That was several years ago. I have never sold a single bitcoin, and although I kinda wish I did when it hit $ 19,000, I didn't know where it would go. Those people telling you to sell at $ 19k because it was obvious it was overpriced would have told you the same at 9k, 10k, 11k, 12k, etc. Fact is, if bitcoin could reach 19k, it could reach 30k, 40k, no problems.
I've bought my first bitcoin during the bitcoin craze, when it broke $ 1,000 USD. It then crashed to $ 200 but at this point, I was hooked, and kept buying with a budget of $ 1,000 per month. This includes buying bitcoins at $ 200, $ 300, $ 500, etc. This includes YEARS of having no return on my bitcoin investment while stock soared.
My thought today?
Well, I am now buying $ 2,000 of bitcoins every month. I don't plan on selling in the next 5+ years unless we get a crazy run and the price is so high I can't refuse – but even there, it will be hoping for a crash (which we may or may not get, don't believe the naysayers) to buy even more bitcoins.
I fundamentally believe in bitcoins. I think they will last. I think they will keep going up and I think this is the best way to store money, savings-wise, for the long term. People telling you that bitcoins aren't based on stocks and a business forget that businesses crash all the time too. Look at EA and NVDA for instance, down nearly 50% in the last month.
Bitcoins DO have a business and it's being a parallel financial system. I won't do a full study of them here, but there definitely is a need for bitcoins worldwide. I am self-employed and am often paid in bitcoins simply because it's faster and cheaper than paypal et al. Paypal takes as much as 10% in fees for me and it's days before I can get the money. Trading bitcoins in person, I can avoid nearly all fees and even charge a premium.
Bitcoins aren't going anywhere. Et her might or might not suceed (my own guess is that it suceeds, but that's what it is: a guess), the rest of cryptos might or not be there in ten years, but bitcoins will be there. Other cryptos NEED bitcoins to suceed to even exist because it's the golden standard. 100% of my savings are in bitcoins and I will conclude by saying this:
People say bitcoins "died" all the time. It was the same when it hit $ 200 last time. People would tell me to sell and recoup some of my losses, that bitcoin was going back to 1 cent, etc. People don't know shit. People don't know where it's going. I don't know where it's going. I think it's going up, I think bitcoins are barely starting and I will say this, companies that spend $ 100M+ to develop new ASICS for bitcoins seem to think that bitcoins are valuable too.
Lastly, the trading price on exchanges is misleading because it can be heavily manipulated. Wallet A can easily "sell" his bitcoin to wallet B and it would be part of the trading volume. I don't trust short-term price. I think a fairer price for bitcoins would be the average of the last 12 months or something like that.
TLDR: I am not afraid for bitcoins future at all, it is already used a lot and it is truly game-changing. It's the best crypto and the one most likely to suceed. Stop panicking and ignore the FUD from trolls. People bash bitcoins because:
- They are jealous of those who became rich using it.
- They take solace at looking at recent price actions and comfort themselves for not buying bitcoin at $ 200: "See, I knew it was a bit idea, I would be down so much!"
- They're pissed off that stocks are down so much. A lot of people who bashed bitcoins were WAY too invested in tech and also old fossils like GE, which are plumetting, and this is their way to let steam out. Keep buying if you can and ignore the fear.
My own personal projection is that bitcoin doesn't move much in 2018-2019, sticks around $ 2.5k-$ 4.5k, then soars randomly in late 2020, probably hitting 30-40k without any problem.