Spend or HODL Bitcoin during COVID-19?

[LogitechMouse]

This gives Bitcoin "hodlers" greater spending power than before in terms of Fiat. You can now buy more things with Bitcoin than you did before COVID-19.

I'm spending my Bitcoin for a long time already although I've kept some for long term but it got stopped for the moment because of the insane transaction fees Bitcoin has right now. As of this moment it went higher. I think it is at the $13 per transaction and that is normal transaction. Fees are very huge right now that I can't transfer my Bitcoins to another wallet to spend it.

What would be the right thing to do during COVID-19? Should I spend Bitcoin or should I just "HODL" it? The more Bitcoin's prices increase on the market, the more tempting it is to spend one's Bitcoin holdings. But at the same time, you want to "HODL" your Bitcoin for the next ATH in price. What would you do?

It depends on how will you use Bitcoin.

If you are like me that is spending a portion of it and keeping a portion of it then do both HODL and spend . In the end it will really depend on how will you use it. Most of the people are just holding Bitcoins for quite some time. Some are spending it (converting it into fiat and then spending it). I have holdings so I'm still ready if Bitcoin will reach new ATH .

[EdenHazard]

My suggestion will still hold your bitcoin if you don't have an urgent thing that needs money, so you don't have to convert it into fiat if the bitcoin price does not touch the highest price. But if you want to sell some bitcoin to buy back bitcoin if the price drops too far, you can do that when the price increase higher, so you can have the profit while you have another money to be ready use to buy bitcoin at a low price.

You don't have to feel tempted because the bitcoin price now touches $13k-$14k because many people have a target price to sell their bitcoin at more than $15k-$19k. So if you want to follow them to sell at that price, you will need to hold for more and don't worry if the price needs longer to touch the next ATH.

Paper money could be worthless when the crisis hit the world , but bitcoin? Just ask gold holders. As bitcoin nowadays feel like more than gold.

The price Increased 4k usd within a month , that's bold.
Next month are indeed should be at 18k level And when people start selling the price would get higher even more! We have been in that position 3 years ago and we are crying to not HODLing , should we cry for the second time? 'It's once in a lifetime..' that's your thought should be.
HODL! forevah.

[TopT3ns]

My suggestion will still hold your bitcoin if you don't have an urgent thing that needs money, so you don't have to convert it into fiat if the bitcoin price does not touch the highest price. But if you want to sell some bitcoin to buy back bitcoin if the price drops too far, you can do that when the price increase higher, so you can have the profit while you have another money to be ready use to buy bitcoin at a low price.

You don't have to feel tempted because the bitcoin price now touches $13k-$14k because many people have a target price to sell their bitcoin at more than $15k-$19k. So if you want to follow them to sell at that price, you will need to hold for more and don't worry if the price needs longer to touch the next ATH.

Paper money could be worthless when the crisis hit the world , but bitcoin? Just ask gold holders. As bitcoin nowadays feel like more than gold.

The price Increased 4k usd within a month , that's bold.
Next month are indeed should be at 18k level And when people start selling the price would get higher even more! We have been in that position 3 years ago and we are crying to not HODLing , should we cry for the second time? 'It's once in a lifetime..' that's your thought should be.
HODL! forevah.

indeed that is the advantage of a digital currency that has a limited supply of having a high price increase, as happened to YFI YFII, even though they are newcomers but they have less supply than bitcoin and can beat bitcoin prices, so keep buying as much bitcoin as -a lot and after that hold until the price becomes more expensive from the beginning when you buy.

[MCobian]

It depends on everyone's financial situation, if we don't need money in the near future, why spend the Bitcoin that we have.
It's better to just hold the Bitcoin that we have, especially since the price of Bitcoin is now getting closer to the price of $ 14,000.
I am optimistic that the Bitcoin price will continue to rise until the end of the year, so it is indeed the best decision to hold Bitcoin
for now. We must be able to take advantage of the current bullish trend, by collecting as much Bitcoin as we can. Because in
a pandemic  situation like now, additional income is needed, and I believe that investing in Bitcoin can get additional income.

[DevilSlayer]

This gives Bitcoin "hodlers" greater spending power than before in terms of Fiat. You can now buy more things with Bitcoin than you did before COVID-19.

I'm spending my Bitcoin for a long time already although I've kept some for long term but it got stopped for the moment because of the insane transaction fees Bitcoin has right now. As of this moment it went higher. I think it is at the $13 per transaction and that is normal transaction. Fees are very huge right now that I can't transfer my Bitcoins to another wallet to spend it.

What would be the right thing to do during COVID-19? Should I spend Bitcoin or should I just "HODL" it? The more Bitcoin's prices increase on the market, the more tempting it is to spend one's Bitcoin holdings. But at the same time, you want to "HODL" your Bitcoin for the next ATH in price. What would you do?

It depends on how will you use Bitcoin.

If you are like me that is spending a portion of it and keeping a portion of it then do both HODL and spend . In the end it will really depend on how will you use it. Most of the people are just holding Bitcoins for quite some time. Some are spending it (converting it into fiat and then spending it). I have holdings so I'm still ready if Bitcoin will reach new ATH .

There is no right or wrong answer in this kind of situation because it is really subjective and it depends on what kind of person are you. There are people who see bitcoin as currency and they are happy to spend it and they do not have give care about its current price because what they want is just the convenience and the low transaction fees. But there are also people who really want to save bitcoin as much as they can because they believe on its future. They are the people who called as holder where they think that the price of the bitcoin will continuing to become expensive as the time passing by. Before when the price of the bitcoin is still below $3,000; I keep spending my bitcoin but when the Bitcoin reached ATH almost $20,000 that's the time that I allocated money for holding. I still doing trading but I only place allocation on it especially right now we are now in a bullish market.

[molsewid]

It depends on your financial situations if you want to HODL it or spend it during a pandemic. We all know that bitcoin's price right now is rising, but it depends on you if you want to grow more your investment or harvest it now you've gained some profit from it. HODL gives you more opportunities to earn more while spending bitcoin is a good thing if you really need it because of our pandemic situation.

[lovesmayfamilis]

As always, no one will give an exact answer to the OP's question. All the above answers were very reasonable and correct advice. To summarize, we are all talking about the same thing. You need to spend bitcoin if there are no other sources of income to maintain your financial situation.
If there are other sources of income, investing in bitcoin and long-term storage is the right choice. We all know that every year there will be fewer bitcoin, its quantity is limited. Many bitcoins lost forever. Many assets will not be traded by people who desperately believe in the future of Bitcoin.
Thus, having such a unique thing as bitcoin, we make the right choice for our future.

[Shasha80]

I believe almost everyone needs money in a pandemic like now, so in my opinion what we have to do now is sell some of the Bitcoin we have,
for buying some daily necessities, then we HOLD some of the Bitcoin we have. To anticipate if bitcoin rises to an all time high price, we can
also get profit.

[btc78]

It seems that during these times of turmoil, Bitcoin's prices are increasing at a slow and steady rate. Since the mainstream economy has been on a downfall, people have been resorting to Bitcoin as a store of value. This gives Bitcoin "hodlers" greater spending power than before in terms of Fiat. You can now buy more things with Bitcoin than you did before COVID-19.

What would be the right thing to do during COVID-19? Should I spend Bitcoin or should I just "HODL" it? The more Bitcoin's prices increase on the market, the more tempting it is to spend one's Bitcoin holdings. But at the same time, you want to "HODL" your Bitcoin for the next ATH in price. What would you do?

Any advice, recommendations, or suggestions will be greatly appreciated. Thanks in advance.

if you can't find profit still then no worries on selling because the best way to do in such season s Holding still,Look at the market ?bitcoin Hit $14,000 level yesterday this means we are near the top again.
also i believe that we only need to sell out once we are in need of Money or wanted and trusted another coin to be more profitable than bitcoin(things that really hard to find unless we are talking about Pump and Dump coins)
keep HODL mate surely you will earn much more than planning to release them now.

[Coyster]

The thing about this year is Bitcoin wasn't that much affected by the pandemic, after the halving, btc price has been on a spike and could soon surpass the atm prolly by next year or so, but that cannot be said of traditional currencies, they have mostly plunged and the economy is in crisis at least in some countries, others have also experienced really dire inflation. That being said, exchanging all your stash back to fiat could be a very bad plan for anyone to do, it's more like devaluing your funds yourself.

I would prolly hold my btc in my wallet atm and spend on whatever I need from there, or converting the little I need to fiat, this pandemic is even the best time to hodl as much Bitcoins as you can, and not selling. if your currency is one that is vulnerable to inflation, there's no way you'll want to convert your portfolio back to fiat, btc price has been appreciating very quickly, so it's good for btc hodlers.

[barto123]

If you can afford to live on dollars, hoard as much BTC as you can.

If you have to spend it, buy only practical things you actually need.

Bitcoin incentivizes saving because it's designed to go up forever.

Fiat or government money incentivizes spending & debt, because it's designed to go to zero over time.

Bitcoin makes you smarter with money. It builds a much better future for you & your family.

[ChrisPop]

You shouldn't ask here for financial advice. I'm pretty sure no one in here is a certified financial advisor so he can give a "legal opinion".
One should know your financial status and goals very well to be able to help you. Otherwise we are just throwing opinions around.

It is good to see that Bitcoin has surged during times of distress. We can't say it has become the preferred asset for hedging during crisis, but it is certainly a great competitor to gold and other precious metals.

[Dorodha]

You are right that holding during COVID-19 will depend on our situation if there is not enough capital then holding is never possible. Although the impact of the epidemic on the country's economy COVID-19 has no effect on Bitcoin. Now is a good time to hold on to the rising price of Bitcoin. If you have enough capital you should invest in Bitcoin and not spend unnecessarily. The crypto market will improve further and the price of Bitcoin is likely to rise.

[mariah.sadio]

Prices right now are pretty high and you can spend some % of hodling now if you need too. Decision to spend today is much better than decision to sell on lows

[serjent05]

It seems that during these times of turmoil, Bitcoin's prices are increasing at a slow and steady rate. Since the mainstream economy has been on a downfall, people have been resorting to Bitcoin as a store of value. This gives Bitcoin "hodlers" greater spending power than before in terms of Fiat. You can now buy more things with Bitcoin than you did before COVID-19.

What would be the right thing to do during COVID-19? Should I spend Bitcoin or should I just "HODL" it? The more Bitcoin's prices increase on the market, the more tempting it is to spend one's Bitcoin holdings. But at the same time, you want to "HODL" your Bitcoin for the next ATH in price. What would you do?

Any advice, recommendations, or suggestions will be greatly appreciated. Thanks in advance.

Whether you hodl or spend your Bitcoins during this Covid-19 pandemic depends on what your current status is.  If you are badly in need of financial assistance and there is no other asset than your Bitcoin holdings then, it won't hurt to spend your Bitcoin to fill your stash.  It is better than getting into debt and paying them interest.  but if you are well enough and do not need any extra fund for your daily needs and other necessities then I think it is best to hodl your Bitcoin.  Who knows when it will triple in price.

[Leviathan.007]

As far as I can see during the covid-19 all the stocks and other assets was falling down in price and bitcoin only had one price dump to 3800. But, after that dump price bitcoin returned to the ascending channel and this can give us strong signal to hold bitcoin during the economic crisis. Because, as you can see all the fiat currencies are losing price over time during this time. I would say holding bitcoin or gold is the best idea, currently. 

[dimonstration]

As far as I can see during the covid-19 all the stocks and other assets was falling down in price and bitcoin only had one price dump to 3800. But, after that dump price bitcoin returned to the ascending channel and this can give us strong signal to hold bitcoin during the economic crisis. Because, as you can see all the fiat currencies are losing price over time during this time. I would say holding bitcoin or gold is the best idea, currently. 

Bitcoin and some Alts is the only investment that is able to recover fast during the quarantine season. DeFi also been popular during this Pandemic as many intend to invest more in crypto with decentralized system that will not be much affected by economic losses Brought by quarantines and Pandemic. It will depend on our spending and situation if still have other sources of income then we should just hold into it especially that the price now were rising.

[Assface16678]

Better hold and learn from past history, this is 2016, prior to the bull run of 2017, so the history might repeat itself again, although it might take long. What I'm trying to say is that we should HODL as long and as much as we can. Well you can spend me, but at least be reminded that we are still a long way to go to see the price going into another all time high, this is just a tip of what's going to happen next year. So I would rather stack even more on the contrary, instead of spending it.

But what if something is urgent? That an investor really need to buy something for himself? This I think is one exception if you would be in difficult times. But if it is not necessary, ofcourse it would be better to leave your investments alone in the possibility of earning more profit in the future. But bottomline is possibility which means chances or things are not certain. What we are seeing is forming conclusions of how high will the market price become if this would be continuous. "If" the market price will be continuously increasing then that would be ofcourse a good thing. But what "if" it again suddenly fall? Just don't rush things and make an action you think will not be regretful. We are on different circumstances.

[supine]

I already spent some of my crypto holding because of the lock down.
I didn't have enough cash so I rely on crypto and started to make a small business in my neighborhood,
So far I could say that it is fine I manage to gain my capital and now I am making some profit.

[bryant.coleman]

Well.. it will depend on the financial state of the individual. For me, there is no need to sell any of my coins right now, because I am still getting my full salary. And the best part is that I am working from home and my expenses have therefore gone down. I am able to save more during this period, when compared to the time when I was working from office. But then, not everyone may be lucky. Some of my friends are receiving reduced salaries.