I first started paying attention to #Bitcoin in 2020 (before the third halving)
My friend told me to buy some because the price was below $4,000, and very low when considering the previous peak
I thought I was smart, so I'll just wait until it drops to $3,000 or $2,500 so I can buy more
The price never dropped below $4,000 again
If you think you're smart and you're trying to time the market, DON'T
Just buy what you can and set it aside while you continue to accumulate more over time
Maybe 6 months from now Bitcoin will be at $40,000 and you will have the opportunity to buy ~60% more
But what happens if Bitcoin's price goes above $70,000 and NEVER comes to the $60,000 level again?
Remember:
You can buy fractional units of bitcoin
You don't have to have whole coins
In 20 years, when Bitcoin is worth significantly more than it is today, your fractional units might be worth enough to pay off your mortgage or buy you a new car
Focus on the fundamentals of the asset:
There will NEVER be more than 21 million Bitcoin
There will ALWAYS be more fiat currencies printed
Maybe the price goes slightly lower in the short term
But you should be protecting yourself against the price going MUCH higher in the long term while you have no exposure
My biggest mistake was thinking that I was smarter than the market
Don't do what I did in the past
Now that I understand Bitcoin at a much deeper level, I have figured out that buying at any price is a good decision if you have a long enough time horizon!
rajatsonifnance / Rajat Soni, CFA
npub13w…pnp8z
2024-04-20 22:32:26
Author Public Key
npub13wl6gy2kp02zafh6vr8jfh58mzxxeza7as5mmx325xyq9x4z9rxqgpnp8zPublished at
2024-04-20 22:32:26Event JSON
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"content": "I first started paying attention to #Bitcoin in 2020 (before the third halving)\n\nMy friend told me to buy some because the price was below $4,000, and very low when considering the previous peak\n\nI thought I was smart, so I'll just wait until it drops to $3,000 or $2,500 so I can buy more\n\nThe price never dropped below $4,000 again\n\nIf you think you're smart and you're trying to time the market, DON'T\n\nJust buy what you can and set it aside while you continue to accumulate more over time\n\nMaybe 6 months from now Bitcoin will be at $40,000 and you will have the opportunity to buy ~60% more\n\nBut what happens if Bitcoin's price goes above $70,000 and NEVER comes to the $60,000 level again?\n\nRemember:\n\nYou can buy fractional units of bitcoin\n\nYou don't have to have whole coins\n\nIn 20 years, when Bitcoin is worth significantly more than it is today, your fractional units might be worth enough to pay off your mortgage or buy you a new car\n\nFocus on the fundamentals of the asset:\n\nThere will NEVER be more than 21 million Bitcoin\n\nThere will ALWAYS be more fiat currencies printed\n\nMaybe the price goes slightly lower in the short term\n\nBut you should be protecting yourself against the price going MUCH higher in the long term while you have no exposure\n\nMy biggest mistake was thinking that I was smarter than the market\n\nDon't do what I did in the past\n\nNow that I understand Bitcoin at a much deeper level, I have figured out that buying at any price is a good decision if you have a long enough time horizon!",
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