Hopefully the experience I had and observed can help others. I enjoy writing and I enjoy feedback.
I got into bitcoin first in 2017, but that was just a bit of FOMO. I have really got into it towards the tail end of 2020. I bought low, I bought high, and I enjoy the space.
10 observations:
Do not get washed out. I cannot stress this enough. I put myself in a position where I almost had to sell my bitcoin thankfully I had something work out. I got very lucky. I do not believe that you should “never sell your bitcoin”. People have to sell assets sometimes, this is the real world. That being said, the bitcoin you are buying today should not be even considered for sale for at least four more years. Most people who got washed out we’re relying on short term price appreciation.
Once you sell, you’re getting back in as a trader. It’s often leads to more losses. It can also lead to insane mental stress.
2. GBTC: I bought a lot of my bitcoin this way, some I had no choice, some I did have a choice. I really am probably going to get flack for this, but I do not think the premium goes much lower than it already is. I think it’s a very low probability that there is not a spot ETF conversion within the next two years. I see almost no probability within four years....but, I would buy bitcoin directly over GBCT at this point.
3. How much of your net worth? There’s a great quote but I think Mashisnki: If you’re not sleeping you have too much exposure, and if you’re not checking the price when you wake up you don’t have enough.I know people that are making $15,000 a month and have almost no financial obligations yet buying $1000 is a huge issue for them. I see no reason-unless you already wealthy- if you believe in bitcoin that it’s not at least 25% of your net worth, and at least 10% of your net worth if you are wealthy. If you own one weeks worth of income in bitcoin, it going to 500k will not help you.
4. Trading has been a disaster for most people. Unless you have at least 10 bitcoin I have no clue why you would be trading. I look at other markets like real estate and collector cars, And I see the smart money simply accumulating, not trading and trying to buy in a crash.
5. Tell your friends your position, thoughts, then back off. If bitcoin does exceed an answer going to 200 300 500 K and even more, It will not “fix things” -For many of our personal relationships, it will cause even more division. Unpopular opinion, but I think a lot of people in bitcoin and crypto in general or just become another version of rich assholes.
6. Don’t be afraid to take a risk. The unfortunate truth is most wealthy and successful people take a risk but try to minimize their downside.
Good Example: I know a guy who tries to put every dollar he has into bitcoin. He keeps his job/income stream.
Bad example: Buying options instead of just stacking. Risking everything and having no security.
7. Don’t stress about others: Most people you know are in NGMI but that was already happening. The quality of life for the majority of Americans has been going down for the last 20 years, that’s why you see less people owning homes, more obesity, more drug use, more people more stressed at work, and people more debt ridden. This is really hard to say, but most people will do nothing even in the face of grave danger. The best thing you can do is be a good example. People love to follow.
8. Related to number seven, people love to follow: At this point not being in bitcoin seems a bit bizarre but the vast majority of people still would rather not hear about it. I do not know if hyperbitcoinization will ever happen, but if it does, we are very far away. So yes, you’re still early.
9. Time is moving much faster than you realize and the race is on: It will be your fault if you do not acquire as much bitcoin as you want. In 2021 you are people that have finally relented to buy homes because they’ve been saying there’s gonna be a crash for the last six years. They missed their chance. The same conversation has been having for bitcoin over the years, and will continue to happen in 5 to 10 years.
10. Find new friends. Get healthy. Turn your life around. And maybe, just maybe, and rub off on some other people
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