Would you sell your Bitcoins for 30 cents each?
Would you be annoyed if you had 1,700 Bitcoins and sold it one day and then it drastically went up in value?
Yeah you probably would…
Only difference is we’re talking about someone who bought bitcoin at 6 cents back in 2011 and sold it for 30 cents the same year. Bitcoin did then peak at $8 in 2011, so in theory he could of made greater gains. Twitter user @GregSchoen was the person guilty of this tweet back in May 2011, it has gone viral since the astronomical price rises of Bitcoin in 2017.
It’s really interesting when you look back on those early days of bitcoin ‘investing’. A lot of those early adopters were happy to use it for what Bitcoin founder Satoshi Nakamoto intended it for ‘A Peer-to-Peer Electronic Cash System’.
Most people would of been happy to trade 1,700 bitcoins for what they were worth at the time, which at the time would of been around $500 US dollars. Others like our friend Greg, were looking to see how high their Bitcoins were going to rise and were looking to pull profits out all the way up.
Fast forward to 2018 and we have a very similar landscape to what we saw back in 2011. The 2018 bear market has all but wiped the last of the remaining weak hands out of the market.
We’ve seen the cryptocurrency market drop from an all time high market cap of around $800 billion dollars at the beginning of 2018, to the current market cap as we speak of around $130 billion dollars.
Which category do you fall into?
Are you going to be a meme in 7 years time that people look back on and wonder why you were so distraught about buying Bitcoin at its current all time high price in 2018 of $20,000?
Or are you going to listen to your future self and realise that this market has so much more room to move from its current pull back in price?
Just remember, Satoshi’s vision of a Peer-to Peer Electronic Cash System still rings true today. Whether it will be Bitcoin or another form of digital currency that will be leading the way in 2025 is anyone’s guess.
One thing is for sure though, just don’t be that person in the meme that goes viral in 7 years time, that people look back on and think, “I wish I could of bought in for that price now”.
