The price of Bitcoin has just exceeded $49K for the first time since the middle of May 2021. This means that Bitcoin is back to where it was before the May 2021 crash, which was caused by the banning of Bitcoin in China and accentuated by Elon Musk's various tweets.
At this point, it is still unclear whether Elon Musk was able to personally profit from what looked like a strategy to manipulate the price of Bitcoin. Only time will tell.
The resurgence of Bitcoin in the eyes of some is a reminder of what the best strategy is with the king of digital currency. As I'll tell you once again, the best strategy with Bitcoin is far from sexy. In fact, it's the most boring.
It requires a quality that very few investors actually possess: patience.
Good investing is boring
Buying an asset with phenomenal potential, then waiting without ever doubting it is what has allowed thousands of investors to make a fortune in history. With Bitcoin, it's the same thing. Yet too few people seem capable of doing this.
George Soros, who bankrupted the Bank of England in 1992, is also famous for once stating this fundamental truth:
“If investing is entertaining, if you're having fun, you're probably not making any money. Good investing is boring.”
So if you feel like you're bored with Bitcoin, you're probably on the right track.
Bitcoin is a special asset in that it is more than just a traditional financial investment. Bitcoin is also a system that gives you total control over your money, which ultimately translates into the freedom to live your life on your own terms.
Taking advantage of the Bitcoin revolution requires patience
An investment with such potential therefore requires time. That's why patience is required with Bitcoin. And this patience can only be developed if you have enough confidence in Bitcoin to apply the best strategy.
This strategy consists of 4 steps:
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Buy Bitcoin
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Send Bitcoin on a cold storage
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HODL Bitcoin no matter what
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Repeat from Step 1
I'm not telling you anything new here, but I think it's essential to remind you of this quite frequently, as new entrants keep coming into this incredible world.
To these 4 steps, you can add different options. The first is to set up an automated Dollar-Cost-Averaging (DCA) buying strategy. This way, you will accumulate more and more BTC without even having to think about it. This will allow you to avoid being trapped by your emotions.
Indeed, during corrections in the price of Bitcoin, many make the mistake of waiting for the price to fall further and further before entering. In the end, many never take action with this way of thinking.
The DCA automated buying strategy protects you from this trap.
The best strategy with Bitcoin is the simplest and most boring. And that’s great.
In addition to your DCA buying strategy, you can on the other hand take advantage of Bitcoin price crashes like the one in May 2021 to accumulate more at a discounted price. This is how you will accumulate more BTC each time. This is essential for your future because Bitcoin is an accumulation game for years to come.
The more you have, the better it will be for you.
Sending to cold storage can also be automated. Again, the goal is that you can build your success with Bitcoin without even having to think about it. By having control of your Bitcoin's private keys, you'll really be able to take control of your life.
As for the rest, nothing new: you have to HODL no matter what. This is where patience comes into play. If you truly understand the why of Bitcoin, you will be able to be patient, because you will have complete confidence in its monetary revolution.
Awareness has to come individually.
Final Thoughts
As you can see, Bitcoin can be boring. But that's just a good thing. You just have to learn to enjoy the tedium. Use the time you have to learn more about Bitcoin and the economy, but also about other areas.
Because at the end of the day, it's your ignorance that costs you the most money in life. To avoid losing even more in the years to come, you cannot remain ignorant of the unique opportunity that Bitcoin represents for your life. It's up to you to take action.
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