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There is a common misperception by those just entering the cryptocurrency market that it is easy to get rich by investing into bitcoin. All that you need to do is to buy, continue buying, and hold until the price goes up significantly. They make It seem it seem so easy, but it isn't. In fact; a majority of these same people will not be able to hold onto their bitcoin long enough to see those riches. Holding, or in the crypto world; hodling, can be one of the most difficult things you will go through if you let it. Yes, getting rich by investing into bitcoin is very possible especially with a long timeframe, but I'm here to tell you the honest truth that if you want to reach that final finish line, you will be tested many times. And you need to be ready emotionally to take on those challenges.
Look hard at the picture above. There is one thing in-common that you see in all of the pictures; the bitcoin hodler is treating his BTC like an absolute treasure, and you need to do the same. By that, I mean that it is essential to know exactly what asset you are holding. Once you truly understand bitcoin, the value it has, how finite it is, the potential it is; that is when you will hold on to it for dear life just like the person in the picture. This is what will allow you to hold onto your coins during the amazing days, and also during those difficult days. If you got in early enough like I have you will have also gone through many of these same times that test your mental strength. While everyone else is panicking, proclaiming that bitcoin is finished, and also seeing your portfolio drop by 50% in a day; will you be able to go against the crowd and hold on to your precious bitcoin? Perhaps more importantly, will you have the mental fortitude to go against your emotions and remember that those times are the best times to buy bitcoin and actually do it? The amount of people that have that ability are fewer than you think. The above meme was famous from last year before the bull run actually took place, when people were exclaiming how lucky people were to get in bitcoin at a price under $10,000. If you can learn anything from the picture above, I hope it is that getting rich by bitcoin isn't luck, but a test a perseverance.
Naturally there is no shortage of FUD or difficult situations that bitcoiners must endure though and the above meme has been updated for today.
Bitcoin had a wild ride the first few months of 2021, but right about when the laser eye movements began was when things took a turn towards the difficult side. Since then, it has been months of FUD attack after FUD attack. Resulting us going from an all-time high price of $64k all the way down to $28k. There was FUD of a double spend bug in the bitcoin software, Elon crashed the market with his posts and Tesla news, China again banned bitcoin and also banned mining as well, there was a strong movement against the energy usage from mining, and of course the infrastructure bill that could hurt crypto as a whole. Again there were proclamations that bitcoin's bull run was finished, and that the price would definitely hit $20k, perhaps even going back down to $10k. During that time a high percentage of the new people who had just gotten into bitcoin during the run up to $64k had sold out of panic. It is a story as old as time. New users buying high and selling low, only to back higher at a later point in time. When they sell; they're selling to the veteran's in the bitcoin market. Unfortunately to really cement your confidence in bitcoin, you need to have been through at least 1 full cycle, preferably 2. At this point you will have seen how the whole process goes. The drops that may have stressed you out extremely when you were a noobie, will now not phase you. In fact, you will look forward to those days. It is an opportunity to get one of the greatest assets out there, at a steep discount.
I have full confidence that we will see a bitcoin price of over $100k much sooner than many expect. It is at that point where everyone will be very jealous that you were able to get bitcoin at a price under $50k. Perhaps you were lucky. But at moment you will look back at all the turbulence that you had to go through and continue holding to get to this point. It is at that point that you will not consider yourself lucky, but you will consider yourself a survivor. Getting rich is never easy, there is always a large obstacle or challenge in any arena that you try to excel at. In the bitcoin world the challenge is going against the gain, not listening to your emotions, and continue holding and buying. If you can do that, continue to buy, and even perhaps earn extra by lending your bitcoin out to a loan provider; I have full confidence that you can become wealthy from bitcoin with a long enough time-table.
How about you? Were you able to continue to HODL during the last few months of FUD and the price of BTC dropping significantly? Were you able to add even more bitcoin to your portfolio? What was the biggest challenge for you?
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As always, thank you for reading!
