Doubt I'm the only one who woke up to have a cold shower this morning. Not because I've joined the viral trend of influencers and self-gurus recommending cold showers to start the day, but by checking the Bitcoin price following yesterday's "crash" to $51,300.
Anyone else who would like to be back there today after seeing this?
Bitcoin saw a brutal dip even by crypto-standards the past few hours, as seen here on Bitfinex
The bottom seems to have lasted very short, with the lowest I've seen being on Kraken (where I do most of my trading between BTC and fiat) where BTC bottomed at $40,150.1.
Luckily for me, I'm now in a place where I don't have to worry a whole lot about the prices. Sure, I'm of course hoping to grow my wealth to reach further ambitions, but at no point do I need any more from crypto than what I've already gotten to do well. So riding these waves isn't a concern but rather something I (and I'm sure most of you) have gotten so used to at this point that it's mostly good entertainment.
Instead, my thoughts this morning quickly went to this tweet that I saw yesterday, at a time when Bitcoin was still trading at about $57,000 :
It's unfortunately common to see people taking more and more unhealthy risk in order to buy Bitcoin or other cryptos. Here seen with this Tweet by a user called @Bitcoin_Norway
It's hard not to like it when you see it. The gleeful ridiculing of fiat "money printing", the passionate belief in a new and better money system, the inspiration obtained from visionaries like Michael Saylor. But it's still really stupid.
Unfortunately, it is increasingly common, with people also bragging about having withdrawn their whole pension savings to go all-in on Bitcoin. While it is tempting to cheer it on, please don't. And while some may say that "when Bitcoin reaches $500,000 then I will be sorry for not having acquired every single Bitcoin possible at $50,000", they clearly don't understand what it takes to be happy. If/when Bitcoin does reach its full potential, I'll still be incredibly well of. And it's that level of exposure to crypto that I do recommend everyone to have some of. Going way beyond that isn't a sign of passion, it's a sign of greed. And there's a fine line between bravery and stupidity.
So how have you positioned yourself? Are you in a place where harsh dips like these are disappointing, but not a problem? Or where it is only good news because you were looking to acquire more? Are you ok?
