Around Feb. 2012 I bought about 25 bitcoin. I sold them shortly thereafter without making much of a profit. Over the years I've gotten in and out several times, with my trades never amounting to much. I think for many people it's difficult to commit to a long term investment in something volatile like bitcoin. But let me make this abundantly clear. Not hodling is a huge mistake. If I had held onto those 25 bitcoins I would now have a net worth of around $780,000, all from a $120 investment. I realize my mistake boils down to impatience and pessimism. The way part of me thought about bitcoin was basically when bitcoin is up it is a bad time to buy because it's in a bubble, and when bitcoin is down it is a bad time to buy because, well, a downward trend indicates the end of bitcoin. But listen. If bitcoin crashes now this will have been the 4th major crash. It will recover. I bought about $5000 worth of bitcoin around January 3rd, and the old me would be thinking right about now would be a good time to sell. But I'm not going to, not even if bitcoin loses 50% of it's value. It might be smarter to sell now and buy later at a lower price, but psychologically, not having any stake in the game is just going to cause me to forget about bitcoin again until the price has gone up to $80,000 or so 4 years from now. Which won't be much of a better time to buy. Maybe I'll buy some more bitcoin in 1.5 years if I'm in a position to do so but I don't think I'll be selling any for at least 10 years. Also for people holding dollars know this. I know inflation is low at the moment, but I've seen the dollar lose 9% of it's value over the past year compared to my local currency, the Swiss Franc, which is deflating at about 1%/year. So inflation is coming, it's already very apparent in forex markets. The M2 money supply for USD has increased by about 24% since March of 2020. Holding onto dollars is basically a guaranteed loss at this point (I'm moving all of mine into stocks, the swiss franc, and bitcoin(my favorite)). I'm glad to see America moving in a more socially just direction, but they way they are paying for it is via inflation (a flat tax) as opposed to progressive taxation. submitted by
/u/fmurph22[link] [comments]via Bitcoin - The Currency of the Internet
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