Five Ways to Better Manage your Crypto Portfolio
Between 2020 to 2022, the adoption rate of cryptocurrencies grew by over 150% across Africa. In countries like Kenya, South Africa, Tanzania, and Nigeria, with a massive number of Gen z and millennial populations, entrepreneurs, businesses, and individuals seeking to preserve their wealth and diversify their income streams, crypto assets have become self-perpetuating.
The big question remains... How can we get cryptocurrencies to do more for us while we continue navigating the ever-changing ecosystem?
Set a target
To enjoy profitability and longevity with crypto assets, it is important to clearly define what financial targets you want to meet over a specified period. When you estimate how much you spend on personal care and living expenses, Your long-term financial needs come into clear sight.
Setting a clear target in terms of your investment goals allows for calculated risks on what coins/tokens to buy, sell or exchange.
In simpler terms, being a pro at setting goals for each new or existing crypto-asset tells you where you want to be, how you can get there, and most importantly calculated steps that lead to financial success.
A couple of clear targets include:
- Increasing your net worth by x% over y period
- Ensuring that earnings on savings beat inflation
- Saving up for specific future personal projects
Budget allocation
One of the key reasons individuals continue to have uncertainties about transacting, saving, and investing with crypto is tethered to a poor budgeting and investment culture, which ensures that they live from paycheck to paycheck. One of the key characteristics of web 2.0 is its effectiveness at triggering instantaneous purchases. This can be via social media ads or web ads that only display what consumers have searched for, talked about, or consistently researched.
It’s not entirely your fault for spending every dime on the things you want, bearing in mind how hard you worked for it. However, setting out clear portions and allocating your income towards potentially profitable assets such as cryptocurrencies could be the reason you retire YOUNG AND COMFORTABLE in a few years.
The secret here is to monitor your expenses, spend less on wants and allocate small percentages according to your set targets.
Go deep when it dips
Ever heard the quote, “The best treasures are found in the deepest water”? Probably not because we just coined that yesterday. But our wisdom is valid within the crypto economy. Since the bitcoin boom in 2017, financial analysts have tried to study how such a volatile and “baseless” digital asset could go from zero to hero in a short amount of time.
The big idea here is to learn fast about market updates, see trends and discussions, and strategically take advantage of a huge demand or supply gap. Volatility in the crypto ecosystem means two things: massive gains and losses during a short time, and massive gains over a longer period that often gives the outlook of a loss.
Get a boost using Yield features
Not to brag but, not using Busha could be the reason your portfolio is missing that extra crypto sauce. With information comes a lot of opportunities. Earlier this year, Busha launched a crypto savings feature that allows users generate consistent gains leveraging on stablecoins such as USDT and USDC.
This is made possible with Busha’s attractive annual interest rates (APY) that is paid out daily on your balance. Unlike traditional savings accounts that suffer value loss during ever-occurring devaluations, Yield features give your crypto savings a boost in value despite market volatility, while ensuring that you’re protected from local currency devaluation.
