A friend of mine bought a small amount of bitcoin in 2021 he spent 70$. The gas or fees were 25$. He has 45$ worth of bitcoin now after paying fees to transfer it to a cold wallet. He is still constantly trying to get me to buy in. 3 years later he is down 25$ and if he transfers or spends it there will be more fees correct.
I guess my questions are, are fees still that high and if so how can you justify buying bitcoin if fees are 1/3 of the price. If not then what would the process be for him to not pay 1/3 to use his bitcoin.
Also did he just get in at a bad time cause he showed me his blockchain records from 3 years ago and he has lost money even though the price of bitcoin was lower 55k ish back when he got it and it’s around 66k now.
Is it just him or did everyone who bought bitcoin and transferred to cold storage in early 2021 in the same boat right now about 1/3 down after fees.
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