Topic: You can't be sitting on mines of gold and be poor, LTH suits comfortable people - page 2. (Read 228 times)

First of all, if someone is willing to invest on Bitcoin the person should think long-term, except the person is thinking of going into trading which is a short-term goal and is very risky compared to buying and holding Bitcoin for long-term. However there are some poor people who seized the opportunity to buy Bitcoin at a particular entry and made good profits for instance someone who bought at $4k and the price went up to 17k and further got to $60k, that's a very good profit and what i expect from such person is to take some money from their profits and diversify into a good business, maybe daily paying or weekly paying business thereby giving him or her a capital to continue buying and holding Bitcoin using the DCA method. Automatically that person has solved the problem of poverty and even got a steady income to continue investing on Bitcoin. Concerning the question of the teacher, Michael Saylor is very rich but yet his company keeps buying Bitcoin, so I'll continue investing on Bitcoin regardless of how rich I got through investing on it when the price was lesser. Well I won't say all whales where rich before they bought Bitcoin because some whales got rich cause they invested when the price was much more lesser and got rich after years of holding and price pumped while some are rich people who had enough capital to invest and saw the potential of Bitcoin hence they invested on it.

If seen from the perspective of someone who has no other income that can be used to meet their needs, I think selling Bitcoin could be the right choice. Because basically if someone wants to HODL bitcoin, of course all factors must be met properly. These factors, such as having a steady income every week or month and having a reserve fund or emergency fund to cover unexpected needs. So, if for example you already have these factors, then HODLing bitcoin for quite a long time can be done. However, if for example you don't have income flowing in every week or month and also don't have a reserve fund/emergency fund, I think it's certain that when you HODL bitcoin it definitely won't go smoothly. Because you can be sure that when there is an urgent need there is no other way out other than selling the bitcoin.

Apart from that, Bitcoin investment basically doesn't always have to take a long time. Because in essence investing or HODLing Bitcoin has freedom. So, for example, if we HODL Bitcoin and then we have made a profit and want to sell the Bitcoin, in my opinion there is no harm in selling it, even though for example the HODL period is only one year. Because in essence HODLing or investing in bitcoin certainly depends on the abilities and desires of each investor. So whether you want short-term, medium-term or long-term HODL, you are free to choose whichever option you want and adjust it according to your own abilities. So basically don't push yourself too hard.

Life is reality, not if, and no chance to travel to the past.

Many people only are fearful and regret later but they repeat it many times, and never join this market. They only can change themselves and if you already gave them advise, but they can not change themselves, you can not do anything more.

If they don't sell their bitcoins, they are not rich.

See the HODL wave and you can assume there are many whales from the past, either lost their bitcoin or still holding their bitcoins.
https://www.bitcoinmagazinepro.com/charts/hodl-waves/

I don't know bubble chart but I know rich list and some charts.
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

Whale Shadows https://www.bitcoinmagazinepro.com/charts/whale-shadows/
Addresses with balance > 1000, 10000 BTC
https://www.bitcoinmagazinepro.com/charts/addresses-greater-than-1000-btc/
https://www.bitcoinmagazinepro.com/charts/addresses-greater-than-10000-btc/

If selling your bitcoin can make your life easier from a financial point of view and you have no other means to come up with the money you need, then sell by all means. It doesn't do you any good holding it if it causes suffering. Losing your health, your home, or something/someone important to you versus selling your bitcoin and potentially preventing disaster should be an easy decision to make. With time and hard work, you can always acquire new bitcoin.

My tip is, don't sell just for the purpose of selling and holding cash and fiat. Those paper notes will depreciate over time. History shows us that bitcoin appreciates.

Let's say the truth, if I bought BTC in 2020 do you think I will still have it now? I need money and selling in 2021 won't have faded my mind.

This is what my brother from another mother told me when we have a discussion about how he missed my call on buying Bitcoin in 2020 and to say the truth I give it a thought.

The question goes out to all members on the forum, isn't it going to be hard for adopters who aren't rich to hold Bitcoin for years when they are lacking money? If you've bought 1 Bitcoin for $4000 in 2020 and it is ranging at $17k to $60k will you want to keep holding?

If you are a teacher getting paid every month and you bought 5 BTC in 2018 and today you found out that it is insanely high will you keep holding it? Compare to someone who is already rich and have almost good things they wanted in life, who do you think will find no problem holding their Bitcoin?

My final question is, all those Bitcoin whales with 50BTC or 100BTC, are they all rich even before they mine these BTC or bought these BTC? Are all whales rich? If they are not then the numbers of whales should have reduced a lot.

Any bubble chart that shows BTC whales wallets like?