Bitcoin and other cryptocurrencies continue to decline in $ value (apart from Faketoshi’s). Many people have probably told you to hodl over on Twitter. Many more have said this is the death of Bitcoin. Neither are correct. Despite this, there are lessons to be learned.
This is just one of many cycles that Bitcoin has been through. Those of us who remember the earlier ones have become more numb to this pain thanks to the lessons we learned from previous years. Whilst you may be feeling a bit blue, you will have been taught a valuable lesson in the recent market.
If you’re really depressed, then that means you probably invested too much money that you couldn’t afford to lose. This is the biggest mistake people can make.
If you’re experiencing a feeling of regret, then you are probably being visited by a friend of mine called “Captain Hindsight”. The saying goes that hindsight is 20/20. Never is this more true in the world of cryptocurrencies. Imagine if you bought Bitcoin at $1 and sold at $20k. Imagine if you had done this or done that differently. Captain Hindsight fills your head with these thoughts constantly.
Unfortunately, Captain Hindsight isn’t a very nice friend. He can definitely teach you a valuable lesson for the future, but don’t let him fill your head with too much of his thoughts, otherwise he’ll become extremely annoying. I had to say goodbye to Captain Hindsight a while ago, but sometimes he’s that persistent that he still pops into my head.
The time is now for many of you to make a choice. Do you capitulate? Perhaps you hodl? Do you sell now and buyback later? There is no right or wrong answer. That is until that pesky Captain Hindsight pops up in a couple of years’ time to remind you. The choice is yours. Own your choice. Seek advice and learn. Don’t blame others for your mistakes. When you enter the wild west of cryptocurrencies, you do so on your own accord.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.