The Best Performing Asset in the World Outpaces All Else
I spent the day yesterday talking about Bitcoin with some people whom don't have real day-to-day involvement in the industry.
It's always an interesting experience to get the outsider perspective on all of the happenings in the crypto echo chamber.
The interesting thing is that I've convinced this person to buy BTC using a dollar cost averaging model.
By purchasing BTC on a regular schedule regardless of price, they are able to establish a position for the long-term without worrying if buying bitcoin at today's price ($13k) is a mistake.
Instead, they've been buying Bitcoin steadily for the past 3 or so months.
They're up about 20% on Bitcoin in that span of time. This is a great return when you look at any market in the world. They also asked if they should sell.
The best performing asset this year is clearly Bitcoin. As we look to the future, however, Bitcoin is still just at the early stages. Why would you sell such an amazing asset when you've only been in for 3 months and you know it will be FAR more valuable in 3 years?
Impatience.
The best performing asset this year will also be the best performing asset over the next 10 years. Stay patient, HODL and you'll be thanking me when the real bull run happens.
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@asteroids with the DCA method, you stop lots of the second-guessing that comes up: "Should I buy now? Should I wait for the price to drop?"
But as emotional human beings, sticking to the DCA method whilst the price is at yearly highs requires discipline and a low time preference.
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Yea you definitely cut off those bad human emotions. I always recommend people set it up with automatic withdrawals through something like Coinbase app. Then, you set it and forget it for years
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