Just a few days ago, my dentist told me he was thinking about mortgaging his office to buy more Bitcoin. I was alarmed but not surprised, as FOMO (fear of missing out) hits the hardest when Bitcoin reaches new milestones like $100,000.
Many years ago, the well-known stock market adage was that it’s time to sell when your cab driver is giving you stock tips. Does this apply in 2024 and 2025, though, if everybody and his uncle is bullish about Bitcoin?
Actually, not everyone is bullish on cryptocurrency. Bring up the topic of Bitcoin at a holiday family gathering or at the office, and you’ll find that some people still don’t know or care about decentralized digital currencies.
Traders aren’t all convinced, either. As Bitcoin jumped to $103,000 and then retreated to $96,000, it felt like the crypto whales were playing games with people’s emotions and capital.
This is the nature of bull markets, though, especially with a volatile asset like Bitcoin. If sharp price fluctuations and rug-pulls take a toll on your sanity, it’s probably a good idea to look away from the minute-by-minute price charts for a while.
Courtesy: @Cryptollica
Along with stepping away from the screen, it helps to maintain a big-picture outlook if you’re a serious Bitcoin investor. History shows that pullbacks are normal and necessary, and they’ve consistently paved the way for buyers to step in.
This isn’t a guarantee of future returns, of course. No assurance can be made that Bitcoin or any other asset will head higher, and mortgaging your property to buy cryptocurrency isn’t recommended.
You’re certainly free to hold the Bitcoin you already own, however. Hopefully you bought some when Bitcoin wasn’t on the front page of the financial headlines.
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It’s definitely in the headlines now, but there are valid reasons for this. President-elect Donald Trump just announced on Truth Social that he’s nominating Paul Atkins to replace Gary Gensler in the Securities and Exchange Commission (SEC) chairman position.
Gansler was famously resistant to cryptocurrency innovation and adoption. He eventually allowed the purchase and sale of spot Bitcoin exchange traded funds (ETFs), but only reluctantly and after a huge groundswell of support for these products.
Atkins, a former SEC commissioner, is expected to be much more favorable and accommodative when it comes to crypto-related regulations. Surely, it’s not just a coincidence that Bitcoin shot past $100,000 soon after Trump disclosed his new SEC chairman nominee.
Courtesy: @Alphacrypto00
With that, Bitcoin earned a spot among the top 10 global currencies by BTC-denominated market cap – not too bad for an asset that some commentators predicted would go to zero just a few years ago.
On the other hand, the rug pull was almost inevitable because traders saw these events coming from a mile away. They knew that Trump would replace Gensler with a crypto-friendly SEC chairman, and they fully expected Bitcoin to surpass $100,000 before the end of the year.
Thus, some sell-the-news profit taking should have been anticipated. The $100,000 level could be a battleground for a while, but it’s really just a pit stop on a much longer journey for serious Bitcoin investors.
So, you don’t have to be in a huge hurry to buy Bitcoin if you already own as much as you need. There will be volatility and pullbacks, which provide opportunities to start a position or add to one if you’re on board with the crypto movement of 2025.
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