You are viewing a single comment's thread from:
RE: Bought Bitcoin (and Ethereum) - Let's See What Happens Next
How very disciplined of you! I'm a little too impatient for crypto and have been buying (dollar cost averaging really) since BTC was under 10,000. Long term it will probably be a bargain. The BTC I bought in 2014-2015 in a similar market looks like quite a bargain today. Buying in a market like this takes some cajones but this is when fortunes are made. It's amazing that people are so willing to buy when the market is flying but reluctant to buy when it's low. How many times did I hear "I wish I bought at $10,000!" when it was $15-20k. But now? Those same people are afraid to buy when it's at bargain prices. $8000, $5000, or $3000 to me is irrelevant in the long run. Those are all great prices to buy at if crypto pans out like we believe.
And if crypto doesn't pan out ? Your analysis of the effect of market sentiment is spot on. But ''buy low and sell high'' only works when the entity eventually does goes up. History tells us that equities eventually do go up. I am not sure we have enough history regarding BTC to know for sure that it will ever again go up.
For me personally - I can't lose. Whatever fiat (dollars) I've invested into crypto, I've already got back more in dollars. So my investment is already profitable. The crypto I have now (and am still buying) is essentially all profit, so I can let it all ride if I want. But to your second point - 9 years of Bitcoin and crypto gains, bubbles, busts and more bubbles isn't enough? That looks like plenty of history. But of course still a risky asset to be sure.
One thing I always like to point out to people is that you have to look at Bitcoin prices on a logarithmic scale because a linear scale doesn't show you anything meaningful other than a parabolic curve, But this tells me that a Bitcoin chart (and crypto in general) is not the price of a commodity, but an adoption curve. Look at the adoption of technologies (such as radio, tv, internet, cell phones etc) to see what I mean. They are all parabolic curves over a few decades. If that's true, then we are still likely at the bottom of that adoption curve. That means massive growth ahead. That's a risk/reward I won't miss out on.