This is very interesting. Someone (prolly El Dude?) posted here some news about some prominent hodler and bitcoin believer selling at $48-49k. What is happening now?
Old boys losing faith? Of course we risk a lot. I haven't sold anything since 2011. In case the price goes down now, I am screwed: I'm sentenced to another 4 years (at least) without Lambos, hookers & blow.
Still I don't consider selling. Why? The cycle is not yet over. We barely touched all the previous blowoff tops and went down immediately which is not something we can witness at $50k mark. So we're probably waiting for a violent multi $10k pump followed by immediate heavy dump? I dunno but I have a gut feeling we (royal we of course) shouldn't sell now.
OK. I'm going to say it, and many may disagree with me.
Despite all the fiat hate everyone here in WO may be vehemently expressing, I believe that many hardcore HoDLers are actually fiat supporters deep down. They won't openly say it, because they'll get a barrage of posts condemning them, but their actions show it clearly. Comments like "when to sell?", "I'll sell XX% of my stash", "I'm liquidating for my retirement". For some of them, Bitcoin has always been just a means to increase their fiat stash. They don't give a rat's ass about the tech, principles and ideology behind Bitcoin, as long as their wallets end up fat and full of
fiat. That is their only goal.
Now, I'm not saying that the above mentality is unjustifiable. There's a reason for it. We were all born into a fiat monetary system, and it is extremely difficult, if not impossible, to completely cleanse our minds from decades of indoctrination. We (still) live in a fiat world. Lambos (and now Teslas) may be Bitcoin-friendly, but not blow, and certainly not hookers, so there's a problem there... Personally, I see fiat as a transient state of wealth, where it is immediately spent to buy the things I want, such as a house, land, equipment, services, etc. I would not liquidate 20 BTC to get $1M just to keep in a bank or fund "for the future". I'd rather keep it in BTC and
slowly use (convert into fiat
only if such conversion is necessary, and
only for the amount required), in order to immediately obtain what I need. I hope there will be a time when I can directly pay for all goods and services with Bitcoin.
I'll close with my usual rainbow footers:
Sell only when you must.
Buy when you can.
Always aim to
HoDL.