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Cryptocurrency investing is one of the most dangerous investments you can make, and that's no joke. After Bitcoin's dramatic crash and the many scandals that Bitcoin wallets have dealt with, it's easy to see why most people don't want to stay invested in crypto.
The Bitcoin price tickers always falter. Looking at fiat currency and your bank account keeps you calm. The thought of selling Bitcoins for more stable currency is far more popular when you see the sheer amount of risk you're dealing with.
Now that we're facing a recession, it's time to reconsider crypto. If you're looking to say sayonara to Satoshi's work, you're not alone. Many people are choosing to say goodbye to it. Here are some smart ways to pull out of crypto investing and leave it for good.
Pull everything out when the market starts to peak again.
Are you really done with crypto? Like, so done you can't even bother with it anymore? Then one of the fastest ways to pull out of crypto is to just sell everything in one fell swoop and get out of Dodge as fast as you can.
To minimize your lost just wait until the market perks up again, and then drop all your Bitcoins. Once all your coins are sold off, you can go on your merry way.
Keep your coins, but stop buying.
People who are considering pulling out but aren't sure that they want to leave entirely would be wise to HODL onto the coins they already have. You never know if those coins will suddenly spike, after all.
That being said, if you feel like crypto's run its course with you, then you should absolutely stop buying and just sell the coins off when you're ready to do so.
Consider pulling out of actual cryptocurrencies in favor of crypto-related stocks.
Let's say that Bitcoin and Ether are a bit too volatile for you. You love the potential returns, but you're not loving the near-heart attacks you're getting every time that you see the prices plummet.
It's understandable, and there are ways to pull out of crypto that allow you to keep your hands on the profit without all the risk. A good way to do this would be to sell off your Bitcoin and buy up stocks related to Bitcoin mining hardware.
Stocks are less volatile and less risky. So, you get the profit without the problems!
Donate it to charity.
Did you know that certain 501(c)3 charities accept Bitcoin donations? It's true—and this can actually mean a pretty decent payoff for you come tax time.
By offering up your old cryptocurrency portfolio to a charity you believe in, you are investing in your local community and a better tomorrow. Additionally, it could come with a very nice tax write-off.
Switch to a cryptocurrency fund on the stock market and let yourself relax.
If you're looking for ways to pull out of crypto investing without actually leaving crypto entirely, you're in luck. You can get rid of the "hands-on" aspect by simply selling your cryptocurrency and using the proceeds to switch to a Bitcoin or cryptocurrency trust on the stock market.
This allows others to manage your investment for you, and also keeps you invested.
Sell off your coins portion by portion.
If you're looking for ways to pull out of crypto while reducing the risk of losing out, then your best bet is to "ladder sell" your coins. Ladder selling reduces the chances of total loss and also helps you draw out your sell-off.
So, should you find that Bitcoin's on the uptick again, you will be able to enjoy the profits. Should you decide you want to return to investing, you also will have the opportunity to do so.
Use your Bitcoin to buy things.
Let's say that you don't really want to cash out, but you do want to have one final hurrah with your portfolio. This is totally understandable, especially if you're young and just want to have some fun with your money. So why not do it?
Many retail sites allow you to pay in Bitcoin. Indulge yourself with a nice trip, some pretty clothes, or a house. It's up to you!
Use your crypto portfolio to get rid of debt.
A lot of people who invested in cryptocurrency have credit card debt they want to pay off. That debt eats into savings pretty quickly, and can also cause you to have long-term problems dealing with your retirement.
If you've been wondering whether it's time to invest or pay off debt, it may be time to pay off that debt you owe. Clearly, investing in crypto hasn't been the boon it should be. So, you might as well enjoy a debt-free lifestyle afterwards.
Consider minimizing your portfolio, rather than exiting entirely.
It's no secret that every investment portfolio carries a little bit of risk. People who feel like the risk is too much to handle may want to consider just minimizing the amount of Bitcoin that their portfolios have.
By simply reducing the amount of crypto you have to a minimum, and re-investing in blue chip stocks, bonds, and other more traditional options, you reduce the risk and maximize rewards.
Document what happened, and post it on YouTube.
If you are a YouTuber or a writer, you might be able to turn a profit by documenting what happened. By choosing to show others what happened to you and advise others on the ways to pull out of crypto, you can make a profit on ad revenue.
You never know what will happen. You could become one of the biggest crypto influencers on the net. After all, no one says you can't still be part of the crypto community after you've pulled out.