It’s official! We have finally reached a new all-time high price for Bitcoin and how sweet it feels. For those of you lived through the last few years of the bear market, this really serves as a validation for all of your belief and conviction to continue e investing into bitcoin and even more importantly; to continue HODLING it.
Not only have reached a new all-time high in bitcoin, but we flew past $20,000 and are currently fast approaching $22,000. For those of us who have a full bitcoin, or even a large percentage of a coin this is a substantial amount of money. And for some people it could even be life changing. It might be enough to pay off all of your debts, or perhaps make a down payment for a house, pay for college, buy a new car, or selling and putting that money into your retirement. We have reached a point where options are becoming endless.
But here the thing.
The bitcoin bull market is just getting started, and bitcoin is going to go up much further from here. The conservative predictions have ranged around $100,000 per bitcoin by the end of 2021, and the more “bullish” predictions have even approached $400,000. Now this is REAL life changing money.
For many people this type of profits will be incredibly tempting to sell. In fact, for many people it will be the most challenging thing they ever face and most will succumb to it and sell.
At first they will be very pleased with their decision, as they will have a whole lot of cash. But as time goes on and we reach even more bitcoin halving cycles I feel very strongly that these numbers will look quite small in comparison and many people will regret selling at the earlier prices.
In this situation a quote from the show Breaking Bad sticks in my mind.
And this is my whole approach. I won’t be selling at any point when the profits only benefit me a little. I’m looking for those large profits.
Taking this into mind makes it even more important to remember your own Bitcoin plan; or to make one. If you don’t have a plan you will be more likely to sell at a less than optimal time. So if you take anything from this article, I hope that it is that you will make your own cashing out plan.
So as I mentioned before my current plan is to continue HODLING, and I don’t plan on selling during this cycle. Although I will be earning interest by lending out a portion of my bitcoin and as the price of BTC increases; my lending profits will continue to go up as well. I will not be cashing out of my bitcoin until it is enough money for me to retire from my job and live out the rest of my days in a tropical paradise without a financial care or worry.
But how about you!? What is your plan!? And do you think you will be able to resist the urge to sell at these “potential early” prices!?
As always, thank you for reading!