I'm currently in Fukuoka Japan where Bitcoin crossed $70,000 USD yesterday, which a new all time high. Here is my strategy for taking some profits in the short-term. I believe the price will continue to surge as we approach the bitcoin halving. Personally I'm preparing to take some profits on the Bitcoin ETF (EBIT). EBIT is the Canadian unhedged Bitcoin ETF. It is currently at $33.84 Canadian and I've set up some limit orders at the $40 price range. My average price was $15.52 as I bought it when it was first release several years ago before the US Bitcoin ETF's. I used Google Gemini to calculate my percentage gains.
If you purchased the Bitcoin ETF EBIt with an average price of $15.52 and sold it at $40, your percentage gain would be approximately 157.73%.
Here's the breakdown:
Investment gain per share: $40 (selling price) - $15.52 (average purchase price) = $24.48
Percentage gain: ($24.48 investment gain / $15.52 purchase price) * 100 = 157.73%
Therefore, you would have made a significant profit of around 157.73% on your investment.
Of course everyone's situation is different, but definitely know what your average purchase price is. The advantage of setting a limit order in advance is it's automated. Another advantage is that for Canadians you can sell a Bitcoin ETF in your TFSA account without incurring tax owing.
So personally I'm planning to take some profits on the Bitcoin ETFs but hold onto native Bitcoin.
The video also mentions other promising tokens, including BNB (Binance token), which recently reached $500, and Ethereum, which has the potential to reach $4,000. Additionally, Nvidia, a leading AI stock, is highlighted as a potential opportunity even as it will most likely past $1000. Coinbase is also enjoying momentum along with the movement of bitcoin currently at $256 US.
My theory is that the crypto market moves up whenever I travel.
If you have existing Bitcoin I recommend that you level up your knowledge on keeping your bitcoin safe, and that means taking it off exchanges like Coinbase & Crypto.com and putting it on a hardware wallet.