These last few weeks have been crazy, right? You check your portfolio to only find red, red, and more red. Is it going to ever end or will your investments end up evaporated with the market? In these times, you are tested. Can you withstand the test? It’s so tempting to chalk up that 50% loss and just sell, right? NO. DO NOT SELL! The only way you lose realistically is when you sell for a loss.
In October of 2013 when Dread Pirate Roberts was arrested, Bitcoin was trading at $133.03. Then, on November 29th, 2013 Bitcoin had reached its high of $1,132.26. By December 2013, it dropped to $613.76. Do you think people were acting just like we are now? YES! Folks were selling at a loss all the time. But, do you believe that when Bitcoin had reached its all-time high in March of 2017 ($2,899.77) those people were kicking themselves in the ass. ABSOLUTELY! Bulls and Bears come and go. THIS IS NATURAL. DON'T PANIC!
Yes, seeing red everyday will worry the hell out of you so stop checking your account if you plan on holding it long term. Those of us that consider ourselves in the knowing crowd when it comes to cryptocurrency, have expected this day to come. ITS HERE NOW! Personally, I believe this is the market correcting itself from the onslaught of ICOs and FUD of the Bitcoin fork.
78.5 Billion is the current market cap for all cryptocurrencies. To put it in perspective here is the net worth of two of the richest people in the world. Bill Gates’, the founder of Microsoft, has a net worth of $89.1B and Jeff Bezos, the Founder of Amazon, has a net worth of 83.4B. Bitcoin began in 2008, that was only 9 years ago! Wall Street’s current market cap is $19.3T and its inception was on March 8th, 1817. It has been established for 200 YEARS! Do you think this is a new age Wall Street with cryptocurrency? I do.
How many people can you carry a conversation with about cryptocurrency? I will bet most of you find likeminded individuals online, like myself, to learn and grow from. Most of my friends and family find me insane for investing in something that’s “made up”. I bet back in 1817 those people were thought to be crazy. Let’s prove our critics wrong like they did 200 years ago.
I am not going to tell you that we’re all going to be driving Lambo’s next week or even a year from now. But, just hang in there. Once the dust settles the market will start recovering and 5-10 years from now you will be glad you didn't panic and sell.
-Alt.life
