Bitcoin is a game of survival. Historically those who up stayed in the markets throughout all the ups and downs have seen success beyond their wildest dreams. While those who let the stress of the market get to them quickly find themselves exiting the market.
Which will you be?
It sounds like an incredibly simple idea. Just invest in Bitcoin consistently for 10 years without letting the up and downswings of the market affect you. Those are the people who have found the most success in this market and have made life-changing wealth.
However, it is never as easy as it sounds. In fact, being an active investor in Bitcoin without having any hesitation in your conviction will be one of the most mentally challenging ventures in your lifetime.
Just ten years ago in 2014, the price of Bitcoin was under $500 for the majority of the year. You can begin to imagine the kind of wealth that you would have been able to accumulate simply by dollar-cost-averaging since then. This is enough to cause regrets that will haunt you for years.
The harsh reality is that it takes a very special kind of person to be able to handle the stress that this market provides. Throughout its history, Bitcoin investors have been considered almost “crazy” by their peers. Believing in internet money that had no intrinsic value and the price would go to zero sooner than later. It takes a different kind of person to go against the grain of how most people act or believe, and for better or worse that is what Bitcoiners are able to do.
The greatest strength of Bitcoiners is how passionate they are about the market. They want to eat, sleep, and breathe Bitcoin. They make it a part of their personality and often will know what the price is at any given moment. However, them being so attached to Bitcoin can also become their biggest weakness as well especially when FUD events begin happening one after another.
2024 has been no exception to that and there have been countless events that would have been enough to make even the strongest Bitcoiners begin to question their own conviction.
The past 6 months have been all about survival, and here are some of the FUD events that Bitcoiners have had to experience.
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The German Bitcoin selloff
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Mt. Gox Bitcoin Redistribution
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Black Monday caused by the Japanese Yen
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US Government Moving Bitcoin
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Recession Fears
Each of these events caused the price of Bitcoin to plummet. But more importantly, it completely killed the mood of the market. Experts were claiming that the market top had been reached and we were about to return to the bear market. People either lost all of their conviction and ended up selling, or just began to lose interest.
People want Bitcoin to move in a straight path toward the “golden land” without any setbacks, but that is impossible. Bitcoin’s volatility is what will make those outlandish price predictions have any chance of happening. But volatility isn’t only to the upside, but to the downside as well.
There will be many bumps along the road, but all you need to do when feeling stressed by this market is remember this key phrase.
“When in doubt, just zoom out.”
The entire mood of the crypto market is depressed to sideways price action or even price drops throughout the summer. However, if you zoom out to this time last year Bitcoin was half the price that it is now. In January Bitcoin was priced at $42k.
The patient Bitcoin investors will end up being the ones who are the most successful. The biggest threat in this market is yourself. When people become stressed they lose conviction and end up making impulsive decisions that they end up regretting later on.
Bitcoin will eventually reach all of those crazy price predictions, but it might take a little longer than most of us would like. Until then, we just need to be patient and survive this dangerous market.
How about you? Have you ever panic-sold Bitcoin?
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