that pretty much works all the time, especially with Bitcoin. Remember that Wired article,
"The Rise and Fall of Bitcoin", sentencing it to death? That week was the best time to buy, $2 per coin, less than two years ago.
So funny, I thought the article "The Rise and Fall of Bitcoin" was so bullish (the title cleverly didn't contribute to the hype) so I bought in, I sold out on the same sentiment as the OP in December last year, diversifying into gold coins, and an education fund for my kids. Talk about good intentions going wrong. Glad I saved a few.
The OP's concerns to me are well founded, Bitcoin is disruptive and uncertain that is for sure, but as a society we have to choose, economic regeneration or repression, selling out is good it provides opportunity for others. But Bitcoin needs strong hands, so while the OP is concerned the "repression side" is gaining strength, he is taking self preserving actions. If I had any influence I would encourage some profit taking, over the coming weeks, but I discourage selling below $120.
... During times like these there are two choices offered: repression or regeneration.
When the Continental collapsed there was the American Revolution and regeneration with gold and silver only as legal tender.
On the other side of the Atlantic, John Law got gold and silver outlawed as mediums of exchange punishable by death; repression. The natural backlash was the Reign of Terror with the guillotining of tens of thousands of French aristocracy.
During the 1920's in Germany the Mark collapsed in hyperinflation which set the stage for supreme repression with Hitler.
But in 1694 Isaac Newton was Master of the Mint and invented the gold standard; regeneration.
History is being played out and it seems that the US, China, Bafin and most other regulators are choosing the path of regeneration instead of repression (only the Canadians it seems). It will be interesting to see how this plays out.