So I started to invest in Bitcoin after the summer of 2017. This was in the middle of the bull market and it was pretty hard watching the price go up and only afford the monthly buys when the salary hits bank account. I did have a small stash of stocks which I of course immediately sold for Bitcoin so there was a slight top heavy approach to my Bitcoin stacking.
However, it did strongly feel like I should go into debt and buy Bitcoin straight away and pay the debt off instead. I’m happy I didn’t do that because Bitcoin is not something you wanna buy with borrowed money, mostly because you are not going to handle the crashes, you will panic sell and dig your own grave. Only buy with your own money that you can afford to lose. This expression goes around a lot:
‘money that you can afford to lose’
Don’t get it wrong. It doesn’t mean you are likely to lose that money. It means that WHEN the market crashes you will have the stomach to keep going as normal. The crashes don’t affect your mood, you don’t panic sell. Quite the opposite – you will buy with watering mouth because you have longterm conviction and you realise the lower the price the more Bitcoin you can get. Current price / short term price never matters. Your time horizon for any kind of selling is at least 5 years so every market crash is actually welcome so that you can get as big a stack as possible.
However, don’t wait for the crash. When the salary hits bank account that’s when you buy. We have no way of knowing what the price will do and waiting for a crash is just another way of playing a trader, most of who will lose money anyway.
Emotionally, the first crash is the worst, even though on paper I ‘lost’ most money in the most recent crash. I’d say you need to experience large daily dips in price to get prepared for a long bear market (although a noob is never prepared for his first bear market) and you need to experience a true long term bear market with -80% style drop in price in order to get your zen and make you a true hodler. No way around it, everybody needs to suffer these emotions themselves in order to develop strong hands. But it will be worth it.
Cut Costs, Stack Sats
-Bitster Money Mustache
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