go back down and I'd buy back in. But it didn't. You can regret taking too little risk too, of course,” he said.
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