Hi Friends
Despite some countries' emphasis on regulation, cryptocurrencies performed very well until May 2023, Bitcoin yielded approximately 70% returns to their investors. Elon Musk's statement in May to be cautious about cryptocurrencies caused decrease in value of cryptocurrencies such as Bitcoin, ETH, Dogecoin. I think that the regulations, which are not at all against the cryptocurrency markets, will bring confidence to cryptocurrencies and increase the number of investors. On the other hand, expectation of a rally in the cryptocurrency market has increased with the the halving process of Bitcoin in 2024 and the Ethereum Shanghai upgrade in April 2023. The trend of cryptocurrencies in the coming months will be determined by the interest rate decisions of the FED and ECB, the debt ceiling deal, the level of the global recession process and the safe-port status of Gold. As for HIVE, the price of it declined to $0.25 in December. It rose up to $0.55 in March. It decreased in May, and has been fluctuating between $0.32 - $0.36 for a while. What I wrote here is not financial advice.
As of writing this post, the price of HIVE is $0.34. However, I continue to be on HIVE regardless of the price of it. If you believe that the HIVE platform and its token will get even more valuable in the future, the duty of us, Hivers, here is to hold as much HIVE as possible. The best way to do this is to Power Up. I have always emphasized the importance of HIVE Power for the Hive blockchain in my posts about HIVE. I see that people are gradually becoming more conscious of the importance of HIVE Power thanks to the such events.
You must have a considerable HP to exist on HIVE blockchain and affect it. In order to have HP, you must be active here and power up with the HIVE tokens you have been rewarded. It makes no sense on this platform to accumulate HIVE for a while and then withdraw it from the wallet. I would like to thank @hivebuzz, @traciyork and others for initiating a very meaningful and beneficial event for the entire HIVE Community, which is held on the first day of each month to encourage powering up. I have participated in HIVE Power Up Day since April 2022. Today, I participated in the sixth event of 2023 by increasing 10 HP and participated in HPUD event fifteenth time in general. That is to say, I have been participating in HPUD for one year. 10 Hive may not be a very high amount; however, I already power up the HIVE tokens I have received since the day I joined HIVE, to increase my HIVE Power. Since I will take a break from HIVE for a while, I won’t participate in next HPUDs.
Here is the proof of my powering up 10 HIVE:
As said, I already power up all HIVE I receive from curation and author rewards once a week. Except that, I get %20 annual interest payout by transferring HBD, which I receive together with HIVE, into my savings account in my wallet. As I mentioned in the previous post I shared today, my next goal on HIVE is to reach 2000 HP. Even after reaching 2000 HP, I will continue to power up. As for HBD, I have long been transferring HBD into the saving account as the interest rate was increased to 20%. I reached my goal of accumulating 500 HBD in January. I think to continue accumulating some more HDB without setting any goal for myself. Thus, I will be able to convert the accumulated HBD over 500 to HIVE and participate in HIVE Power Up Day whenever I want. I think to convert a considerable amount of HBD to HIVE for a significant power up if the price of HIVE falls below $0.30 ever again. I also think to convert some of them to HIVE to power up when its price is over more than $1. Consequently, I will have done Power Up in either case. Converting some of HBD interest payouts to HIVE, I already participate in HPUD.
As I stated in my previous posts, I see HIVE as a long-term investment. I also think that HIVE Power needs to be increased up to a specific goal for a stronger account and a stronger HIVE community. This goal can be 5000 HP, 10000 HP, 20000 HP or even more. Especially new members want to immediately cash out the HIVE or HBD they earn here. I don't recommend it if you are not in need. I think that the HIVE platform and HIVE will be very valuable in the future, and I take my steps thereafter.
May you have many days to power up even more. Thank you for reading.
