I have been procrastinating on this for the longest time and it has been costing me lost interest. Cryptos was going through a mini-bear market in the past few months and while I was buying during the dips, I left them on my Coinhako exchange hot wallet. I didn’t transfer my cryptos out to a cold storage wallet or to a crypto interest account. Stupid move in hindsight but I’m taking advantage of this mini-bull market to do something about it. After all, I have been monitoring Hodlnaut for some time now but didn’t want to rush in to open a crypto interest account.
It was good that Hodlnaut survived the mini-bear market and I recently received an email from them about launching their mobile app. Their business model seems to be working and I decided now is the time to start getting more out of my cryptos. Since my 2 main positions are in BTC and ETH, it made sense to hold them in a Hodlnaut account to earn interest. The interest rate is high and they have a decent referral program. I opened a Hodlnaut account and just transferred most of the BTC from my Coinhako exchange hot wallet into it to start earning interest. Next up will be a similar transfer of most of my ETH tomorrow since I have hit my daily transfer limit for Coinhako.
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I updated my Cryptos blogpage to show a screenshot of my Hodlnaut account position and included the referral link as well. My cryptos position is slowly growing into a sizeable one as I continue to buy on dips in the market. I appreciate its value as a separate asset class from the rest of my investment portfolio but will continue to monitor its allocation proportion. I have been transferring my overseas cash savings back into Singapore and surrendered my whole life insurance policies (still waiting on the cash proceeds to be credited). I will only have just enough cash to complete the downpayment of my private property purchase in the next 2 months by the time I’m done with my preparation.
I’m trying not to sell any more of my investments and will use up almost all of my cash on hand. It doesn’t help that these 2 months are also big spending months as I pay my annual term life insurance premiums and renew lots of personal care packages. Meaning I won’t have much cash savings to rely on after spending most of my salary income. But the higher dividend income coming in should help to keep me afloat for a while. I’m acutely aware of how vulnerable I will be for the next several months so I’m watching our financial position closely. Ideally nothing major happens and my cash position is allowed to recover over time.