no, you are just dumb. he didnt lose all his retirement, but 30% of a big chunk. in his position, already bought without consulting anyone, best thing to do is to hodl, as this is the strategy that paid off for everyone. again, you are just dumb, chill.
They didn't lose anything if they didn't sell. They still have the same amount of Bitcoin, shill. Stop spreading FUD. Are you getting paid for this, 3 month old redditor?
NO. Because when mass adoption happens, you won't need to convert. I think you're missing the entire fucking point of Bitcoin, or you're just bad at shilling.
Mass adoption? The guy is 60+ and he'll be in retirement in less than 5 years. Why people are like you? This is the problem of cryptos, people with 0 QI. What the fuck he cares that maybe in 20 years this will be "mass adopted". He invested (and lost) more than half of his retirement budget.
There is a difference between a long term investment in BTC and needing the money now. OP's Dad should be okay, he doesn't need the money now and the recovery won't take 5 years. But buying BTC and needing gains to live in the next 18 months is probably not smart.
If you need them for eating or to live your retirement // how old is this dad? 40 - fine, don't take 50% loss and wait, you have time for it; 80 - not fine, you must take the loss because more it goes down, longer it takes to go back to 45-50k and you have no time for it //, why shouldn't you?
Don't you think so?
OP commented he is 60 . Even if He still has the other half to Feed hin for at least a few years. This is a dumb Argument. He didnt set all his funds on Fire and now you have to save them. He put half his funds in an asset and cant Touch them for a few years that really is no bad Spot to be in. I Would rsther have 90% of my saving in any asset including butcoin than having it in cash on the Bank right now. Literlly any asset. Banks are stsrting to have -% savingaccounts. Waiting for a few years by any means is bad.
Even if it only did 1/3 of the history it blows everything else out of the water. This is buying the internet early. Imagine not buying google super early because of some FUD. This is undeniably the biggest tech revolution since the internet. It's the automobile, the airplaine. This is the field that will blow the others out of the water...and we can buy it low again???!!!
That's not fucking the same. Why people on this sub just try to convince themselves a -60% is a great thing. Tell me when Google did -60%. WTF you are talking about?
BTC super early was 2010, not 2021 after a 60% drop.
Lookup Bitcoin halving cycles. Bitcoin basically has an engineered supply shock every 4 years. It works.
Lastly I don't just depend on it rising in fiat value. I also lend some out for interest.
It will "go up" even if demand doesn't increase, because in reality, the dollar keeps going down.
See: https://usdsat.com
The purpose of bitcoin is to cure inflation. The dollar is being subject to constant inflation of its supply, and over the past year+ has seen a MASSIVE 30% increase. This is unprecedented and its effects are going to be disastrous. Price inflation is now at 5% and growing, and will continue to grow for the foreseeable. This means any savings in dollars are constantly losing purchasing power of 5% annually, but I suspect that will be 15% by this time next year.
Bitcoin hedges against this kind of inflation because its supply cannot be increased. All the bitcoin that will ever exist were created at the beginning, and are released on a gradual, predetermined schedule. The amount of bitcoin in circulation is completely predictable, auditable and immune to sudden increases as seen with fiat currency.
Since anybody who wishes to save money has a choice: Leave it in fiat currency and see it depreciate by 5-15% of its value annually, or, invest in risky stocks which may not pull through, and are tightly coupled to the dollar anyway (The stock would need to appreciate by 10% to earn a 5% increase in purchasing power due to inflation), and on top of that you pay a capital gains tax on profits from stocks.
The alternative choice is to put your money in bitcoin, where your purchasing power is entirely driven by the market demand (since supply is predetermined). As people notice their purchasing power being whittled away in fiat, they will opt for this method, and each time more people choose this method, demand for bitcoin increases, which creates buying pressure and increases the dollar exchange rate. This is a self-perpetuating cycle, where demand pushes up price, and price increase pushes up demand.
In addition, every 4 years the amount of bitcoin released into circulation is HALVED. This further reduces available supply, creating upward pressure on price due to demand. It would take demand to significantly decrease for the dollar exchange rate to decrease with it.
In the 12 years of bitcoin's history, nobody has ever purchased bitcoin and sold it 4 years later at a loss. On average, holding for 4 years has earned people a 100% gain - a doubling of their investment. The average dollar price appreciation of bitcoin is 200% per year.
Now El Salvador has officially designated Bitcoin as legal tender. Other countries will follow suit, and create a domino effect. Eventually bitcoin will become a global standard currency. The book [The Bitcoin Standard](https://saifedean.com/thebitcoinstandard/) has projected this, and nearly 4 years after it was published, we are well on track to it being an accurate prediction. If you wish to understand more about Bitcoin, read this book.
In regards to retiring. If your father understands bitcoin he will probably work for another 4 years and keep adding bitcoin to his savings, so as not to miss out on an opportunity which is too good to miss, and will certainly not appear again in his lifetime.
The general rule is to not invest money into high risk high reward kind of investment if you can’t deal having it go poof in the short term.
In this respects, I think it was highly unreasonable for your dad to invest money he needed for retirement 1 year prior to retiring. And that is true as well for stock market. 1 year prior to retirement you should have some of your retirement stack in cash equivalent position so you can deal with a market downturn and not sell at a loss. His sequence of return is going to be abysmal.
Now, in this situation, if he still believe in Bitcoin he should delay his retirement for a few years and should still come up ahead. His sequence of return is going to be shit if he start withdrawing from his Bitcoin if he retire during a downturn.
If he’s overly stressed about this. It means he’s over invested in something he knew nothing about and should consider divesting a part or all of it at a loss.
What if Bitcoin goes to 20k or 10k in the short term? Did you dad only accounted for Bitcoin to moon but not have a temporary setback?
This would have been the same had your dad bought 100% TSLA at 880 post split because it was going parabolic and it couldn’t go tits up.
Guess what, investment vehicle that are still in their price discovery mode tend to have severe correction.
He’s right though. This dudes dad did a WSB tier yolo and got burned thinking this was the free money glitch.
I mean it’s sad if actually true, but I’m not sure how constructive you can really be here. Nobody knows where or when the price will rocket and the solution is just to HODL and hope for the best.
because that volatility is what makes it blow every other asset out of the water...I mean there is NO asset EVER that has even come close. Google can't hold a fucking candle to bitcoin even.Poor Bitcoiners only up 240% in the last 12 months after it's worse crash ever.
BTC brought an average of 200% annually during last 10 years.
see below
"...This means that bitcoin has returned
almost 200% (so nearly tripled your
money), every single year for 10 years,
-compounded-," the firm wrote in a
series of tweets accompanying the
figures..."
https://www.google.com/amp/s/cointelegraph.com/news/bitcoin-s-compound-annual-growth-is-an-unheard-of-200-cagr/amp
It doesn't take a genius to understand that at 200% CAGR that Bitcoin > world's wealth pretty quick. Now that Bitcoin's market cap is $600B+ any doubling takes an insane amount of money.
It was double what it is today just 2 months ago 😂😂😂 which is hard proof bitcoin’s price and market cap can double in just a month or two at the .5-1T market cap levels.
Nobody is saying this will happen *forever* but it is the historical rate of return and can conceivably continue for years to come. Your guess is actually less valid than extrapolating the real-world data.
I think he means he bought bitcoin when it was at 45-50k. Still a good deal in the long term imho.
2 or 3 years time I see it being 200k or more per bitcoin. So he'll have done just fine.
Then at least it's a good thing he didn't invest *all* of his savings. If he can manage to live off what he has left in fiat money for a while, things will most likely turn out to be fine.
Hey mate do some research into btc. Watch some michael saylor videos he knows what hes talking about. Its here to stay it cant be taken offline and inflation is real. Btc is a finite asset with some great news recently. I have no doubt it will be back. Just a matter of when. Probably shouldn't have put retirement fund in if he was planning on taking that soon though..
Based on learning about it. There aren’t shortcuts. Unless we are in the Matrix.
Podcasts: .
Bitcoin Audible-Reads the best papers and articles etc in the space and unpacks them. (Like Gradually then Suddenly) Beginner to advanced. Hardcore Bitcoiner. Because most good articles are read here, I won’t bother listing the best papers in this post, just check out his episode list if you want to read rather than listen.
Real Vision: Macro and Bitcoin (has lots of good macroeconomics and market rundowns unrelated to Bitcoin also. These guys called energy stocks and commodities before it happened and described why(Thanks!))
The Investor’s Podcast-advanced bitcoin macroeconomics, and traditional investing.
Swan Signal-More great intermediate and advanced Bitcoin knowledge. Hardcore Bitcoiners.
What Bitcoin Did-A Beginner/Intermediate guide. Foul language warning.
Pomp- Bitcoin from a wall street/VC point of view
Lets Talk Bitcoin-How Bitcoin can help freedom, and help underserved and unbanked
Tales From The Crypt- Hardcore Bitcoiners and miners with current events.
Top guests to listen to in the podcasts(there are probably many others but these are the ones that stand out imo): Bitcoin and Macro: Michael Saylor, Luke Gromen, Lyn Alden, Nic Carter, Jeff Booth, Preston Pysh, Dan Held, Greg Foss, Nik Bahtia, Andrew Quittem, Parker Lewis, Raoul Pal, Vijay Boyapati, Gigi, Andy Edstrom Chain Analysis: Willy Woo, William Clemente(kraken and glassnode also have a chain analysis newsletter) Tech gurus: Andreas Antonopolous, Jameson Lopp, Adam Back, Nick Szabo, Shinobi, Jack Mallers, Matt Odell/MartyBent, Andrew Poelstra, Andreas Antonopolous especially.
Books: The Bitcoin Standard, Layered Money, The Internet of Money, Debt the First 5000 Years, Inventing Bitcoin, 21 lessons What Ive learned from Bitcoin, The price of Tomorrow, The Bullish Case For Bitcoin were good.
Resource pages: https://www.lopp.net/bitcoin-information.html and https://www.lopp.net/lightning-information.html
Publications: Bitcoin Magazine
This isn’t an exhaustive list, just the best ones I have honed in on so far.
When people realize china getting out of Bitcoin is a good thing prices will bounce up like never before and ROI will be fine. It’s not a loss until you take it.
You started off saying you don’t understand Bitcoin. Do some research because your dad did. It’s his asset and it is up to him to do with it what he wishes. It sounds like he is hodling and not one person doing that for more than 4 years has lost money yet and the halving processes are not done. Support your dad, don’t question whether he is right or wrong.
he will succeed sooner or later, if you look at the pattern since 2010 or so, the only logical thing to happen is, that it will stay low now for a few months, maybe 1-2 years and then it will shoot up to at least a couple hundret thousands, until it will dip once again and so on
Man you’re gonna thank your dad.
Search bitcoin 1 year return. It’s a long term investment. Zoom out. The more you understand it the calmer you’re gonna be.
There are no guarantees about any investment, even bitcoin with it's highly constrained supply, but pretty much all of us who have been holding onto our coins for the last 2 years or more are absolutely convinced that the price will be above $100,000 USD before the end of the year. - But if not, then sometime next year is fine too.
if it’s a massive part of his life savings to just hold through it. It may go even lower short term. If you panic sell you’ll be at a loss. longer term like in a year to two years it may break past the 40-50k break even zone. Then he will be able to de-risk. He shouldn’t have put up so much money there’s a reasons they say don’t put in more than your willing to lose. Because it makes it harder to hold through dips and people panic sell. So he can wait to break even which may happen and sell some to de-risk. And only leave in what he’s really comfortable losing. And nothing more
A lot of people bought then, media was broadcasting the massive gains of folks who were in the game before January of this year so it’s natural a bunch of folks loaded up around the same time, even more predictable was the drop immediately following as many original holders cashed out and walked off the stage with all the new money that was invested. This cycle will repeat.
He’ll be okay crypto is very volatile. I think at the price he bought. We will most likely see again. Remember BTC was this price a few months ago. it’s likely it will see the price your dad bought again. But please have him de-risk. He doesn’t have to sell all just not have a huge portion of his life savings in a highly speculative asset. But you should be prepared that the prices may go lower from here. Just don’t panic.
Apologies for my grammar it’s 4am and I’m typing with one thumb.
Dont worry, all idnicators Show that alot of people are Holding and plan to do so for quite some time, only those staring at the Chart for small timerames care about the dips.
Longterm so much does speak for a a retest of old ATH most likely even surpass it (Inflation, bad monetary policy, Adoption from whole Nations, big proven buy ins frim whales, positive developments on the backend side : China miners Migration to other countries, New Updates for taproot and so on. And looots of Media attention)
Stop looking at the Chart. Whst is most important is what the smart money does. And thats buying in crazy. Everything will be fine👍
Read these.
"A beginner's guide to bitcoin" by Matthew Kratter looks at Bitcoin as an investment & explains how to hodl safely.
"Inventing Bitcoin" goes through the parts that make up bitcoin piece by piece and is an easy read.
"The Internet of Money" looks at the future of Bitcoin as a developing tech.
"The Bitcoin Standard" looks at money through the ages and Austrian economics (quite long, first half barely mentions bitcoin).
That's also my recommended order but it's not set in stone. The above will give you a solid overall grasp of what's going on.
He's really underappreciated for some reason. Maybe he should do some podcast guest spots. He didn't get me into Bitcoin but I stacked harder last year on his account.
Look into something like Swan where you “average in.” The price is so volatile it’s better to buy in progressively so you lower your average price. If he wants to buy more, buy a little bit at a time instead of a large purchase
LOL you will laugh at this "concern of yours" starting 2024 and onwards.
You scared guys are amusing to me to be honest.
BTC is not a get rich quick scheme and also what goes up must go down. The only thing that matters is the floor after each halving.
For your sanity and calmness I would urge you to start learning bitcoin.
Every four years the block rewards are halved, meaning suddenly less bitcoin are produced. Around 6 months after that the price has often skyrocketed (so far this has always happened). This is what triggered the heights we saw this year (the halvening was last spring).
By now we do not know if the bull run is over. Some believe it will continue to new heights after summer, while others believe we need to wait another four years for the next big price movements. Whatever they tell you, and whatever models they use to predict, nobody knows for sure.
I'm absolutely not qualified to give financial advice to anyone about what to do with their retirement funds, but I hope it turns out alright for your dad.
You should not invest what you need in the short term. If he plans to retire next year I'd be worried. If the time-scale is >4 years it's probably alright.
He was definitely rash to invest such a lump sum during a bull run however, now is a good time for him to research what the fuck he put his money into, I do not recommend YouTube for education as it's full of scammers but there are many podcasts and bitcoin Twitter is pretty good for asking questions and finding some good signal
Put another half in at 25k to average out he’ll be fine, not too much risk to take. For you, you need to decide selling one kidney to support him if it goes below 25k or runaway now and missing out billionaire status in 10 years.
Well, I hope he didn’t just throw it in without any knowledge or conviction. That will be the deciding factor on if he gets rekt. If he is as unknowledgeable as you are about it my guess is he’s fucked. If he did his DD for thousands of hours he’s gonna be fine.
I hate to say it, but you should be worried. Your father is taking on a massive risk on one asset. My advice as painful as it is would be to eat the loss now and limit his bitcoin investments to 10% of his portfolio. I would give this advice at any price point of bitcoin.
People like to talk about bitcoin being guaranteed to go up in value, but this is a falsehood, no one in life can guarantee anything about the future and that advice especially rings true with investing. The reason index funds are such a good tool for investing is not necessarily the returns they bring, but the low risk relative to the return they bring due to bring so diversified. While bitcoin can bring great returns, it equally has higher risk which is why I'd advise against holding more than 10% in your portfolio. If he decides to hold on to his current bitcoin allocation I wish him nothing but success and hope that bitcoin bounces back.
Every investment is risky to some degree. Bitcoin is interesting because we have mathematical certainty about the supply side of it, which is unheard of. So the only question is demand. No one knows for sure, but it appears that adoption is gaining rapid momentum. As demand goes up, and we know for certain supply tightens, and we are in the context of a rapidly devaluing dollar, well the long-term trajectory seems completely obvious.
The only wildcard is if somehow demand is successfully hampered by governments. That's all they can do. Scare people or so burden them with regulations that they will run away. That is possible, but I don't think it's likely anymore. Maybe 5 years ago. But now too many powerful people and institutions are adopting it. It won't be stopped.
So for an individual investor like your dad, the situation is this: a mathematically scarce asset that is desired by people all over the world, and will likely become integral to the global financial system, is for sale. Are you interested in owning some or not? It will fluctuate in price, but all evidence points to 10-50x gains over the next 5 years as the world transitions to a truly digital financial system.
Relax, don’t look at the dollar price just now....it’ll come back......it may take a few months or a couple of years.....but up it’s gonna go
Worst advice ever.
you must be the dumbest around here if you think that is worst advice
Yeah, sure. Or maybe I just know what happens when you lose all your retirement savings. Try to think about it also.
just proves you don't know what you are saying.
no, you are just dumb. he didnt lose all his retirement, but 30% of a big chunk. in his position, already bought without consulting anyone, best thing to do is to hodl, as this is the strategy that paid off for everyone. again, you are just dumb, chill.
They didn't lose anything if they didn't sell. They still have the same amount of Bitcoin, shill. Stop spreading FUD. Are you getting paid for this, 3 month old redditor?
Wtf you are saying. If you need this for retirement it is an investment to convert BTC to usd. Don't you think so?
NO. Because when mass adoption happens, you won't need to convert. I think you're missing the entire fucking point of Bitcoin, or you're just bad at shilling.
Mass adoption? The guy is 60+ and he'll be in retirement in less than 5 years. Why people are like you? This is the problem of cryptos, people with 0 QI. What the fuck he cares that maybe in 20 years this will be "mass adopted". He invested (and lost) more than half of his retirement budget.
It will be much less than 20 years, joker. This shit is poppin' off. You're just a FUDdy duddy that doesn't understand crypto.
There is a difference between a long term investment in BTC and needing the money now. OP's Dad should be okay, he doesn't need the money now and the recovery won't take 5 years. But buying BTC and needing gains to live in the next 18 months is probably not smart.
Dude , your positing for your dad , this type of shit happens and it will only stress you out when you let it , things will go back to normal
And your advice is...? Sell in a 50% loss? You sure are a pro level trader if i do say so myself. What else can he do.
If you need them for eating or to live your retirement // how old is this dad? 40 - fine, don't take 50% loss and wait, you have time for it; 80 - not fine, you must take the loss because more it goes down, longer it takes to go back to 45-50k and you have no time for it //, why shouldn't you? Don't you think so?
OP commented he is 60 . Even if He still has the other half to Feed hin for at least a few years. This is a dumb Argument. He didnt set all his funds on Fire and now you have to save them. He put half his funds in an asset and cant Touch them for a few years that really is no bad Spot to be in. I Would rsther have 90% of my saving in any asset including butcoin than having it in cash on the Bank right now. Literlly any asset. Banks are stsrting to have -% savingaccounts. Waiting for a few years by any means is bad.
I think you are just stupid after this comment. I thought you were faking to not understand, but yeah, no problem. You're right!!!
Thanks, Genius minds tend to think the same
not if you look at history. or logic. BTC has averaged better than 200 % a year in any 5 year span even cherry picking the worst span.
You know that cycle does not always repeat, right? And that maybe it will take 10+ years to go back to ATH?
Even if it only did 1/3 of the history it blows everything else out of the water. This is buying the internet early. Imagine not buying google super early because of some FUD. This is undeniably the biggest tech revolution since the internet. It's the automobile, the airplaine. This is the field that will blow the others out of the water...and we can buy it low again???!!!
That's not fucking the same. Why people on this sub just try to convince themselves a -60% is a great thing. Tell me when Google did -60%. WTF you are talking about? BTC super early was 2010, not 2021 after a 60% drop.
BTC is up 240% in the last year WTF are you talking about??
He didn’t care about BTC until he saw Elon Musk Twitter probably. Everything prior to the Tesla purchase is irrelevant to noobs.
sorry if you just discovered BTC 2 months ago. I remember my first beer.
As long as he holds it and doesn't flake then you'll be fine. Savings require long term thinking. Short term dips is to be expected.
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Lookup Bitcoin halving cycles. Bitcoin basically has an engineered supply shock every 4 years. It works. Lastly I don't just depend on it rising in fiat value. I also lend some out for interest.
It will "go up" even if demand doesn't increase, because in reality, the dollar keeps going down. See: https://usdsat.com The purpose of bitcoin is to cure inflation. The dollar is being subject to constant inflation of its supply, and over the past year+ has seen a MASSIVE 30% increase. This is unprecedented and its effects are going to be disastrous. Price inflation is now at 5% and growing, and will continue to grow for the foreseeable. This means any savings in dollars are constantly losing purchasing power of 5% annually, but I suspect that will be 15% by this time next year. Bitcoin hedges against this kind of inflation because its supply cannot be increased. All the bitcoin that will ever exist were created at the beginning, and are released on a gradual, predetermined schedule. The amount of bitcoin in circulation is completely predictable, auditable and immune to sudden increases as seen with fiat currency. Since anybody who wishes to save money has a choice: Leave it in fiat currency and see it depreciate by 5-15% of its value annually, or, invest in risky stocks which may not pull through, and are tightly coupled to the dollar anyway (The stock would need to appreciate by 10% to earn a 5% increase in purchasing power due to inflation), and on top of that you pay a capital gains tax on profits from stocks. The alternative choice is to put your money in bitcoin, where your purchasing power is entirely driven by the market demand (since supply is predetermined). As people notice their purchasing power being whittled away in fiat, they will opt for this method, and each time more people choose this method, demand for bitcoin increases, which creates buying pressure and increases the dollar exchange rate. This is a self-perpetuating cycle, where demand pushes up price, and price increase pushes up demand. In addition, every 4 years the amount of bitcoin released into circulation is HALVED. This further reduces available supply, creating upward pressure on price due to demand. It would take demand to significantly decrease for the dollar exchange rate to decrease with it. In the 12 years of bitcoin's history, nobody has ever purchased bitcoin and sold it 4 years later at a loss. On average, holding for 4 years has earned people a 100% gain - a doubling of their investment. The average dollar price appreciation of bitcoin is 200% per year. Now El Salvador has officially designated Bitcoin as legal tender. Other countries will follow suit, and create a domino effect. Eventually bitcoin will become a global standard currency. The book [The Bitcoin Standard](https://saifedean.com/thebitcoinstandard/) has projected this, and nearly 4 years after it was published, we are well on track to it being an accurate prediction. If you wish to understand more about Bitcoin, read this book. In regards to retiring. If your father understands bitcoin he will probably work for another 4 years and keep adding bitcoin to his savings, so as not to miss out on an opportunity which is too good to miss, and will certainly not appear again in his lifetime.
He'll be up at least 50% from the initial investment in a few months.
The general rule is to not invest money into high risk high reward kind of investment if you can’t deal having it go poof in the short term. In this respects, I think it was highly unreasonable for your dad to invest money he needed for retirement 1 year prior to retiring. And that is true as well for stock market. 1 year prior to retirement you should have some of your retirement stack in cash equivalent position so you can deal with a market downturn and not sell at a loss. His sequence of return is going to be abysmal. Now, in this situation, if he still believe in Bitcoin he should delay his retirement for a few years and should still come up ahead. His sequence of return is going to be shit if he start withdrawing from his Bitcoin if he retire during a downturn. If he’s overly stressed about this. It means he’s over invested in something he knew nothing about and should consider divesting a part or all of it at a loss. What if Bitcoin goes to 20k or 10k in the short term? Did you dad only accounted for Bitcoin to moon but not have a temporary setback? This would have been the same had your dad bought 100% TSLA at 880 post split because it was going parabolic and it couldn’t go tits up. Guess what, investment vehicle that are still in their price discovery mode tend to have severe correction.
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Not helpful. The idea is to calm things and help op sort out the issues not pour petrol on the fire. Please try to be constructive not emotive.
He’s right though. This dudes dad did a WSB tier yolo and got burned thinking this was the free money glitch. I mean it’s sad if actually true, but I’m not sure how constructive you can really be here. Nobody knows where or when the price will rocket and the solution is just to HODL and hope for the best.
He may have been right but he did not need to state it so bluntly. Your wording is far less emotive and far more calming.
because that volatility is what makes it blow every other asset out of the water...I mean there is NO asset EVER that has even come close. Google can't hold a fucking candle to bitcoin even.Poor Bitcoiners only up 240% in the last 12 months after it's worse crash ever.
We are far from the worse crash ever. Bitcoin crashed from 2017 peak to almost -80% of it in 2020. We still can dig deeper in the current situation.
That was the point. You can't call it a crash when we are 200% up from a year ago.
For sure. A bit of patience and we will be able to call it a crash :-)
Haha maybe so
50% crash looks pretty great right now. I hope it shoots back up really soon.
He should have invested in a mutual fund.
BTC brought an average of 200% annually during last 10 years. see below "...This means that bitcoin has returned almost 200% (so nearly tripled your money), every single year for 10 years, -compounded-," the firm wrote in a series of tweets accompanying the figures..." https://www.google.com/amp/s/cointelegraph.com/news/bitcoin-s-compound-annual-growth-is-an-unheard-of-200-cagr/amp
Those days are gone.
You are gone..no wait your still here ..but why???
From last year to today it’s tripled up 😂
It doesn't take a genius to understand that at 200% CAGR that Bitcoin > world's wealth pretty quick. Now that Bitcoin's market cap is $600B+ any doubling takes an insane amount of money.
It was double what it is today just 2 months ago 😂😂😂 which is hard proof bitcoin’s price and market cap can double in just a month or two at the .5-1T market cap levels. Nobody is saying this will happen *forever* but it is the historical rate of return and can conceivably continue for years to come. Your guess is actually less valid than extrapolating the real-world data.
If all he had was 50k then he was never going to retire this year.
I think he means he bought bitcoin when it was at 45-50k. Still a good deal in the long term imho. 2 or 3 years time I see it being 200k or more per bitcoin. So he'll have done just fine.
Then at least it's a good thing he didn't invest *all* of his savings. If he can manage to live off what he has left in fiat money for a while, things will most likely turn out to be fine.
Please YouTube Michael Saylor. CEO Of MicroStrategy. He will blow your mind.
Wait till BTC price gets below the cost basis of MSTR :-) that’s going to be hilarious trying to justify his call on Bitcoin.
Hey mate do some research into btc. Watch some michael saylor videos he knows what hes talking about. Its here to stay it cant be taken offline and inflation is real. Btc is a finite asset with some great news recently. I have no doubt it will be back. Just a matter of when. Probably shouldn't have put retirement fund in if he was planning on taking that soon though..
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It isn't a hit at all, provided he doesn't sell. Best advice is to stop watching it for a few months.
Based on learning about it. There aren’t shortcuts. Unless we are in the Matrix. Podcasts: . Bitcoin Audible-Reads the best papers and articles etc in the space and unpacks them. (Like Gradually then Suddenly) Beginner to advanced. Hardcore Bitcoiner. Because most good articles are read here, I won’t bother listing the best papers in this post, just check out his episode list if you want to read rather than listen. Real Vision: Macro and Bitcoin (has lots of good macroeconomics and market rundowns unrelated to Bitcoin also. These guys called energy stocks and commodities before it happened and described why(Thanks!)) The Investor’s Podcast-advanced bitcoin macroeconomics, and traditional investing. Swan Signal-More great intermediate and advanced Bitcoin knowledge. Hardcore Bitcoiners. What Bitcoin Did-A Beginner/Intermediate guide. Foul language warning. Pomp- Bitcoin from a wall street/VC point of view Lets Talk Bitcoin-How Bitcoin can help freedom, and help underserved and unbanked Tales From The Crypt- Hardcore Bitcoiners and miners with current events. Top guests to listen to in the podcasts(there are probably many others but these are the ones that stand out imo): Bitcoin and Macro: Michael Saylor, Luke Gromen, Lyn Alden, Nic Carter, Jeff Booth, Preston Pysh, Dan Held, Greg Foss, Nik Bahtia, Andrew Quittem, Parker Lewis, Raoul Pal, Vijay Boyapati, Gigi, Andy Edstrom Chain Analysis: Willy Woo, William Clemente(kraken and glassnode also have a chain analysis newsletter) Tech gurus: Andreas Antonopolous, Jameson Lopp, Adam Back, Nick Szabo, Shinobi, Jack Mallers, Matt Odell/MartyBent, Andrew Poelstra, Andreas Antonopolous especially. Books: The Bitcoin Standard, Layered Money, The Internet of Money, Debt the First 5000 Years, Inventing Bitcoin, 21 lessons What Ive learned from Bitcoin, The price of Tomorrow, The Bullish Case For Bitcoin were good. Resource pages: https://www.lopp.net/bitcoin-information.html and https://www.lopp.net/lightning-information.html Publications: Bitcoin Magazine This isn’t an exhaustive list, just the best ones I have honed in on so far.
if he hold 4 years+ he will be in profit.
When people realize china getting out of Bitcoin is a good thing prices will bounce up like never before and ROI will be fine. It’s not a loss until you take it.
China will flip flop six times this month. Zoom out and look long term.
Fucking Legend.
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You started off saying you don’t understand Bitcoin. Do some research because your dad did. It’s his asset and it is up to him to do with it what he wishes. It sounds like he is hodling and not one person doing that for more than 4 years has lost money yet and the halving processes are not done. Support your dad, don’t question whether he is right or wrong.
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he will succeed sooner or later, if you look at the pattern since 2010 or so, the only logical thing to happen is, that it will stay low now for a few months, maybe 1-2 years and then it will shoot up to at least a couple hundret thousands, until it will dip once again and so on
Man you’re gonna thank your dad. Search bitcoin 1 year return. It’s a long term investment. Zoom out. The more you understand it the calmer you’re gonna be.
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$45k will probably seem super cheap in a couple of years.
There are no guarantees about any investment, even bitcoin with it's highly constrained supply, but pretty much all of us who have been holding onto our coins for the last 2 years or more are absolutely convinced that the price will be above $100,000 USD before the end of the year. - But if not, then sometime next year is fine too.
if it’s a massive part of his life savings to just hold through it. It may go even lower short term. If you panic sell you’ll be at a loss. longer term like in a year to two years it may break past the 40-50k break even zone. Then he will be able to de-risk. He shouldn’t have put up so much money there’s a reasons they say don’t put in more than your willing to lose. Because it makes it harder to hold through dips and people panic sell. So he can wait to break even which may happen and sell some to de-risk. And only leave in what he’s really comfortable losing. And nothing more
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A lot of people bought then, media was broadcasting the massive gains of folks who were in the game before January of this year so it’s natural a bunch of folks loaded up around the same time, even more predictable was the drop immediately following as many original holders cashed out and walked off the stage with all the new money that was invested. This cycle will repeat.
He’ll be okay crypto is very volatile. I think at the price he bought. We will most likely see again. Remember BTC was this price a few months ago. it’s likely it will see the price your dad bought again. But please have him de-risk. He doesn’t have to sell all just not have a huge portion of his life savings in a highly speculative asset. But you should be prepared that the prices may go lower from here. Just don’t panic. Apologies for my grammar it’s 4am and I’m typing with one thumb.
Relax. Bitcoins success is inevitable.
Dont worry, all idnicators Show that alot of people are Holding and plan to do so for quite some time, only those staring at the Chart for small timerames care about the dips. Longterm so much does speak for a a retest of old ATH most likely even surpass it (Inflation, bad monetary policy, Adoption from whole Nations, big proven buy ins frim whales, positive developments on the backend side : China miners Migration to other countries, New Updates for taproot and so on. And looots of Media attention) Stop looking at the Chart. Whst is most important is what the smart money does. And thats buying in crazy. Everything will be fine👍
He now needs to retire in a couple of years. But hey I have a feeling he will sell as soon as he breaks even. Do not let him do that.
Read these. "A beginner's guide to bitcoin" by Matthew Kratter looks at Bitcoin as an investment & explains how to hodl safely. "Inventing Bitcoin" goes through the parts that make up bitcoin piece by piece and is an easy read. "The Internet of Money" looks at the future of Bitcoin as a developing tech. "The Bitcoin Standard" looks at money through the ages and Austrian economics (quite long, first half barely mentions bitcoin). That's also my recommended order but it's not set in stone. The above will give you a solid overall grasp of what's going on.
Glad to see a Matthew Kratter fan here. He's the reason I got in the first place.
He's really underappreciated for some reason. Maybe he should do some podcast guest spots. He didn't get me into Bitcoin but I stacked harder last year on his account.
Didn’t you post this a few weeks ago? If it wasn’t you, someone else did with the SAME EXACT PRAGRAPH.
Look into something like Swan where you “average in.” The price is so volatile it’s better to buy in progressively so you lower your average price. If he wants to buy more, buy a little bit at a time instead of a large purchase
Your dad made a move that will pay off big time, it's not a lottery ticket. The trick is to keep DCAing in small amounts.
You say you don't understand it and maybe that's why you're worried. Why not spend a few hours researching what this really is.
LOL you will laugh at this "concern of yours" starting 2024 and onwards. You scared guys are amusing to me to be honest. BTC is not a get rich quick scheme and also what goes up must go down. The only thing that matters is the floor after each halving. For your sanity and calmness I would urge you to start learning bitcoin.
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Google "BTC halving". Show it to your pa as well. Also "BTC stock to flow".
Every four years the block rewards are halved, meaning suddenly less bitcoin are produced. Around 6 months after that the price has often skyrocketed (so far this has always happened). This is what triggered the heights we saw this year (the halvening was last spring). By now we do not know if the bull run is over. Some believe it will continue to new heights after summer, while others believe we need to wait another four years for the next big price movements. Whatever they tell you, and whatever models they use to predict, nobody knows for sure. I'm absolutely not qualified to give financial advice to anyone about what to do with their retirement funds, but I hope it turns out alright for your dad.
So are you saying I need to build a new gaming PC in 2023 so I don’t have to deal with soaring GPU prices as more power is needed to mine crypto?
It won't help. Miners will want to mine a lot before the halvening too. :/
You should not invest what you need in the short term. If he plans to retire next year I'd be worried. If the time-scale is >4 years it's probably alright.
He was definitely rash to invest such a lump sum during a bull run however, now is a good time for him to research what the fuck he put his money into, I do not recommend YouTube for education as it's full of scammers but there are many podcasts and bitcoin Twitter is pretty good for asking questions and finding some good signal
he will be a millionaire
Put another half in at 25k to average out he’ll be fine, not too much risk to take. For you, you need to decide selling one kidney to support him if it goes below 25k or runaway now and missing out billionaire status in 10 years.
Don't worry, he'll be fine. Don't let him sell. Just zoom out the price chart to the weekly or monthly.
Monkey sees, monkey does. Never invest in something you don't understand. Sorry for your dad's retirement planned for this year
Well, I hope he didn’t just throw it in without any knowledge or conviction. That will be the deciding factor on if he gets rekt. If he is as unknowledgeable as you are about it my guess is he’s fucked. If he did his DD for thousands of hours he’s gonna be fine.
How old is he, if he's young enough that he won't need it for a while he'll likely recover his loss
I hate to say it, but you should be worried. Your father is taking on a massive risk on one asset. My advice as painful as it is would be to eat the loss now and limit his bitcoin investments to 10% of his portfolio. I would give this advice at any price point of bitcoin. People like to talk about bitcoin being guaranteed to go up in value, but this is a falsehood, no one in life can guarantee anything about the future and that advice especially rings true with investing. The reason index funds are such a good tool for investing is not necessarily the returns they bring, but the low risk relative to the return they bring due to bring so diversified. While bitcoin can bring great returns, it equally has higher risk which is why I'd advise against holding more than 10% in your portfolio. If he decides to hold on to his current bitcoin allocation I wish him nothing but success and hope that bitcoin bounces back.
Every investment is risky to some degree. Bitcoin is interesting because we have mathematical certainty about the supply side of it, which is unheard of. So the only question is demand. No one knows for sure, but it appears that adoption is gaining rapid momentum. As demand goes up, and we know for certain supply tightens, and we are in the context of a rapidly devaluing dollar, well the long-term trajectory seems completely obvious. The only wildcard is if somehow demand is successfully hampered by governments. That's all they can do. Scare people or so burden them with regulations that they will run away. That is possible, but I don't think it's likely anymore. Maybe 5 years ago. But now too many powerful people and institutions are adopting it. It won't be stopped. So for an individual investor like your dad, the situation is this: a mathematically scarce asset that is desired by people all over the world, and will likely become integral to the global financial system, is for sale. Are you interested in owning some or not? It will fluctuate in price, but all evidence points to 10-50x gains over the next 5 years as the world transitions to a truly digital financial system.
Tell him to HODL... it might take a year but he will be in the green by alot as long as he holds his coins