Crypto bull runs present a unique opportunity for investors – as well as no shortage of potentially crippling pitfalls.
And although there are almost as many theories on how to maximize the benefits of a bull run as there are experts – one has produced a Twitter thread stuffed full of tips.
In a series of tweets, Taylor Monahan, CEO of MyCrypto, a popular open-source tool for generating ethereum (ETH) wallets and handling ERC-20 tokens, has come up with a guide to navigating crypto bull runs, although she prefaced her tip compendium with a disclaimer, writing,
“In a day or a week or a month, it will start to shift.”
Because of “malicious outsiders who come solely to take money” and “manipulate” the “biggest fools” they can find.
The CEO added,
“$YAM will be full of lessons to be learned. Enjoy it. Analyze it. Share what created the hype. Talk about the risks. Do all the things. Because it could hit USD 200M, get completely pwned, and this market would keep on chugging.”
Regardless, bull markets have dangers, she warned, and old adages could prove wide.
“The magic of this moment is that if you are here now, you have every opportunity to make money. The way you do that is to HODL. You play with all the things in a bear market. You lose if you do the same in a bull,” the CEO added.
Some sage advice was also on the menu, as Monahan advised that “of 100% of your crypto holdings, put 90%-95% of it in super-cold storage.
“The other 10% or 5% or 1% of your holdings should be worth literally 0. Don’t put them on your balance sheet. They are nothing. This is the amount you can afford to lose. This is your play money,” she stressed.
The CEO also emphasized the importance of avoiding the hype surrounding certain coins and not banking too much on any single token.
“Pick a few long-term legit coins that you like. Be invested in them. Do research. Do not follow the shills. The amount should be no more than 5% of your net worth. Even bitcoin (BTC) could go to 0,” Monahan reminded.
There were also a few sad words of warning, as she opined,