Some might consider people that held Bitcoin after all 2010 “lucky. ” I would assert they truly are blessed in certain ways, in nearly all of what they travelled through fortune isn’t a factor.
What I mean is this; to HODL BTC from 2010 forward you had to:
- Figure out how to obtain it and store it safely (that meant mining or using an ultra rickety exchange).
- Sit through a few crashes that make 2014 and 2018 look like child’s play.
- Resist the temptation to sell the top of each bubble (and listen to the “I told you ” comments and ignore those who bragged about their “ailing gains” all the way down).
- Not panic sell each time there was FUD.
Simply put, they were lucky in that they found out about it early and it ended up doing well. However, most of the other things that happened had very little to do with luck.
To HODL from the start you had to watch BTC go from a penny, to ten cents, to $30, to $20, etc.. You had to hear Jamie Dimon insult you over and over. You had to live though countless China FUDs and a MtGox. You had to listen to people online brag about how they sold and shorted. You had to watch the crypto craze of 2016 — 2018 and not fl1.
You had years on end of mostly drama and downtrends, and then when you did see a bull run it was full of temptations to sell.
You went through a ton to obtain to this point with 2010 Bitcoins, and while it was “blessed ” that you got it early and that it ended up doing well, most of it was an uncanny level of guts and dedication.
How many among us would have not sold already or would not sell now? I suspect it is only slightly more than who are actually holding 2010 Bitcoins (as there are some who would have held, but didn’t understand about it in those days ).
Those who bought greater than it’s now could ‘t feel great this week, and it could obtain worse (sorry, it is true though), but if you do obtain through this, and you are “blessed ” enough to see crypto rise again some day, there will have been very little luck involved.
Point being, the few who held through everything are lucky in a few ways, but mostly they are just brave to the point of probably deserving every penny of value accumulated.
People say “I need I bought Bitcoin in X amount or Y “… but like, actions speak louder than words. If Bitcoin was clearly always going up and raining joy and money down on us, we would have all bought and held after all day 1. The reality is, most don’t have exactly what it’d try HODL from 2010 before today. Nobody would like to see 90 percent reductions or purchase after 90 percent losses, therefore many sell, don’t purchase, or generally don’t HODL. This really is logical, however, maybe worth saying.
Now apply everything to the individual who bought the very top of a preceding bubble, such as BTC at $32 at 2011 or even Amazon for $112 at 1999. How lucky / unlucky were they? Speculative investments in fantastic technician can be mad items, but getting it directly takes over fortune.
TIP: The aforementioned generally pertains to alt coins too well… nevertheless one needs to remember those dislike ‘t always come back. That is partly unlucky, but again it is also largely… a result of individual choices and actions. The moral, consider having slightly some BTC if you are going to HODL long term.
NOTE: Bitcoin came out in 2009. At before all else you could only mine it, then you could trade it starting in 2010. So that is why I say “2010” above. That said, it was next to impossible to obtain in until 2011 via an exchange. Thus, many early adopters got their before all else taste of BTC when it went from $0.68 cents, to $33, to $2.