the bitcoin mistake you regret forever
Throughout my time in Bitcoin, there has been one mistake that people continue to make. A mistake that will haunt them for many years to come.
This mistake isn’t what you’re probably thinking. It has nothing to do with taking self-custody, or even investing in altcoins. It also doesn’t have anything to do with not being incredibly early to this market. While we are all jealous of the people who were able to buy Bitcoin for under $10. That is a reality that we have come to live with.
During the last week with the launch of the US spot ETF, it began to happen all over again.
With the hype leading up to ETF being approved and trading to begin; the price of BTC rocketed up to $49k. For a variety of factors, it became a sell-the-news event, and the price fell down to $41k before bouncing.
In a matter of 48 hours, people were feeling like they were on top of the world and then fell to the deepest valley.
The problem wasn’t that the ETF didn’t instantly cause BTC’s price to soar to $100k, or that the price dipped. The real problem is that people are far too emotional about the price in the short term.
If you have been in the Bitcoin market for a decent length of time, you will likely have already heard the future Bitcoin price predictions that have become legendary at this point.
The general consensus during this current bull market is that Bitcoin will go above $100k. And that is being very conservative. However, most are expecting it to go even further.
Things become even more interesting when you zoom out and look even further into the future. Cathie Wood of ARK Invest believes that Bitcoin could reach a price of $1.5 million by 2030. The fascinating thing is that she isn’t alone in this belief.
Whether Bitcoin reaches a price of $1.5 million by 2030 isn’t important, and this is the problem that too many people are getting caught up in.
Today people are worried about perfectly trying to time the market and buying Bitcoin as cheaply as they possibly can. They either FOMO in when the price is going parabolic up to $49k or they are too scared to buy when it’s at $42k. To them, this $7k price range is the difference between Bitcoin being in a full bull cycle, or us getting ready to have more pain.
This has caused them to freeze, and stop buying.
For those of us who have fallen down the rabbit hole of Bitcoin, we all believe one thing. That Bitcoin’s price is not only going to go up, but it will be rising significantly. Even with the ETFs just being approved, we are still incredibly early to this market.
The hard truth is that if Bitcoin’s price is going to $500k, or even above $1 million. This means that it doesn’t matter if you bought Bitcoin at $42k, $49k, or even $69k.
At the end of the day, we have to remember this key fact. Bitcoin’s price is still very cheap.
Years down the road, the biggest regret that you will have is not doing everything possible you could to accumulate Bitcoin while it was still “cheap.”
We be haunted by the fact that we didn’t sacrifice some of our free time to work a second job like Doordash to put into Bitcoin. That we had many things around the house that we didn’t need, that could have been sold and invested in Bitcoin. Or that we didn’t put the effort to budget and squeeze as much out of our income as possible.
When it comes to investing, our greatest weakness is our emotions. Getting caught up in the moment, and current mood of the market.
Always remember where Bitcoin is going, and do anything necessary to accumulate as much as you can. You can change your life forever. The only question is if you have the motivation, conviction, and patience to make it happen. You don’t want to look back years down the road and wish that you would have done more.
How about you? Does the mood of the Bitcoin market begin to affect you?