How Long Are You Willing to Wait For Bitcoin?

Bitcoiners have always been taught that time is on their side. That all they needed to do to be successful with Bitcoin is to HODL, and hold onto your BTC for as long as possible. Always maintain a long-term timeframe; and when in doubt, just zoom out. People in the market have declared that Bitcoin will someday cause the largest transfer of wealth that the world has ever seen. All we need to do to benefit from this is to continue buying and staying in the market.

That all could be true, but we must always remember the most important fact about Bitcoin. It is unpredictable and thrives on doing exactly the opposite of what everyone is expecting. When people were calling for its price to reach $100k and far beyond that last cycle, instead it stalled at $69k. After the FTX fallout people were once again claiming that its price would fall below $10k and could drop even further. But, as soon as we reached $15k, we quickly bounced up. In the long term, those who try to predict what Bitcoin will do and put leverage on it, usually end up losing.

If this summer’s price action has shown us anything, it demonstrated how boring it can be. Seemingly going sideways all summer. Sometimes starting and ending the day at nearly the exact same price.

This led me to begin thinking. All of those price predictions about Bitcoin reaching astronomical levels could all end up being true. But we have no idea when that could happen. It could happen during the current cycle. It could happen 5 to 10 years from now. Or it could happen much further into the future such as 20 years or more.

All of the predictions could be true, but there is a chance that Bitcoin’s price action could not only be boring for a long time but also take much longer to reach those price levels than many people are willing to wait.

The truth is that many people in the crypto market are hoping to make a lot of money quickly. Many of us are in a difficult financial situation, viewing Bitcoin and crypto as one of our best opportunities to finally turn things around. If Bitcoin doesn’t reach the price expectations these people have, or takes too long to do so, many of these people will lose patience.

For these people, every dollar matters, and sometimes can be the difference between making ends meet each month. Retail buyers unfortunately often don’t take the advice of never investing more than they can afford to lose. This causes bear markets and price drops to be much more painful for them. The stress eats at them, and eventually, they sell hoping to salvage any money that they can.

Their Bitcoin and other crypto are gobbled up by whales, and now also by Wall Street. Causing the poor to get poorer, and the rich to continue getting richer.

How long would you be willing to wait?

There is no correct answer to this and varies for each person. Deciding factors could be your current financial situation, debt, age, health, and family.

However as I mentioned before, the most important aspect is never investing more than you can afford to lose. I consider the money I invest into Bitcoin lost the second I buy it. It is this approach that has caused me to buy responsibly, and also to never sell out of my position. In a weird way, it has made bear markets and price drops much easier as well. Because I already considered that money a loss, the price drops never bothered me.

Instead, since I had fallen completely down the rabbit hole; I viewed these times as incredible buying opportunities.

When you gain full conviction and knowledge in Bitcoin, an interesting thing begins to happen. While before you would wish that Bitcoin’s price would rise rapidly. Now that you understand it, you begin hoping that it rises much slower. Allowing you much more time to accumulate cheaply. At this point in your Bitcoin journey, you know that once the general public finally begins to understand Bitcoin and how important it is. You’ll never be able to put the genie back into the bottle.

For me personally, I would be willing to wait as long as it takes for Bitcoin to begin delivering on its full potential.

How about you? How long would you wait for Bitcoin?

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