A new month, a new salary, a new purchase of Bitcoin. This time with a price of 9590 €/BTC which means my 500€ got me ~0.05 and the stack grew to 3.62 BTC. With todays price of 10080€/BTC my total stands at 36500€. That’s only 3.65% of the target but +20% when compared to last month. Which of course, is due to the recent price action.
Finally, some price action. And if you know who Hodlonaut is and what he does – this time he is correct. Bitcoin will never be below $10k again.
Though now we’ve been here in this $11-12k dollar range for what seems like forever (in reality, only a few weeks, lol). You could say Bitcoin is life extension as your normal life will feel much longer than it used to.
About these +20% moves: This is what Bitcoin does. When it pumps, it pumps fast. Then it’s boring, then it dumps and when it pumps again, it pumps fast. You don’t wanna be ‘trading some range’ or waiting on the sidelines for the perfect buy. That would be a way to lose your mind and money, quite surely.
I remember an analysis that concluded that if you miss the 10 best days of each year in Bitcoin price action, you’d be down on your investment since 2013. Seems impossible since Bitcoin was below $100 in 2013. But that just goes to show how fast Bitcoin pumps are and if you are trying to be smart and trade yourself some extra BTC, what’s gonna happen is you’ll end up with significantly less BTC than could have. This is why you don’t wanna trade. This is why you hold. This is why you need to have exposure for every day of the year.
365 days good, 355 days bad.
I actually had one of my friends (the only one I have somewhat successfully Orangepilled into owning some Bitcoin) whining about selling the most recent break above $10k and it didn’t drop back down into the 9000s as he expected. Shocking! He asked if he should just bite the bullet and buy back in before the price gets ‘out of reach’. I of course told him to buy back in immediately and take the lesson – ‘never trade’. This is the flaw in trading and with traders and their mindset. Just like my friend had ‘analysed’ Bitcoin to always drop back down when breaking 10k, traders will try and find patterns they can use to predict the future price action. And just like my friend could have been successful in a few occasions, the traders might also make small profits with their strategy. Only to be in a complete shock WHEN the price does something ‘unexpected’. And this is what Bitcoin and it’s price will do time and time again.
The unexpected.
Cut Costs. Stack sats. Don’t trade. Cut out seedoils from your diet.
– Bitster Money Mustache
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