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Who here is prepared to hold for decades?

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by COINS NEWS 16 Views

When I first got into crypto I thought this was whole space was super exciting. Buy things that are super volatile, watch them go up and down, get a dopamine hit reading posts on reddit and dream about what I will do if my holding achieves 10x returns.

The more I learn about this, the more I realize that if the long-term theses of Bitcoin and Etherium will likely take several decades to play out (if they actually do - this is still a risky investment). The majority of people who achieve life-changing wealth will be those who:

  • Gradually accumulate blue-chips.
  • Prioritize their emergency fund so that if something happens they don't need to sell their crypto.
  • Prioritize security (storing assets in cold storage and appropriately managing their seed phrase) and be vigilant of scams so they don't lose their crypto.
  • Avoid selling on emotion just because they are deep in the red.
  • Continue to hold while the media tells them Bitcoin is dead (again)
  • Continue to hold while their family and friends, who they made the mistake of telling, ask them about crypto and laugh at them following a bear market.

We will start families and watch our children grow up. We will move house and have to be careful to not lose our seed phrase. Adoption will take place and Bitcoin will keep ticking while our bodies age and the world changes around us. There will be scams, controversies, and short-lived fads. There may be years on end where the Bitcoin price stays flat or even slowly decreases. For all the highs, there will be a lot of nothing while we gradually DCA in and that hardware wallet sits in the draw untouched. It will be exciting. It will be boring. It will be brutal.

tl;dr: accumulate, don't lose your assets, keep calm and HODL.

Edit: as others have pointed out, don't be afraid to take profits, ideally when the price is relatively high and you can use the funds to impact your life in a positive way. Long term however, if you believe that Bitcoin is going to be a reserve currency or that Etherium is going to become the next generation of the internet you are going to have to be extremely patient!

submitted by /u/gorillalifter47
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