Why to Hold bitcoin in tough times like This ? [His Brother Killed Himself Because of Bitcoin]
Hey Guys, Just read this in a blog and thought it would be helpful to share it with you guys in this tough time.
Please read this as to know , why we SHOULD NOT SELL now but HOLD and accumulate
I have seen this by myself when I had 85K of Lumen and sold it under a cent which went up all the way to .93 cents in Jan 2018 and the same case with Ripple which I sold 27K of coins at 0.18 cents and regretted a lot.
In fact , those mistakes are the lessons why I hold them now and I think, you guys may find the below essay helpful on why you should hold as well.
And the chances are getting even beyond the All time high is more than 90%, if you really did research on what you have invested and also believe me Crypto is going to be the future and going to decentralize the WEALTH.
THE KEY TO WEALTH IS PATIENCE
Here is the blog,
(in the courtesy of Teeka Tiwary from Palm beach group . (I know this is a paid a group still I wont usually share it in public as it is a dishonest for paid group people but for exception and to help others during the tough times just sharing this, it may help who is down by 90% in their portfolio)
His Brother Killed Himself Because of Bitcoin
As I look back over my career, the biggest losses I ever took were on ideas I got scared out of right before they exploded higher.
During the 1990–1991 tech bear market, I panicked and sold a large piece of my tech portfolio. At the time, it looked like a good decision.
I remember patting myself on the back thinking, “Look how smart you are selling some of your stocks. They are down another 30% from where you sold them. You are so clever.”
Had I held onto those stocks, I’d have been $20 million richer by the end of the decade.
I made the same mistake in 2002, selling Nextel at $2 per share during the bottom of the dot-com bubble. Less than a year later, Sprint bought Nextel for $14 per share. That was seven times more than the price at which I sold.
I did it again with Apple. I bought it in 2003 and took my profits far too quickly. Based on my position size at the time, my clients should have made $49 million on Apple.
Those regrets still haunt me.
It makes me think of people like Ronald Wayne, the third cofounder of Apple Computer. Just a few days after becoming an investor in April 1976, Wayne sold his 10% stake in Apple for $800. Today, it would be worth $90 billion.
In her biography of legendary investor Warren Buffett called The Snowball, author Alice Schroeder recounts the story of one of Buffett’s friends/managers who sold his Berkshire Hathaway stock.
During the 1973–75 bear market, Berkshire plunged 59%. The thought of further losses terrified the friend/manager, and he sold his stock at $38.
Just a few years later, Berkshire was at $1,385—a 35-bagger. If we assume he had 1,000 shares, Buffett’s friend would be sitting on about $300 million today.
The most tragic story about missed opportunities comes from a recent post I read on a Reddit discussion board.
The poster was writing about his brother, who at one point in 2012 owned as many as 15,000 bitcoin.
If we assume he bought his position in 2011, the brother would have paid about 30 cents per coin… for a total investment of $4,500.
Sometime in 2013, the poster says his brother lost some of his coins due to a hack, and ended up selling the rest of his stake.
In April 2013, bitcoin peaked at about $250 per coin, then crashed to $74.
Assuming he sold his remaining coins at $250, the brother probably felt pretty good when bitcoin hit $74.
By the end of 2013, bitcoin traded at $1,100. Had he held on, he would have made $16.5 million in profits. When bitcoin crashed to $224 in 2014, I’m sure he once again felt some relief.
But in 2017—when bitcoin crested $10,000—the poster says his brother started to break down. He appeared fixated on the $150 million in lost profits that would have been his.
The surviving brother wrote, “He seemed constantly depressed over it and gradually became a shadow of his former happy self.”
Knowing he could have let $150 million slip through his fingers was too much for him to bear.
When his parents flew out to visit him, they found him dead. The poster says the cause was suicide. His brother was only 29.
At its peak, his 15,000 bitcoin were worth about $300 million. Even today—after bitcoin’s 66% drop—his position would have been worth $90 million.
There are coins we own in our Palm Beach Confidential portfolio that have this type of upside potential. The question is: Will you still own them when they make their giant leap?
The key lesson I’ve learned from these stories of missed opportunities—as well as my own—is so long as I have position sized properly, I would rather deal with the pain of volatility than the pain of regret over letting a life-changing investment escape my grasp.
With all the recent volatility in cryptos, I want you to print this story and keep it handy.
Let it remind you it’s better to deal with a few months’ worth of volatility than a lifetime of anguish.
Take care guys.