I Thought This Bitcoin Cycle Was Different

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This is an opinion editorial by Cory Tucek, the CEO of Movies Plus and the host of the “Bitcoin Made Simple Podcast.”

To all the plebs that came before me, listening to your tireless explanations and warnings saved me from some terrible mistakes. Thank you.

“As a Bitcoin newbie, I thought this time was different.” — Me (and every Bitcoiner past, present and future)

The above statement is something that I said to my wife just a couple of weeks ago, prior to the carnage that brought us down to $20,000 again. I was certain this time was different. There wouldn’t be 70% drawdowns in bitcoin anymore. This was hyperbitcoinization, the moment bitcoin would soar past $100,000. This was when bitcoin would become the world’s reserve currency.

It was … until, it wasn’t. Don’t get me wrong, that day is still coming. It’s just a little further than I originally thought.

The purpose of this article is not to rehash what all the Bitcoiners who have been here before already know; it’s more to serve as a warning to future Bitcoin newbies. When you get into Bitcoin, you will think, “This time is different. Thank God I got in at this price before it takes off and never comes back!” You will think, “Good thing bear markets and drawdowns are a thing of the past.” Which is to say, you will think all the wrong things and you will think them right off the bat.



Source link Bitcoin Magazine

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